Goldex is part of the chain of operations and properties that Agnico-Eagle owns in the Abitibi region of Quebec. The mine has more than 2.0 million ounces of gold in measured and indicated resources* (36.8 million tonnes at 1.8 g/t), with good potential for more.
The mine and processing plant are located in Val d’Or, Quebec, some 60 kilometres east of the LaRonde mine. This proximity allows for operating synergies between the two sites, helping to make Goldex one of our lowest-cost producers.
Commercial production was achieved in 2008. In 2011 Goldex mined and processed about 6,786 tonnes of ore per day and was on track to produce about 184,000 ounces of gold. However, production was suspended in October 2011 due to a water inflow and ground stability issue. The situation is being investigated and remediation is taking place.
*Source Goldex
December 31,2011 Reserves and Resources
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An expansion project in 2010 increased the production rate of the Goldex mine and mill from 6,900 to 8,000 tonnes per day. Exploration work in 2011 is focused on investigating the D Zone, which is 150 metres below the GEZ (the orebody currently being mined). The D Zone shows promise due to the similarity of its geology, style of mineralization and dimensions to the GEZ zone. An exploration ramp is currently being driven at depth towards the D Zone to facilitate additional exploration drilling in the D Zone and eventual conversion drilling. The results of the exploration will become part of a scoping study into the resources of this zone that is expected to be complete early in 2012.
1990 – The Goldex Extension Zone (GEZ) is discovered.
1997 – A study concludes that the deposit would not be economic to mine at the prevailing gold price. The property is placed on care and maintenance, and the workings are allowed to flood.
2003 – The Goldex project is re-evaluated, reviewing the method used to estimate grade and potential mining and processing methods.
2004 – Based on a new reserve and resource estimate for GEZ and a revised feasibility study, Agnico-Eagle undertakes a $4.7-million underground bulk-sampling program. The bulk sample returns a grade about 10% higher than the earlier grade.
2005 – A new reserve and resource estimate is completed for the GEZ which, coupled with a revised feasibility study, leads to a probable reserve estimate of 1.6 million ounces of gold contained in 20.1 million tonnes of ore grading 2.54 grams per tonne gold. Agnico-Eagle approves construction of the Goldex mine.
2008 – Construction of the Goldex mine is completed and first gold poured on May 7. Commercial production is achieved in August.
2009 – In its first full year of operations, Goldex mill operates at levels above design capacity with average throughput of approximately 7,200 tonnes per day.
2010 – Production rate expanded to 8,000 tonnes per day mainly through the installation of a permanent secondary crushing unit at a capital cost of $10 million.
2011 –Production suspended in October as a result of water inflow and ground stability issues. Ongoing investigation and remediation work, and exploration of zones other than the GEZ.