Exploration & Processing - Fall 2010 - (Page 128)

GOLDCORP – RED LAKE GOLD MINES BY CHRIS PETERSEN GOLDCORP HAS TURNED A ONCE-WEAK GOLD MINE INTO ONE OF THE WORLD’S BEST THROUGH EXPLORATION. IT IS A FLAGSHIP OPERATION OF GOLDCORP INC. TURNING IT AROUND W Goldcorp’s shift from production to exploration led to the discovery of a significant highgrade zone in northwestern Ontario. The company now operates Red Lake Gold Mines, and it will continue to drill in the area to establish resources and reserves. COMPANY PROFILE Goldcorp – Red Lake Gold Mines www.goldcorp.com 2009 corporate revenues: $2.7 B HQ: Vancouver, British Columbia Employees: 1,300 Specialty: Gold exploration Mike Lalonde, mine general manager: “The key strategy was to hen Goldcorp purchased the Red Lake Gold Mine in the Canadian Shield of northwestern Ontario in 1990, it was a marginal asset at best. Started in 1949 and originally known as the Dickenson Mine, the mine was one of a pair operating within the same general area. The other was the Campbell Mine, then operated by Placer Dome. Mine General Manager Mike Lalonde explains that the Dickenson Mine had been plagued by strikes and an absence of capital, and it had been overshadowed by the Campbell Mine in terms of production. In 1994, however, Goldcorp switched gears and ceased mining to begin a $7 million exploration program that resulted in the discovery of a significant high-grade zone. The company continued drilling to expand the reserves into 2000. “The key strategy was to stop mining and start exploration, and it was that exploration that led to the discovery of the high-grade zone.” In 2006, Goldcorp took over the Canadian assets of Placer Dome, which included the Campbell Mine. Both properties then came under the banner of Red Lake Gold Mines, a wholly owned subsidiary of Goldcorp. Then, in July 2008, a completely new phase of development commenced when the company acquired the Bruce Channel Deposit (BCD) – just 5 kilometers from the Red Lake Mine – from Gold Eagle Mines. A considerable amount of work lies ahead. Drilling will continue in order to establish the resource and finally the reserves of the BCD. Meanwhile, the Cochenour shaft will be upgraded next year, and the company is working to link the project with the Red Lake Mine by driving a 5-kilometer tunnel between the two at a depth of 5,400 feet. Red Lake has remained the company’s largest producing mine and one of the highest producing gold mines in the world. In May 2010, the mine produced its 20 millionth ounce of gold, and it averages about 600,000 to 700,000 ounces of gold per year. Lalonde says Goldcorp’s persistence is what turned a once-tired mine into a world-class mine. Key to Growth Red Lake has provided the impetus for Goldcorp’s growth during the past several years and will remain FALL 2010 and mining stop mining and start exploration.” 128 | EXPLORATION-PROCESSING.COM http://www.EXPLORATION-PROCESSING.COM

Table of Contents for the Digital Edition of Exploration & Processing - Fall 2010

Exploration & Processing - Fall 2010
Spillover Effects
Profitable Path to Renewable Energy
Dynamic Air Shelters Ltd.
Elevating Boats LLC
Gazelle’s Oilfield Services Ltd.
International Alliance Group
Lydford Mining Co.
Offshore Inland Marine, Industrial & Oilfield Services
Q.B. Johnson Manufacturing Inc.
Thermo Design Engineering
Western Camp Services Ltd.
Western Copper Corp.
Alberta Welltest Incinerators
Blakely Construction Co. Inc.
Bluewater Constructors Inc.
Energy Fabrication Inc.
OFM Pump Inc.
Lithium Americas Corp.
New Dominion Construction Inc.
Otis Gold
Owen Sound Ledgerock Ltd.
Reagan Equipment Co. Inc.
Swick Mining Services (Canada) Inc.
American Oil & Gas – The Goliath Project
Africo Resources Ltd.
American Tank Company Inc.
Atlas Copco Geotechnical Drilling & Exploration
Clarkco Oilfield Services Inc.
Energy Fuels Resources Corp.
ESA Renewables LLC
GPR Industries (1994) Ltd.
Helio Resource Corp.
Landdrill International Inc.
Laurel Aggregates Inc.
LoneStar Energy Fabrication
NioGold Mining Corp.
Pacific Booker Minerals Inc.
Phoenix Exploration Co.
Premium Rock Bit Corp.
Queenston Mining Inc.
RAE Engineering & Inspection Ltd.
Goldcorp – Red Lake Gold Mines
C-FER Technologies Inc.
Surepoint Group
Eden Stone and Valders Stone & Marble Inc.
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Exploration & Processing - Fall 2010