Beaufor Mine Production Results
In 2008, 115,674 tonnes of ore were processed at an average recovered grade of 8.85 g/t, and 32,908 ounces of gold were sold at an average price of US$886 (CAN$944) per ounce, Louvem’s share was 16,454 ounces. The sectors mined in 2008 were some of the Company’s best-known sectors located near the Beaufor fault and demonstrated strong results and encouraging opportunity for continued production. During the fiscal year of 2007, 97,429 tonnes of ore, at an average recovered grade of 8.36 g/t, were processed, and 26,182 ounces of gold were sold at an average price of US$693 (745 $ CAN) per ounce, Louvem’s share was 13,091 ounces. The cash cost per ounce increased to US$481 (CAN$513) during 2008 compared with US$445 (CAN$478) in 2007, due primarily to increased definition drilling and higher mining and milling costs.
Reserves and Resources Calculation
At the end of 2008, Proven and Probable Reserves at the Beaufor Mine were estimated at 244,063 tonnes at a grade of 8.89 g/t for 69,792 ounces of gold compared with 75,632 ounces at the end of 2007. Measured and Indicated Resources were estimated at 148,000 ounces at the end of 2008 compared with 141,267 ounces at the end of 2007. Significant exploration works below the current mining infrastructure resulted in a major increase in Inferred Resources which went from 30,278 ounces at the end of 2007 to 154,927 ounces at the end of 2008. More exploration works is planned at the Beaufor Mine in 2009 to further evaluate the potential of expanding the mine at depth. |
