RED LAKE

EXPLORATION

The Red Lake area has a prolific exploration and mining history which began with the first Red Lake gold rush in the 1930’s.  Although Red Lake is viewed as a mature mining district, there are numerous properties that have the potential to become significant mining operations by applying new geological concepts and conducting more exploration. 

Goldcorp owns and operates the Red Lake Gold Mine reputed to be one of the highest grade gold mines in the world and also owns the past producing Cochenour-Willans mine, both of which have excellent exploration potential. 

Until the merger of Red Lake mine and Campbell mine, minimal exploration activity and development were focused in proximity to the former boundary which appears to transect the centroid of the ore body.  Now, inter-mine connections provide operational flexibility and staging platforms for exploration of the internal property boundary targets.  Deep exploration depends heavily upon critical development away from the ore body for quality evaluation of highly sought after high grade vein structures to depth. 

Recent drilling results and expansion progress that is expected to drive annual gold production growth from 700,600 ounces in 2007 to one million ounces by 2012. The #3 shaft was completed in 2007 and the final expansion project, including the completion of the new ventilation circuit is scheduled for completion by mid-2008.  A $32 million exploration investment is planned with a focus on high priority exploration targets including; the High Grade Zone and associated footwall supphides, the Party Wall Zone, the Deep Campbell Zone, the internal property boundary opportunities, the upper Red Lake suphides, and surface, bulk mining opportunities.  As expected, work in each of these areas is yielding positive results.