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Kinross Gold issues results of Udinsk and Lobo-Marte project studies
Results reaffirm both projects’ potential to be significant value generators as large, low cost producers Udinsk adds approximately 3 million ounces to
About this update from Kinross Gold Corporation
[{"type":"text","content":" Results reaffirm both projects’ potential to be significant value generators as large, low cost producers Udinsk adds approximately 3 million ounces to Kinross’ probable mineral reserves (This news release contains forward-looking information about expected future events and performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located at the end of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.) TORONTO, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the “Company”) today announced the results of a pre-feasibility study (“PFS”) for its Udinsk project in Russia and the feasibility study (“FS”) results for its Lobo-Marte project in Chile. CEO Commentary:J. Paul Rollinson, President and CEO, made the following comments in relation to the studies: “The studies confirmed our view of the Udinsk and Lobo-Marte projects as attractive, high-quality assets with the potential to significantly contribute to our future production at low costs. The results indicate that both projects could generate strong returns and would be excellent additions to our global portfolio of mines. “Taken together, Udinsk and Lobo-Marte can potentially add 6.7 million ounces to our production profile over their life of mines and, with the addition of 3 million ounces of probable reserves at Udinsk, the projects represent 9.7 million gold ounces of our probable reserve estimates. The projects are in jurisdictions in which we have deep experience and where we have operated effectively for many years. Udinsk can build on our extensive track record of success in Russia, and Lobo-Marte has the potential to be a cornerstone asset in a country with a long and successful history of mining.” Udinsk pre-feasibility study highlights The Udinsk PFS reaffirms Kinross’ view of the asset as a low-cost and high-return project, with estimated production increasing compared with initial scoping study forecasts. Udinsk, the Company’s first project on the large Chulbatkan license area, is expected to produce approximately 2 million Au oz. at an average all-in sustaining cost of $580 per Au oz. during a seven year mine life, which includes at least six years of mining and crushing activities plus an additional year of le...