In 2005, a total of 199,269 tonnes from the Beaufor mine with an average recovered grade of 5.72 grams of gold per tonne was processed, compared with 266,793 tonnes at an average recovered grade of 6.13 grams of gold per tonne the previous year. In total, 18,324 ounces of gold produced at a cash cost of US$372 were sold compared with 26,312 ounces of gold produced at a cash cost of US$303 in 2004. The increase in production cost in US dollars is primarily attributable to a decrease in gold grades and the appreciation of the Canadian currency because cash cost are incurred in Canadian dollars.
The resource calculation for the Beaufor Mine established proven and probable reserves at 70,050 ounces of gold (35,025 ounces for Louvem) and indicated and measured resources at 77,300 ounces (38,650 ounces for Louvem) at the end of the year. In an effort to maintain the production level of this deposit and extend its lifespan, Louvem will continue exploration and underground development. In 2006, Beaufor Mine expects a production objective at 40,000 ounces of gold for the year 2006, or 20,000 ounces for Louvem.
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