Nunatsiaq Online
NEWS: Nunavut November 20, 2012 - 10:05 am

Agnico-Eagle announces “significant resource growth” at Nunavut’s Meliadine gold project

2012 exploration program increases estimates of project's gold resources

NUNATSIAQ NEWS

Agnico-Eagle Mines Ltd.‘s 2012 $40-million exploration program at its Meliadine gold mine project near Rankin Inlet shows there’s even more gold on the property than previously thought.

The company’s Nov. 19 update of its 2012 exploration program, which included 90,000 metres of drilling in known deposits at Meliadine, along with 55,000 metres of grassroots exploration drilling, noted “significant resource growth.”

The drilling results have increased the known gold resources at Meliadine by roughly 40 per cent and upped its inferred resources of gold by 85 per cent.

In addition to exploration drilling, the 2012 program at Meliadine included work on the updated feasibility study for the project and the infrastructure it needs.

Agnico-Eagle earmarked $52-million in 2012 for infrastructure, permitting and feasibility study.

This included construction of the 24-kilometre permanent all-season road linking project with Rankin Inlet.

Construction of the road, permitted in February 2012, is now almost 50 per cent complete, “within budget and on scheduled to be completed by the end of April 2013,” the company said.

The three bridges have all been completed, as well as seven kilometres of the 23 kilometres of road required connecting the Meliadine camp with Rankin Inlet.

The expansion of the camp and its facilities is fully completed, and it can now accommodate up to 200 workers, Agnico-Eagle said.

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