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Kinross adds 2.1 Moz of gold resources at Fort Knox mine

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Kinross adds 2.1 Moz of gold resources at Fort Knox mine

Kinross Gold Corp. secured the mineral rights over the 287-hectare Gilmore property adjacent and to the west of its Fort Knox gold mine in Alaska, adding 2.1 million ounces of gold to measured and indicated resources and 300,000 ounces to inferred resources at the property.

The company said Dec. 12 that it started an initial drill program at Gilmore in 2014, with results from the 73,000-meter program, engineering work and the acquisition of the mineral rights resulting in an updated reserves and resources estimate for Fort Knox.

Fort Knox now hosts proven and probable reserves containing 1.3 million ounces of gold within 92.2 million tonnes averaging 0.44 g/t, effective Nov. 30.

Measured and indicated resources contain 3.2 million ounces of gold within 238.1 million tonnes at 0.42 g/t of gold, while inferred resources contain 690,000 ounces of gold within 56.7 million tonnes at 0.38 g/t of gold.

Kinross noted that the updated estimate increased resources and upgraded approximately 260,000 ounces of resources to reserves, primarily from the East wall of the Fort Knox pit, which offset some of this year's reserve depletion to increase Fort Knox's estimated mine life by approximately one year.

The company started a feasibility study on the Gilmore property to assess a layback of the current pit at Fort Knox to potentially further extend the life of the mine, with an update anticipated in mid-2018.

Further drilling is also planned at Gilmore, aiming to upgrade and increase resources, with the mining permitting process for the new property expected to start by the end of the year.