Vancouver — Miramar Mining (MAE-T, MNG-X) has finally received the blessing of the Nunavut Impact Review Board (NIRB) for planned development of its Doris North gold mine at the Hope Bay project, about 65 km east of Bathurst Inlet.
After facing meeting and public hearing delays in mid-2004, followed by the NIRB’s rejection of its initial application (citing deficiencies on certain environmental and socio-economic details), Miramar’s revised environmental impact statement has satisfied the board. The NIRB will now recommend to the minister of Indian and Northern Affairs Canada that development of Doris North should proceed.
Miramar is planning to start shipping equipment to Hope Bay in summer 2007, with production planned for 2008. This year, the company will gather the necessary remaining permits and licences. A water licence, Inuit Impact and Benefits Agreement (an agreement in principle is in hand), authorization of the Department of Fisheries and Oceans, and other agreements have yet to be secured.
Gold mineralization at the Doris deposit is hosted in typical Archean greenstone style, occurring in quartz vein systems within folded meta-volcanics. Doris North is a near-surface zone of high-grade, gold-bearing quartz veins, folded to create an anticlinal-hinge structure. The total Doris deposit contains a measured and indicated resource of 763,000 tonnes grading 23.9 grams gold per tonne, plus additional inferred resources of 1.7 million tonnes at 14.7 grams gold.
Doris North is scheduled to produce about 155,000 oz. gold annually over two years, in the initial phase of Hope Bay operations. The second phase will have the Doris Central and more accessible portions of the Boston and Madrid deposits coming on-stream with anticipated annual gold output of about 200,000 oz. Third-phase development foresees mining of the large Madrid deposit with annual gold production ramping up to around 400,000 oz.
With shares trading around $3.60 apiece and 185 million shares outstanding, Miramar posts a $665-million market capitalization.
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