MIME-Version: 1.0 Server: CERN/3.0pre6 Date: Thursday, 20-Nov-97 21:57:39 GMT Content-Type: text/html Content-Length: 1763 Last-Modified: Friday, 02-Jun-95 20:17:40 GMT
Goldcorp Inc. today announced a reduction in the production rate at its Red Lake Mine in northwestern Ontario, in order to facilitate a significant increase in exploration and development at the mine. As a consequence, the workforce has been reduced from 283 to 234 employees.
The production rate at the Red Lake Mine is being reduced from 1,000 tons to 650 tons per day, which will result in budgeted annual gold output of 50,000 ounces per year, compared to 66,000 ounces produced in 1994. A two-year exploration and development program has commenced and will include 200,000 feet of exploration drilling and 130,000 feet of development drilling, for a total cost of $10 million.
Development drilling will be carried out between the surface and 30 Level, and exploration drilling will be between 30 and 38 Levels. Initial exploration results show strong continuity of gold bearing structures between 30 and 34 Levels.
Upon completion of this program, workforce requirements at the Red Lake Mine will be reassessed.
For further information, please contact:
Robert R. McEwen
Chairman, President and
Chief Executive Officer
(416) 865-0326
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