Argonaut's Magino Mine
Argonaut Gold announced Thursday that it is moving forward with the development of its Magino project located next to Alamos's Island Gold Mine. The company said it expects to start its 2-year construction operation in Jan 2021. Magino can also be considered to be at the boundary of MTU's land. The project will cost US$400 million and the first gold pour is expected to be in first half of 2023. Expected annual production is 150,000 oz over the first 5 years. Mine life 15 years and all in sustaining cost is US$711 per oz. So in 2 years we will see another producing mine on the "same land" where MTU is currently drilling.