Evolution Mining Ltd has announced that its Board has approved, subject to receipt of final regulatory approval, the development of the Cowal underground mine, as well as a clear and defined pathway to grow gold production at Red Lake to 350 000 oz per year.
Jake Klein, Evolution’s Executive Chairman, comments said:
“Cowal is undoubtedly a world class asset and a key asset in the Evolution portfolio. Today, the Board has approved the development of an underground mine that contributes to our goal of Cowal producing 350 000 oz of low-cost gold a year and extend its mine life out beyond 17 years, while at the same time injecting significant economic benefit for all stakeholders. The Board has also approved a plan that accelerates the restoration of Red Lake to a premier Canadian gold mine producing low-cost gold in excess of 350 000 oz per year. This will also deliver significant benefit for all stakeholders of the Red Lake asset.
“Both operations demonstrate the outstanding organic growth opportunities within Evolution’s portfolio that will grow production by 35% to over 900 000 oz of low-cost gold over the next 3 years.”