Côté Gold Mine completes its first gold pour

A significant milestone has been achieved for a mining project in northeastern Ontario.

IAMGOLD Corporation has announced its first gold pour at the Côté Gold Mine.

It happened Easter Sunday at the mine near Gogama, halfway between Sudbury and Timmins. 

"This is the result of over 15 million hours of work [over the last four years] with the near-impeccable safety record," said Graeme Jennings, vice-president of investor relations with IAMGOLD. 

Jennings said the company will now shift towards ramping up production at the site by the third quarter, with the aim of reaching a 90 per cent throughput rate by the end of this year. 

The potential for this project to be running for generations is very high.- Graeme Jennings, VP of investor relations, IAMGOLD Corporation

The company forecasts gold production ranging from 220,000 to 290,000 ounces, contingent upon meeting remaining milestones.

"After that, ... the sky's the limit on this project." he stated. 

The company anticipates the mine will have a lifespan of about 18 years, contributing over $10 billion to Ontario's gross domestic product or $5 billion in wages. 

Employment opportunities are expected to expand to more than 500 people on site, in addition to other support staff such as consultants and contractors. 

"There's been very little exploration that's been done in the 595-square-kilometre land package we have, so I believe the potential for this project to be running for generations is very high."

Jennings suggested the project's longevity could be extend for generations based on other nearby deposits. 

He is optimistic that annual production will approach approximately 370,000 ounces over the projected 18-year span. 

The company said that once the mine is in full production, it's expected it will be one of the largest operating gold mines in the country.