The Red Lake Mine – "Richest gold mine in the world!"

The Red Lake Mine, owned by Goldcorp Inc., is the richest gold mine in the world! Located in northwestern Ontario, the Red Lake Mine has undergone a dramatic transformation over the past ten years.

At the end of 1994, the Red Lake Mine was a marginal operation. Although it had operated since 1948, it had been starved of capital and its performance had always been overshadowed by its "wealthy neighbour" to the west - the Campbell Mine (owned by Placer Dome). Conventional wisdom said the Red Lake Mine was finished. We challenged this belief and at the beginning of 1995, a $7 million exploration program was initiated that lead to the discovery of our High Grade Zone of gold mineralization.

This was announced in March 1995 and the grades were incredible - 9 holes averaging 9.08 ounces of gold per ton across 7.5 feet! The mineralization was discovered at a depth and location previously thought to have no potential.

In 1996, the Red Lake Mine produced at an annualized rate of 53,000 ounces of gold at a cash cost of $360 per ounce. At the same time the neighbouring Campbell Mine was one of the lowest cost gold producers in the world. In 1996, it produced 320,000 ounces of gold, which was six times our production. Its cash cost was $136 per ounce or only 38% of ours, and its gold reserves were almost three times larger than ours and the grade 68% higher.

Today our high grade discovery has grown to 6.8 million ounces of reserves and resources and the mine has produced over 5 million ounces of gold. In 2004, the Red Lake Mine produced a record 551,886 ounces of gold at cash cost of $92 per ounce.

The Red Lake Mine is expanding once again! We are sinking a new shaft that will reach a planned depth of 7,150 ft and increase annual production to 725,000 ounces of gold and lower our costs even further! The target date for completion is early 2007.

This site login page provides unrestricted access for all Red Lake personnel to the Campus and the full range of EduMine resources for technical reference and self-learning. The Campus provides a platform for professional development programs tailored to corporate requirements and objectives.

Red Lake personnel requiring access to EduMine courses and professional development programs at Red Lake should contact Terry Young on site.