The Midas Project - Formula For Success

The high grade gold and silver Ken Snyder Mine is located in north-central Nevada, in Elko County, adjacent to the town of Midas, approximately 240 miles to the east­northeast of Reno and approximately 60 miles to the northeast of the town of Winnemucca. The Midas Joint Venture (MJV), an equal partnership between Franco-Nevada Mining Corporation, Inc. and Euro­Nevada Mining Corporation, Inc. with Franco-Nevada Mining Corporation, Inc. being the joint venture manager, owns the mine. In May 1997, Kilborn Denver, now SNC-Lavalin America, completed a bankable feasibility study and proceeded with detailed design, procurement and construction management. In mid December 1998, MJV not only poured their first gold several months ahead of schedule, but were already operating at full production. In addition, the construction of this US $84 million mine, mill and related facilities were completed on budget. Operating cash costs are US $78/oz. This paper describes how this was accomplished.