Echo Bay Minerals said the layoffs over the next week come as the company shuts down its open pit mining operation.
Keith Jones, general manager of McCoy Cove, said the mine isn't shutting down completely. But the open pit is at the end of its mining life.
Underground mining and ore refining operations will continue, he said. The mine currently employes 225 people.
The layoffs are another blow to the rural economy, which has struggled over the last four years when gold prices plummeted from more than $400 an ounce to about $270.
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