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Kinross has also completed a prefeasibility study and technical report on its Fruta del Norte (FDN) project in Ecuador, and received an environmental licence to construct an exploration decline, Burt reported.

The company will start construction on the decline in the second quarter and further drilling on the deposit will target an extension of the orebody at depth and along the strike, he said.

An initial proven and probable gold reserve of 6,8-million ounces has been declared at FDN, the firm said on Wednesday.

The target is to start production at FDN in late 2014, and Kinross is forecasting average life-of-mine production from the operation of 410 000 oz/y of gold-equivalent.

“We're on schedule to complete the full feasibility in the second half of 2011 and expect to begin formal contract negotiations with the Ecuadorian government regarding an exploitation agreement soon,” Burt said.