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Thursday, 20th September 2007 (2839 views)

Following new higher-grade intersections, Agnico-Eagle Mines has announced that its estimate of the gold zones at its Meadowbank project has been extended.

The exploration project, located 70km north of Baker Lake in the northern Canadian territory of Nunavut, has suggested that there is a mineralisation link between its Goose South and Goose Island zones stretching at least 1.2 km.

"The most recent Meadowbank exploration results give us further confidence that we will be able to meet our previously stated gold reserve target of 18 million to 20 million ounces by the end of 2008," said Sean Boyd, the vice chairman and chief executive officer of Agnico-Eagle.

Drilling at the Meadowbank project indicates that there may be up to 3.5km of continuous gold mineralisation from the Cannu zone to the Goose Island zone.

The Toronto-based mining company expects that production on the CA$375 million (£186 million) project will begin at the site in 2010.

 

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