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laronde II |
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Even as Agnico-Eagle expands abroad, our foundation remains in northwestern Quebec and we continue to explore and develop our abitibi region properties. LaRonde II, the deeper extension of the current LaRonde operation, holds the company's most substantial reserves. Drilling results indicate gold grades almost double those of LaRonde. Not only does LaRonde II boast tremendous precious metals values, it can be brought into production cost-effectively and could extend the mine life of LaRonde significantly. |
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The LaRonde II project covers a large extension zone, at depth, of the gold-copper and zinc-silver mineralization that occurs on the LaRonde property but is not accessible by the current Penna Shaft.
Drilling and mine planning work continued throughout 2005. Drilling was focused on transferring deeper resources to reserves and exploring the limits of the deeper mineralization both at LaRonde II and along the main mineralized trend. As of year-end, probable reserves are 3.7 million ounces of gold, from 19.2 million tonnes grading almost 6.0 grams per tonne.
A third-party review of the bankable feasibility study will be delivered in the second quarter of 2006. If approved for construction, production could commence within five years, enabling the LaRonde mill to continue operating at capacity for a longer period.
The mine plan contemplates a production rate of 4,500 to 5,400 tonnes per day, with potential gold production of more than 300,000 ounces per year, over an 11-year mine life, or more. |
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