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Agnico-Eagle Mines (AGE: TSX) has announced that it plans to extract a 30,000-ton bulk sample (see diagram) from its Goldex Mine in Vald d'Or, Quebec, as part of its ongoing feasibility study. Currently, de-watering of the mine is underway and results from the bulk-sampling test are expected in early 2005. The announcement suggests that Agnico-Eagle is encouraged by preliminary results from the feasibility study, and they are confidant that the Goldex Mine will become a gold producer in the near future. The Goldex Mine has a reserve of 24,000,000 tons grading 0.07oz./ton for 1.65 million ounces Au, and a total indicated resource, including reserves, of 28,000,000 tons containing 1.91 million ounces Au.
Goldex Mines Mine Plan Longitudinal view of the Goldex Mine, looking approximately north, showing deposit and planned raises for bulk sample. (courtesy of Agnico-Eagle Mines Limited, 2004)
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The Goldex Mine, owned by Agnico-Eagle Mines Limited, is located 5km west of Val d'Or Quebec along the 117 Highway. The claims were originally owned by Probe Mines Limited, who retains a 5% Net Smelter Royalty (NSR) on the property (see diagram).
Goldex Mines Location Map Location of Goldex Mines
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The mine is currently under maintenance, however, Agnico-Eagle has indicated, owing to the increase in gold prices, that a feasability study is currently in progress to re-evalutae the economics of the mine. If ore is produced from claims which fall under the Probe Mines royalty agreement, the company will use revenues to finance exploration on its other Projects.
Goldex Mines Geology Geology of the Goldex Mines area
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These Revenues will help to offset outside financing requirements, providing less dilution of Probe Mines shares, benefitting all of Probe's investors.
Goldex Mines Headframe The Headframe at Goldex Mines
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