46 46 Page 46 closing or the date of public fling of a feasibility study with respect to the Cote Gold Project This transaction will extend IAMGOLD s liquidity to over 1 billion Closing a transaction that has un locked the hidden value of Cote Gold is tremendously exciting said Steve Letwin President and CEO of IAM GOLD at the time of the closing of the deal in June 2017 In Sumitomo we have a partner with a common interest in both advancing the developmen t of Cote and in poten tially pursuing future opportunities For IAMGOLD Cote Lake is an in vestment that will soon start to pay of Patience is the key word that ap plies to IAMGOLD s manage ment of the Cote Lake Project The mine was purchased in 2012 by IAMGOLD from T relawney Mining and Exploratio n Inc at a tim e when the price of gold was US 1650 or Cdn 2100 and then the price of gold dropped to alm ost US 1000 It was located near the historic Chester Mine near Gogama Ontario of Highway 144 Rather than panic and sell the prop erty when gold prices kept dropping into 2013 through to 2015 IAM GOLD put its Cote Gold Project on the shelf pending a higher gold price Currently IAMGOLD has completed its prefeasibility technical report and is working on its feasibility study It has received Environmen tal As sessment approval from both the Ca nadian and Ontario Government IAMGOLD is assessing the potential to construct and operate a new open pit gold mine on the project property The open pit mining operatio n is es timated to have a throughput rate of approximately 30000 tonnes per day The preliminary site layout proposes to install the necessary minerelated facilities close to the open pit The Prefeasibility study indicated Proven and Probable Reserves of 59 million ounces Mine Life of 17 years with mill throughput of 32000 tpd Life of Mine LOM average annual production of 320000 oz A verage grade 094 gt Au LOM cash costs of 605oz and all in sustaining costs of 689oz At 1250oz gold price after tax Net Asset V alue of 703M 5 dis count rate After tax Internal Rate of Return of 14 with payback period of 45 years Initial capit al expenditu res of 1047M IAMGOLD s patience seems to have paid of In 2017 the price of gold in Canadian dollars was 1650 US 1260 The costs of operat ing the mine were also in Canadian dollars and that made the project feasible Our vision for Cote Gold is to be a world leader in health and safety in the workplace and to combine technology for accident prevention and cost man agement explained Bowles Construction is expected to start in 2019 and the open pit will be opera tional by 2021 First thing is to develop our mine camp build access roads and to clear areas for pre stripping our pit and to start building our foundation to build our process plant said Bowles W e plan to do all that in the frst half of next year W e have to dewater part of Cote Lake and compensate with a new lake which will create some challenges for us in terms of infrastructure Bowles explained The Cote Lake area has a lot of lakes it is quite an attractive area for out door recreation noted Bowles It s a nice place to bring employ ees but that environment also poses challenges for moving forward on the project given the foot print of water in the region IAMGOLD is looking at how they are going to realign the system of water streams that cross the Cote Lake area They are going to develop a system of dams By putti ng these dams in place they will create a natural fow of wa ters that will create this new lake for compensation for the dewatering of Cote Lake In term s of infrastructure Cote Lake is a great area to build enthused Bowles It is close to a workforce that is skilled and motivated the sup ply chain is very well established While other companies like Bar rick Gold are pursuing projects like Pascua Luna in Chile a project was forced to shutdown by the Chilean government because of environmen tal concerns IAMGOLD is taking the opposite strategy they are looking to Canada to boost their reserves in a country with a stable government and clearly stated environmental regula tions I have worked in many countries and this is the best location I have seen to date Bowles told the Canadi an Min ing Expo Gala dinner crowd On March 22 2018 Bowles made a presentation to the Sudbury Chap ter of the Canadian Mining Institute He thanked the Mattagami and Fly ing Post First Nations supporting the Cote Lake Project IAMGOLD is also in consultation with the Metis Nation of Ontario Bowles indicated that consulting with the First Nations whose traditional lands are in and around the Cote Lake area and its watershed is important to IAMGOLD Project has the potential to provide benefts of up to 15 bil lion for the First Nations and Metis communities The project will have a signifcant impact on the area by pro viding jobs and improving infrastruc ture Contd from pg 44 Norther n College is your pathway to the mining industry Mineral Exploration T echniques The Mineral Exploration T echniques pr ogram fr om Northern College s Haileybury School of Mines HSM is a new postsecondary pr ogram designed for those inter ested in gaining entrance and a competitive advantage in the mineral exploration job market The 1year certificate pr ogram pr ovides entrylevel knowledge and skills to function as a valuable member of a mineral exploration team on pr ojects in grassr oots exploration to minesite exploration Based out of the T immins campus the modular format and distance delivery of this pr ogram pr ovides flexibility and caters to r emote northern communities Under gr ound Har d Rock Miner Common Cor e This industryleading 12week modular training pr ogram pr ovides the entry level skills r equir ed to become an Under gr ound Har d Rock Miner Students will r eceive high skills training and handson experience in a live pr oduction mine Pr ogram topics include staging r ock bolting scaling lock and tagging blasting mucking and drilling Diamond Driller Assistant Common Cor e This 10week modular training pr ogram includes extensive handson training deliver ed by skilled instructors with compr ehensive drilling experience Graduates will gain the skills r equir ed to work competently as a helper to a Surface and Under gr ound Diamond Drill Operator Pr ogram topics focus on the latest in health and safety use of equipment curr ent technologies and envir onmental pr otection Northern of fers several pr ogramming options in the feld of mining Discover the right one for you Lear n mor e about all mining pr ograms available and how to apply at norther nconca Bachelor of Mining Engineering T echnology BT ech This new diploma to degr ee pr ogram fr om Queen s University combines technical expertise with the managerial skills that industry needs for the next generation of mining pr ofessionals Graduates of any Engineering T echnology or Mining Engineering T echnician diploma ar e eligible to enr oll Study Practice Upon successful completion of the bridging pr ogram you will enter the fnal two years of the four year degr ee pr ogram Each year includes a twoweek feld placement T ransfer Cr edits Y ou will r eceive block transfer cr edits for the frst two years of the pr ogram Bridge the Gap The pr ogram includes a customized bridge curriculum designed to bridge the knowledge gap between your college diploma and university courses Flexible Online The online format can be taken at a full or parttime pace letting you keep working while you learn so you don t have to leave your job to take the next step forwar d IAMGOLD looks to Canada to boost it s r eserves Page 47 Norther n College is your pathway to the mining industry Mineral Exploration T echniques The Mineral Exploration T echniques pr ogram fr om Northern College s Haileybury School of Mines HSM is a new postsecondary pr ogram designed for those inter ested in gaining entrance and a competitive advantage in the mineral exploration job market The 1year certificate pr ogram pr ovides entrylevel knowledge and skills to function as a valuable member of a mineral exploration team on pr ojects in grassr oots exploration to minesite exploration Based out of the T immins campus the modular format and distance delivery of this pr ogram pr ovides flexibility and caters to r emote northern communities Under gr ound Har d Rock Miner Common Cor e This industryleading 12week modular training pr ogram pr ovides the entry level skills r equir ed to become an Under gr ound Har d Rock Miner Students will r eceive high skills training and handson experience in a live pr oduction mine Pr ogram topics include staging r ock bolting scaling lock and tagging blasting mucking and drilling Diamond Driller Assistant Common Cor e This 10week modular training pr ogram includes extensive handson training deliver ed by skilled instructors with compr ehensive drilling experience Graduates will gain the skills r equir ed to work competently as a helper to a Surface and Under gr ound Diamond Drill Operator Pr ogram topics focus on the latest in health and safety use of equipment curr ent technologies and envir onmental pr otection Northern of fers several pr ogramming options in the feld of mining Discover the right one for you Lear n mor e about all mining pr ograms available and how to apply at norther nconca Bachelor of Mining Engineering T echnology BT ech This new diploma to degr ee pr ogram fr om Queen s University combines technical expertise with the managerial skills that industry needs for the next generation of mining pr ofessionals Graduates of any Engineering T echnology or Mining Engineering T echnician diploma ar e eligible to enr oll Study Practice Upon successful completion of the bridging pr ogram you will enter the fnal two years of the four year degr ee pr ogram Each year includes a twoweek feld placement T ransfer Cr edits Y ou will r eceive block transfer cr edits for the frst two years of the pr ogram Bridge the Gap The pr ogram includes a customized bridge curriculum designed to bridge the knowledge gap between your college diploma and university courses Flexible Online The online format can be taken at a full or parttime pace letting you keep working while you learn so you don t have to leave your job to take the next step forwar d