Goldcorp’s Éléonore Mine achieves first gold production
The pouring of a 70 ounce gold bar on October 1st, marked the first gold pour at Goldcorp’s Éléonore Mine in the James Bay region of Northern Quebec. The pour occurred after a four year development period.
“I am pleased to announce the first gold production at Éléonore, on schedule and in line with our capital cost guidance," said Chuck Jeannes, Goldcorp President and Chief Executive Officer.
Production for 2014 is expected to be between 40,000 and 60,000 ounces of gold. Capital costs remain unchanged at between $1.8 and $1.9 billion. Overall, progress at the mine remains on track for declaration of commercial production in the first quarter of 2015.
The Éléonore Mine is located about 800 km northeast of Montreal in one of the most attractive mining jurisdictions in the world. The project created 2,000 jobs in the province of Quebec during its development. Approximately 900 of jobs will be maintained when the mine achieves full production. Éléonore is expected to ramp-up to design throughput of 7,000 tonnes per day by 2018."
"The team has done a tremendous job bringing this mine into production safely, in partnership with the Cree Nation of Wemindji, the Grand Council of the Crees of Eeyou Istchee / the Cree National Government (GCC(EI)/CNG) and our suppliers and contractors from Quebec,” Jeannes stated.
On October 1, the initial dore bar was poured containing an estimated 70 ounces of gold recovered from the gravity circuit. Commissioning of the remainder of the plant is underway with gold production from the leaching and CIP circuit expected in October.
Cerro Prieto Mine, Mexico
In other Goldcorp news the company announced that it has completed the second drawdown of US $3,993,239 on the previously announced secured medium term loan facility of US $10 million provided by RMB Resources Inc. ("RMB") and Credipresto SAPI de CV SOFOM ENR. The total amount of funds drawn down under the facility are USD$6,000,000. These funds will be used to facilitate the development of the company's Cerro Prieto mine in Mexico and for other working capital purposes.
In addition, the previously announced agreement with Oroco Resource Corp. concerning the acquisition by the company of the rights to refunds stemming from certain Mexican value added taxes has now closed. Per the terms of the agreement, upon closing 1,200,000 common shares of the Company were issued to Oroco.
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