The historical reserve policy of Dome Mines and its affiliate companies, to conservatively calculate reserves as only proven ore which can be mined without additional development costs, has been ended. Dome says that new reserve calculations for all its mines will be based on standard industry practice of reporting both proven and probable ore.
As a result, reserves at the Campbell Red Lake gold mine near Red Lake, Ont., have been boosted to 7,597,000 tons grading 0.608 oz gold per ton from 2 million tons of a similar grade. At the Sigma mine in Quebec, a recalculation is being completed. Dome expects the increased reserves will be sufficient to ensure at least 10 years of operating life. Current reserves are equivalent to two years of operation. A recalculation for the Dome mine at Timmins, Ont., will be completed sometime this year.
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