At Sadiola / Yatela, an additional $2.2 million capitalized exploration budget was approved in Q3 2009 to complement the $14.9 million exploration program approved in May 2009. The 18 month exploration program was designed to fully evaluate the remaining oxide gold potential on the joint venture lands and undertake further investigation of potential sulphide mineralization by Q3 2010.
The additional $2.2 million capitalized exploration funding was approved in response to encouraging exploration drill results in and adjacent to the Yatela Pit, targeted extensions of the Alamoutala Pit and exploration targets north of Yatela. Gravity geophysical surveys, in conjunction with a detailed airborne magnetic and radiometric survey completed in September 2009, has advanced the early stage exploration phase of the program and refined numerous targets.
The mine life of the Yatela Gold Mine is now estimated to be extended by approximately 15 months into early 2012. Drilling that was completed subsequent to the October 31, 2009 cut-off date has increased the resource base at Yatela.
Yatela distributed no dividend to the Company during the third quarter of 2010 (2009 – $10.0 million). In the first nine months of the year, Yatela distributed $25.9 million to the Company (2009- $20.0 million).