Canada’s newest gold producer

Some 200 invited guests cheer as Mine Manager Ebe Scherkus exhibits the firs t gold bar to be poured at the spanking new mining and milling complex of Dumagami Mines’ (TSE) at Cadillac, Que., Canada’s newest gold producer, located midway between Rouyn-Noranda and Val d’Or. An affiliate of Agnico-Eagle Mines (TSE), it comes into production debt free and expects to turn out between 22,000-30,000 oz in its first half year of production. (Five bars were poured on June 28.) Based on a mill throughput of 1,500 tons per day, mining and milling costs are estimated at $40-$41 per ton or a cash cost of about $260(US) per oz using the reserve grade of 0.134 oz per ton.