The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NMC: TSX
Chairman and CEO: Richard O'Brien
Executive Vice President, Discovery and Development: Guy Lansdown
Vice President, Generative Exploration: Grigore Simon
Newmont Mining Corp. of Canada Ltd. is a subsidiary of Denver-based Newmont Mining Corp., one of the world's largest gold producers and the only gold mining company included in the S&P 500 Index and Fortune 500.
Newmont acquired one of the largest undeveloped greenstones in North America in 2008 from Miramar Mining Ltd. and has worked since to advance exploration at the Hope Bay Project.
To date, three significant gold deposits have been discovered in this greenstone belt: Doris North, a few miles from the Arctic Ocean; Madrid, about 5 miles inland from Doris; and Boston, about 27 miles south of Madrid.
Doris and Boston are smaller high-grade (4.0-8.0 grams-per-metric-ton cut-offs) lode deposits.
Madrid is a low-grade (average 4 g/t) deposit with high-tonnage potential.
Together, these deposits contain indicated and inferred resources of more than 10 million ounces of gold.
In 2009 and 2010, Newmont re-evaluated the 80-kilometers-long greenstone belt as a whole, and conducted additional drilling and mapping.
Diamond drilling operations are ongoing in 2011 with an expanded drill program of about 95 kilometers.
Newmont began construction of an exploration decline at Doris North in late 2010 to facilitate underground exploration and current development continues in favorable ground conditions. The decline is expected to reach an ore face in the third quarter of 2011. The major spent US$79 million at Hope Bay during the six months that ended June 30, compared with comparable expenditures of US$35 million during the same period in 2010. Newmont budgeted a total of C$300 million in capital and exploration expenditures on the project in 2011.
Cash and short-term deposits: US$ $1.40 billion (at June 30, 2011)
Working capital: US$100 million (for Hope Bay in 2011)
Market capitalization: C$3.41 billion (Aug. 26, 2011)
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Greenwood Village, Colo. 80203
Tel: 303-863-7414 Fax: 303-837-5837
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