A method recovering heat and water from a warm slurry, such as warm tailings from a oil sands extraction mining operation, is provided. The method comprises providing the tailings to a vacuum vessel, removing, from the vacuum vessel, warm vapor derived from the tailings, condensing the warm vapor in a condenser to produce water, and recovering the water from the condenser. Cool river or pond water can be warmed with the heat from the vapor for additional uses in the mining operation. Essentially pure water can be obtained in the process. This can also be achieved using one or flash vessels in series to condense the vapor. Power can also be generated from the vapor using a turbine.