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Market: TSX
Sector: Gold Mining
Epic: TSX:K
News: Latest news
Web Site: Kinross Gold Corp
Other Articles: 18-02-201029-01-201021-01-2010

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Kinross Gold Corp

Kinross Gold Corp

Kinross Gold Corporation was established in 1993 and has since grown to become the third largest primary gold producer in North America by reserves.  Based in Canada, with nine mines in stable countries including the United States, Brazil, Chile and Russia, Kinross employs more than 5,000 people worldwide
Friday, January 29, 2010

Kinross Gold total proven and probable reserves hit 51 million ounces

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By Dorothy Kosich, Mineweb.com

Kinross Gold reported Thursday total proven and probable mineral reserves have increased by 5.4 million ounces to 51 million ounces of gold, a 12% increase.

The company also upgraded mineral resources at its Fruta del Norte project in Ecuador to a measured and indicated gold resource of 5.7 million ounces.

In a statement Thursday Kinross CEO Tye Burt noted, "Exploration success at our growth projects during the year offset production depletion by a wide margin, delivering a net gain of over five million ounces in new reserves." Depletion at all operations in 2009 totaled 2.7 million ounces.

Kinross' total measured and indicated mineral resource at year-end 2009 increased 21% or by 2.9 million ounces of gold from 13.7 million ounces at year-end 2008 to 16.6 million ounces. The increase is mainly attributed to the upgraded resource at Fruta del Norte.

Meanwhile, proven and probable silver reserves decreased 3% or 2.9 million ounces to 103 million ounces, compared to 106 million ounces at year-end 2008. Measured and indicated silver mineral ounces at year-end 2009 declined by 8% or 2.3 million ounces from 27.7 million ounces at year-end 2008 to 25.4 million ounces. The decrease is primarily due to upgrading silver resources to reserves at both Cerro Casale and La Coipa.

Proven and probable copper reserves at year-end 2009 increased by 290 million pounds to a total of 2.9 billion pounds.

Kinross has completed a pre-feasibility study on the Lobo-Marte gold project in Chile. The study identifies proven and probable mineral reserves of approximately 5.6 million ounces of gold at an average grade of 1.22 grams of gold per tonne.

The study estimated an initial capex of $575 million to $650 million with an average yearly production of 350,000 to 400,000 gold equivalent ounces for the first five years of minelife. Kinross is currently targeting first gold production between the third-quarter 2013 and mid-2014.

Gold reserves increased by 1.2 million ounces at the Cerro Casale joint venture copper-gold project with Barrick in northern Chile due to engineering changes, project improvements and the change in Kinross ownership from 49% to 50%. Silver reserves are reported at 29.36 million ounces at the joint venture, with copper reserves of 2.9 million pounds.

Exploration additions at the Coipa Norte deposit expanded gold reserves by 500,000 ounces at La Coipa Mine in the Atacama Region of northern Chile to 1.1 million proven and probable ounces. Total proven and probable silver reserves at the operation are nearly 38 million ounces.

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