44 44 Page 44 In a recent article in the Globe and Mail it is believed the world of gold mining may be entering a gold short age phase like the notorious oil shortage of the late 1970s T oday we know that the oil crisis was a momen tary thing as oil today has a surplus The loss of gold reserves and the clo sure of once prolifc mines may be the fate for some lar ge gold companies like Barrick Gold and Newmont but for midtier gold mining companies like IAMGOLD it s onward and up ward Indeed the loss of reserves and end of mines problems that the majors are experiencing may be just the opportu nity for midtier companies like IAM GOLD to fll the vacuum Sean Roosen the founder of Osisko Gold and many gold miners like him including those at IAMGOLD refuse to believe that gold will run out His philosophy is to drill and drill some more especially in areas where there were productive gold mines in the past That is the philosophy which Osisko employed at Malartic Quebec where today Canada s lar gest gold mine operates under the joint own ership of Y amana Gold and Agnico Eagle IAMGOLD Cote Lake Gold Project is such a mining project It is located in the area where the historic Chester Mine once operated There has been exploration for gold in the area for sometime with T relawny Gold ex ploring the area between 20092012 when it sold to IAMGOLD Globe and Mail July 21 2018 Bar rick Gold has a problem it is running out of gold It s not just a Barrick problem either many major producers have seen their reserves fall dramatically raising con cerns of a supply shock httpswww theglobeandmailcombusinessindus trynewsenergyandreso IAMGOLD operates four mines on three continents Rosebel Surinam South America Essakane Burki na Faso Africa W estwood Gold Mine Quebec and Sadiola Mali Africa IAMGOLD is a pure play gold company that just keeps chugging along Its four producing gold mines on three continents deliver an average of 800000 oz of gold per year By 2021 IAMGOLD expects to have a second Canadian mine in operation the Cote Gold Project in Northern Ontario half way between Sudbury and T immins promises to be a lar ge low grade bulk tonnage open pit mine Part of our vision as a company is to diversify into North America and this is where Cote plays a key role for us to bring the next mine operating and give us a foot print in this global market Stephen Bowles Cote Lake Project Manager said at the Canadian Mining Expo Gala Dinner on June 5 Cote Lake is very attractive in terms of mining As the cost of production dropped relative to the price of gold which has hovered at around 1600 Cdn IAMGOLD made a bold move to proceed to development of the mine IAMGOLD announced it was moving forward on Cote Lake in tandem with a new partner Sumi Stephen Bowles Cote Lake Project Manager tomo of Japan A partnership with Sumitomo was announced in June 2017 when IAMGOLD completed the sale of 30 of its interest in the Cote Gold Project to a whollyowned subsid iary of Sumitomo Metal Mining for 195 million On closing IAMGOLD received 100 million in cash with the re maining 95 million payable on the earlier of 18 months following IAMGOLD Cote Lake Gold Pr oject moves forward as global loss of r eserves fear ed elsewher e Contd on pg 46 Page 45 At T err apur e we dont disrupt your oper a tion with our envir onmental services and industrial cle aning Our e xperienced te am comes onto your site and manages your waste compr ehensively and ef fciently while you continue with your business as usual W e even bring our equipment to you to save time and tr anspor ta tion costs T o fnd out how we can help enhance your oper a tional ef fciency visit us a t booth 107 C ontact informa tion T odd Smith VP Envir onmental Solutions Onsite Ex ecutive 9053152247 K yle T aylor R egional Oper a tions Manager F ield Services 9057455439 terr apur eenv com W H E N W E S A Y W E M A N A GE A ND MIN IMI ZE W A S T E W E A L S O M E A N TI M E