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Company proceeds with gold mine expansion near Fairbanks

FAIRBANKS, Alaska (AP) – A Canada-based mining company is proceeding with a planned expansion of a gold mine northeast of Fairbanks.

The Fairbanks Daily News-Miner reports Kinross Gold Corp. announced the decision Tuesday, saying it expects to produce 1.5 million gold equivalent ounces from the expansion of the Fort Knox gold mine.

The company acquired mineral rights to a more than 1-square-mile parcel next to the mine after the U.S. government transferred the land to the state of Alaska in December.

The company says the new mining will use existing equipment and the expansion won’t require much new construction.

The company is planning additional exploratory drilling at the site next year. The expansion is expected to extend the life of the mine to 2030.

Information from: Fairbanks (Alaska) Daily News-Miner, http://www.newsminer.com

The post Company proceeds with gold mine expansion near Fairbanks appeared first on Newstalk 750 – 103.7 KFQD.

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