IAMGOLD Corporation (TSX: T.IMG, Stock Forum) late Tuesday announced a mineral resource update for its Côté Gold project in northern Ontario, this according to a company news release.
The gold miner said the vast majority of the Côté Gold mineral resources are now classified as Indicated, with the updated resource estimate representing a 114% increase in Indicated resources from the previous estimate. The Côté Gold estimate now stands at 7.61 million Indicated gold ounces and 1.04 million Inferred ounces of gold.
IAMGOLD also reported full year 2012 gold production of 830,000 ounces, which was less than the lower end of the guidance range of 840,000 to 910,000 ounces, primarily due to its underperforming joint venture operations.
For 2013, the company expects gold production to range between 875,000 and 950,000 attributable ounces, with total cash costs (including royalties) between $850 and $925 an ounce.
"While performance at our IAMGOLD operated mines has been solid, the underperformance at Sadiola has led us to re-assess our strategy with respect to our joint venture operations. Over the next five years, the combination of growth initiatives at our existing mines, the ramp-up to full production at Westwood and the expected start-up of Côté Gold in 2017 should drive production up 80% to 1.4-1.6 million ounces," said IAMGOLD President and CEO Steve Letwin.