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Project Overview
The Great Bear Project is located approximately 24 kilometres southeast of the town of Red Lake, Ontario, Canada, a region internationally recognized as one of the world’s premier mining jurisdictions.
With a long history of gold mining and exploration, a stable operating environment, and access to a strong, skilled labour pool, the Red Lake area is highly attractive for responsible and sustainable mineral development.
The Project is located in an active mining region with access to significant regional infrastructure, including an airport, hospital, and schools. The site is easily accessible via paved Highway 105 and is close to an existing provincial transmission powerline, a natural gas line, fibre optic cable, and nearby mining support services.
Great Bear is being developed in close collaboration with local and Indigenous communities. Indigenous communities are meaningfully engaged in areas such as baseline data collection, environmental monitoring, site planning, procurement, and other opportunities that support long-term, shared value.
QUICK FACTS
Location
24 km southeast of Red Lake, 559 km northwest of Thunder Bay, and 274 km east of Winnipeg
Ownership
100%
Stage
Advanced exploration and detailed engineering
Mine Type
Open pit and underground
Metal
Gold
Production
Average annual production expected: 518koz
Deposit Type
Archean mesothermal gold deposit
Process
- Crushing (primary jaw crusher)
- Conveying
- Grinding (SAG and ball mill)
- Gold recovery (gravity concentration, thickening, leaching and carbon-in-pulp, and smelting to produce final doré)
- Tailings management
Strong Economics and Positive Technical Attributes
The Great Bear Project is planned to be developed as a high-grade combined open-pit and underground gold operation with long-term mining potential. The results from the 2024 Preliminary Economic Assessment (PEA) affirm that the Project has the potential to be a cornerstone asset with a top-tier production profile, low costs, and significant value, supporting Kinross’s vision of responsibly delivering long-term value.
518 koz.
Average annual production over the first 8 years
12 Year Initial Mine Life
Strong underground expansion potential
$1,898M NPV
$3,314M NPV at $2,500/oz. gold
2.7 Moz. M&I and 3.9 Moz. Inferred Resources
Increased Inferred Resource estimate by 568,000 ounces
*All dollar amounts are expressed in U.S. dollars.
Click here to learn more about the Great Bear Project
History
Kinross announced the acquisition of Great Bear Resources Ltd. for US$1.4 billion, marking a major step forward in the Project’s development.
Following the acquisition, the Company initiated a comprehensive metallurgy testing program, which indicated excellent recoveries, including a high proportion of gravity recoveries.
Additionally, geotechnical drilling and test work confirmed exceptional rock strength for the design of the open pit slopes and integrity of the underground mine.
In 2023, the Company focused its drilling and exploration efforts on adding inferred resource ounces, defining deep mineralization, continuing exploration along strike, and identifying new targets around the property.
Kinross announced an initial mineral resource of 2.7 million ounces indicated and 2.3 million ounces inferred for the Great Bear Project, reinforcing its potential as a world-class asset.
Kinross also progressed studies and permitting for an Advanced Exploration Program (AEX), which proposed to establish an underground decline to obtain a bulk sample and enable more efficient exploration of deeper areas of the LP Fault, along with the nearby Hinge and Limb zones.
Kinross published the results of the Preliminary Economic Assessment (PEA) in September 2024, highlighting strong economics for a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years.
Initial AEX permits were received, and ground preparation began at the end of the year to establish the infrastructure needed to support underground exploration development and drilling.
Great Bear advanced its AEX surface infrastructure construction and began engineering for the AEX underground decline, while progressing permitting and commencing detailed engineering for the Main Project.
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