In Q1 2009, Barrick agreed to purchase Teck Cominco’s 50% interest in the Hemlo operation, thereby consolidating 100% ownership. The Hemlo operations, which consist of the David Bell underground mine and the Williams underground and open pit mine, are located approximately 350 kilometres east of Thunder Bay, Ontario.
The Williams and David Bell mines share milling, processing and tailings facilities. Ore from the two mines is co-mingled and fed to a standard grind, leach and carbon-in-pulp extraction mill.
In 2008, Barrick’s share of Hemlo gold production was 130,000 ounces at average total cash costs of $630 per ounce1. The Company’s share of proven and probable mineral reserves as of December 31, 2008 (50% basis) is estimated at 564,000 ounces of gold2.