Virginia Mines Inc. (TSX:VGQ) wishes to highlight Goldcorp announcement about the first gold production at Eleonore Mine. Virginia owns a 2.2% NSR on the first 3 million ounces of gold produced at the Eleonore mine. This royalty will increase according to the number of ounces of gold produced and shall not exceed 3.5%.
-- October 2nd 2014, announce of the first gold production.
-- Production for 2014 is expected to be between 40,000 and 60,000 ounces
-- Initial production rate of 3,500 t/d on several levels from the Gaumond
shaft with the objective to reach 7,000 t/d from the main shaft for an
average production of about 600,000 oz/year starting in 2018.
-- Goldcorp will pursue the drilling over the next 24 months in order to
increase reserves and resources at Eleonore.
-- Commercial production anticipated for the 1st quarter of 2015.
-- Update on resources and reserves at Eleonore in early 2015.
-- Full scale production in 2018.
“The beginning of production at Eleonore today is a very important milestone for Virginia. We look forward to a very prolific and long-life mine at the Eleonore Mine” says Andre Gaumond, President Virginia Mines.
Virginia conducts its exploration activities over the vast, unexplored territories of Northern Quebec in order to create value for its shareholders while protecting the quality of life for both present and future generations. With a working capital position of $47.7 million as at May 31, 2014, and a large area of mining claims in Quebec North, Virginia is among the most active mining exploration companies in Quebec. Strengthened by the discovery of the Eleonore project and more than 20 years expertise on the territory, Virginia’s exploration team is recognized as one of the best in Canada. Virginia also holds a 2.2% to 3.5% royalty in the Eleonore property.
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