Mines - Minister Martine Ouellet salutes Goldcorp's willingness to pay the full financial guarantee for the Éléonore project

TORONTO, March 3, 2014 /CNW Telbec/ - Québec's Minister of Natural Resources, Martine Ouellet, accompanied by Brent Bergeron, Senior Vice-President, Corporate Affairs for Goldcorp Inc., took advantage of her presence at the Prospectors and Developers Association of Canada Convention (PDAC) to announce that the company has reached a new stage in its Éléonore Mine project.

"The opening of the Éléonore mine is the culmination of one of the most important mining projects in Québec, with investments totalling $1.9 billion," said Minister Ouellet. "Nearly 2,000 people have already been hired for work related to the project, and when the mine is in full production, it will employ 860 people. This announcement clearly illustrates the vitality of the mining industry in Québec, and the Government's desire to support job-creating projects."

Goldcorp obtained the mining lease to operate the Éléonore gold mine from the Québec Government on February 21 last. The mine, located roughly 350 km north of Chibougamau and Matagami, will produce nearly 600,000 ounces of gold per year, and will remain active for approximately 20 years. Operations are expected to begin in the fall of 2014.

At PDAC, Goldcorp announced that it would immediately be depositing 100% of the financial guarantee for restoration of the site at the end of its life.

"I salute Goldthorp's willingness to pay the entire $40 million financial guarantee for restoration of the site. This goes beyond the requirements of the new rule, adopted on August 22, 2013, which requires the guarantee to be paid in full over a two-year period," concluded Minister Ouellet.

Source:
Geneviève Héon
Press Officer
Office of the Minister of Natural Resources
Tel.: [phone]

SOURCE: Cabinet de la ministre des Ressources naturelles

Geneviève Héon
Press Officer
Office of the Minister of Natural Resources
Tel.: [phone]