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Kinross Gold provides update on development projects and full-year 2019 exploration results
Company adds 7.7 million gold ounces to estimated measured and indicated resources Mineral reserve addition of 828 koz. at Paracatu; Kupol and Chirano extend
About this update from Kinross Gold Corporation
[{"type":"text","content":" Company adds 7.7 million gold ounces to estimated measured and indicated resources Mineral reserve addition of 828 koz. at Paracatu; Kupol and Chirano extend mine life by one year Company to proceed with La Coipa Restart project in Chile TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K; NYSE:KGC) today provided updates on its development projects, exploration program and its estimated mineral reserves and resources. (This news release contains forward-looking information about expected financial and operating performance of the Company. All mineral reserves and mineral resources, as well as mine life disclosures, are estimates. All dollar amounts are expressed in U.S. dollars, unless otherwise noted) Development projects: Tasiast 24k: Proceeding on schedule and on budget to increase throughput to 21,000 t/d by year-end 2021 and 24,000 t/d by mid-2023. Chulbatkan: Completed acquisition of a high-quality and prospective project, and commenced a substantial exploration drilling program with the goal of adding to the current 3.9 million Au oz. indicated resource base by year-end. La Coipa Restart: Proceeding with the project that is expected to generate an internal rate of return1 (IRR) of 28% and net present value1, 2 (NPV) of $118 million based on a $1,200/oz. gold price and $17/oz. silver price. Fort Knox Gilmore: Proceeding on schedule and on budget, with stacking on the new heap leach pad expected to commence in Q4 2020. Exploration and Mineral Reserves and Resources3 update: Company added 7.7 million ounces to measured and indicated mineral resources in 2019, a 28% year-over-year increase, mainly due to the acquisition of Chulbatkan, and additions of 1.2 million Au oz. at Lobo-Marte, 1.1 million Au oz. at Paracatu, 568 Au koz. at Bald Mountain and 553 Au koz. at Round Mountain. Paracatu added 828 Au koz. to mineral reserve estimates, more than offsetting depletion in 2019. Mineral reserve additions at Chirano, which more than offset depletion, and at Kupol, extended mine life by one year to 2022 and 2024, respectively. In 2020, Kinross is prioritizing exploration drilling at several operations, including Kupol, Chulbatkan and Chirano, as the Company continues to focus on opportunities for mineral resource and reserve additions. ____________1 After tax and incremental to estima...