Tahoe Resources is rolling up its sleeves this year to expand and deepen the Bell Creek Mine in Timmins. The Vancouver miner announced its 2017 financial and operating guidance on Jan. 5.
Project capital expenditures this year will be between $150 million to $175 million, the two largest projects being the shaft deepening at Bell Creek, along with the construction of a crushing and agglomeration plant in Peru.
Tahoe acquired the former Lake Shore Gold in a $945-million deal last year, adding the Timmins West and Bell Creek gold mines in Timmins to Tahoe’s stable of operations in Guatemala and Peru.
More than $50 million of the $80 million capital requirement for the Bell Creek shaft project is planned for this year, with project completion expected in the first half of 2018. Bell Creek is located 20 kilometres by road, northeast of Timmins.
The mine contains a large resource at depth which offers an opportunity to expand production and extend mine life Last January, a proven and probable mineral reserve of 2.1 million tonnes with an average grade of 4.5 grams per tonne containing 309,000 ounces of gold was identified.
Tahoe plans to set aside between $35 million and $45 million for drilling programs this year. Included in the mix is the Fenn-Gib project, east of Timmins, and the Juby project, south of the city at Shining Tree, as Tahoe intends to take a look at some of the longer term potential in the area.
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