The following is a February 19th excerpt from Agnico-Eagle's 2008 results:
Goldex Mine - Achieving Targets
The Goldex mill processed an average of 6,141 tonnes per day in the
fourth quarter of 2008, exceeding plan. The design capacity for the plant is
approximately 6,900 tonnes per day. This rate has already been exceeded
periodically in 2009.
During the fourth quarter of 2008, approximately 573,000 tonnes of ore
were blasted at Goldex compared with approximately 560,000 tonnes hoisted. For the full year 2008, approximately 1.4 million tonnes were blasted while
approximately 900,000 tonnes were hoisted. This is necessary as the mining
method used at Goldex requires some of the broken ore to be temporarily left
within the mining block as ground support. As a result of this method,
production blasting is expected to be completed in 2012, while the anticipated
mine life extends through 2017.
Minesite costs per tonne at Goldex were approximately C$24 in the fourth
quarter, down from $34 in the third quarter of 2008. As the mine started up in
2008, there is no corresponding 2007 quarter. Minesite costs per tonne for the
full year 2008 were approximately C$27, reflecting the start-up phase of the
mine when higher costs were realized.
Fourth quarter 2008 gold production was 31,972 ounces compared with the
third quarter of 2008 when gold production was 17,159 and the mine was in its
initial start-up phase. The mine achieved commercial production in August
2008.
Goldex's total cash costs per ounce were $323 in the fourth quarter. For
the full year 2008, Goldex's total cash costs per ounce were $419 on gold
production of 57,436 ounces, reflecting the partial year and the start-up
phase of the mine. Gold production for 2009 is expected to be 165,000 ounces.
Life of mine production is expected to average 160,000 ounces annually.
A scoping study is underway to examine the possibility of increasing the
capacity of the mine from 6,900 tonnes per day to at least 8,000 tonnes per
day. This may require additions to the crushing and grinding circuit and
additions to the mining fleet. Results of the study are expected to be
released in the second quarter of 2009.
