Pinos Altos is Agnico-Eagle’s first mine in Mexico. It poured its first gold in July 2009 from the Santo Nino heap leach, and in September from the mineral processing plant. The mine achieved commercial production in November 2009. The operation has proven and probable reserves, including the stand-alone Creston Mascota development, containing 3.4 million ounces of gold and 94 million ounces of silver (42.0 million tonnes grading 2.5 grams/tonne gold and 69 grams/tonne silver).
First Quarter 2010
- Produced 26,228 ounces gold and 222,000 ounces of silver in the three-month period at total cash costs per ounce of gold of $436
- Minesite costs $34 per tonne in Q1 2010; expected to rise to $40/tonne as the underground mining contribution increases.
- Plant averaged 2,418 tonnes per day in three-month period, ramping up toward the design rate of 4,000 tonnes/day. Additional tailings filtration capacity to be installed in Q3 2010, is expected to further de-bottleneck the system and provide additional capacity for a proposed increase in throughput.
- Site clearing, basic engineering and early construction begun at Creston Mascota project, with commercial production expected in Q1 2011
- Studies planned in 2010 for developing several satellite deposits on the concession package, including Sinter, Cubiro and San Eligio zones
- 2010 exploration focus on resource conversion, and expanding the known zones