The Sleeping Giant gold mine, 50 miles north of Amos, Que., has once again awoken from its slumber.
Project partners Cambior (TSE) and Aurizon Mines (TSE), each with a 50% interest, started up the operation in mid-July and poured their first gold at the beginning of August.
The startup is the second for the Giant, which was first placed into production in 1988 by Perron Gold Mines, a Hughes-Lang company. Between 1988 and 1991, it turned out 96,597 oz. gold.
Cambior, which has interests in several gold mines in northwestern Quebec, agreed to invest $12 million in exploration and development work by July 1, 1993, to earn a half interest.
Proven and probable reserves are estimated at 458,300 tons grading 0.22 oz. gold per ton. Cambior operates the mine, which employs about 90. Annual production in the next three years is expected to reach 35,000 oz., based on annual milling of 170,000 tons. Projected operating costs are US$215 per oz. The companies forecast output of 22,000 oz. during the second half of this year.
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