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Turquoise Ridge Third Shaft To Double Annual Production

TORONTO - Barrick Gold is constructing a third shaft at Turquoise Ridge, which will allow the mine to roughly double annual production to more than 500,000 ounces per year (100 percent basis), at an average cost of sales of around $720 per ounce, and average all-in sustaining costs of roughly $630 per ounce. The contract for shaft sinking was awarded to Thyssen Mining during the first quarter, and mobilization planning is now underway. Procurement of long-lead-time items has begun, with major components such as the shaft hoist now ordered. Construction during the first quarter centered on well drilling activities, electrical distribution, and mine site utility construction and activation. The capital cost for this project is estimated to be $300-$325 million (100 percent basis). Initial production from the new shaft is expected to begin in 2022, with sustained production from 2023. At 15.56 grams per tonne, Turquoise Ridge has the highest average reserve grade in the Company's operating portfolio, and among the highest in the gold industry.
The Turquoise Ridge underground mine is located about 44 miles north-east of Winnemucca, Nevada. Barrick is the operator and 75% owner of the mine. Newmont Mining owns the remaining 25%. At 15.56 grams per tonne, Turquoise Ridge has the highest reserve grade in the Company’s operating portfolio, and among the highest in the gold industry.
Barrick also reported that Goldrush is on track to become the Company’s newest mining operation in the core district of Nevada. Decline construction, detailed engineering, and permitting (Environmental Impact Statement) are expected to take place between 2018 and 2020, with construction and initial production expected between 2021 and 2022, and sustained production expected from 2023. The first phase of the project involves the construction of an exploration twin decline to provide access to the orebody at depth, which will enable further exploration drill-ing, as well as the conversion of existing resources to reserves. The exploration declines are permitted and can be converted into production declines in the future.
Goldrush currently has proven and probable gold reserves of 1.5 million ounces and measured and indicated gold resources of 9.4 million ounces , with significant potential to identify additional resources once underground access to drill the deposit is established.
When in full operation, the Goldrush underground project is expected to produce approximately 500,000 ounces of gold per year. Portal pad construction for twin declines was completed in the first quarter of 2018, with decline construction now underway.
The Deep South project is expected to contribute approximately 300,000 ounces of annual gold production when fully ramped up between 2024 and 2028.
Barrick Nevada is an integrated gold mining operation that combines the Cortez and Gold-strike properties in Nevada. Operations at Cortez are split between two complexes: the Pipeline complex is mined via open pit; and Cortez Hills is mined via open pit and underground. Goldstrike consists of the Betze-Post open pit, and the Meikle and Rodeo underground mines.
The 2018 production outlook for Barrick Nevada is 2.255 million ounces. Proven and Probable Gold Reserves at Cortez is 10.0 million ounces, and Goldstrike is 8.4 million ounces.
Since 1990, Barrick Gold has found 129 million ounces of gold. The company’s results are driven by the Barrick Exploration Sys-tem (BXS), a proprietary system for identifying, evaluating, and ranking exploration projects that has been developed by Barrick over two decades. This system significantly increases the chances for success and ensures our exploration dollars are allocated to the projects with the best potential returns at the lowest risk.
The company’s address is 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1.