Klondex Mines revises plans for True North mine in Manitoba

Full year 2017 gold production from True North is now estimated to be between 24,000 and 27,000 ounces
Klondex Mines revises plans for True North mine in Manitoba
Full year 2017 gold ounce production from True North is estimated to be in the range of between 24,000 and 27,000 ounces

Precious metals producer Klondex Mines Ltd (TSE:KDX; NYSE:KLDX) has revised its plans for the True North mine in Manitoba, Canada after the project failed to achieve planned operating and cash flow in 2017.

Following a review, the company has decided to limit underground mining to areas that have already been developed and the workforce will be reduced.

Once these areas are depleted, underground mining will be suspended and the project will be placed on care and maintenance to review options, the company said.

Full year 2017 gold ounce production from True North is estimated to be in the range of between 24,000 and 27,000 ounces, which is less than the 35,000 to 45,000-ounce range guided.

There was a successful drilling campaign at True North in 2017 and it expects to release a new resource estimate in the first quarter of 2018.

"In addition, the Ogama-Rockland property, recently acquired through the Bison Gold Resources acquisition, is around 30 km from the mine and has an inferred resource of 337,000 gold equivalent ounces," noted the miner.

"As the company moves forward, it will assess the potential of processing ore from both the True North mine and the Ogama-Rockland property through the True North mill to improve the economics for the company's properties in the region."

Klondex also reported today that John Seaberg, former senior vice-president of strategic relations, has left the company.

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