Kinross Gold Corporation (NYSE:KGC) has completed a Preliminary Economic Assessment (PEA) for the Great Bear project in Red Lake, Ontario.
The PEA outlines a high-margin operation with an initial mine life of 12 years and a production cost of sales of $594 per ounce.
The project is expected to produce over 500,000 ounces annually at an all-in sustaining cost of approximately $800 per ounce during the first eight years.
"This PEA marks an important milestone for Great Bear and reaffirms our view of it as a high-quality asset with robust economics," said Paul Rollinson, CEO of Kinross Gold Corporation.
He also noted the ongoing drilling efforts at depth, which have revealed multiple wide, high-grade intercepts beyond the current resource.
This indicates continued mineralization and the potential for further resource growth and extended mine life.
Following the announcement, Kinross Gold's share price rose over 2% to trade at $8.52 in early trading.