Argonaut Gold Inc. Announces 57% Increase in Gold Production Year Over Year
20 7월 2010 - 9:00PM
Marketwired Canada
Argonaut Gold Inc. (TSX:AR), announced today that the company produced 10,062
ounces of gold for the 2nd quarter (ending June 30, 2010) at its 100% owned El
Castillo Mine, located 100 km north of the city of Durango, Mexico. Progress
also continues on the $15-20 million capital expansion program at the mine.
Argonaut Gold's President and CEO Peter Dougherty noted, "The production numbers
for the 2nd quarter remained consistent with 1st quarter production.
Furthermore, 20,245 ounces were placed on the pad during the 2nd quarter
representing a 23% increase over 1st quarter 2010." The company remains on
target for a mining rate of 1.5 million total tonnes per month (TPM) in the 3rd
quarter and year end production of 47,000 ounces of gold in 2010.
Production Highlights for Q2
-- Achieved record operating increases year over year.
-- Total tonnes in excess of 1.2 million for June.
-- Record ounces loaded on the pad for June (7,902 ounces).
Q2 2010 Q2 2009(i) Percent
Operating Statistics 6/30/2010 6/30/2009 Change
Total Tonnes mined 3,417,167 1,862,200 +83%
Tonnes ore 1,833,786 775,100 +137%
Tonnes Ore-direct to leach pad 1,562,907 573,200 +173%
Tonnes Crushed 270,879 201,900 +34%
Gold Grade (grams/tonne) 0.34 0.47 - 28%
Gold Loaded to Pad (ounces) 20,245 11,822 +71%
Gold Produced (ounces) 10,062 6,421 +57%
(i)Note: Information obtained from Castle Gold Corporation press release dated
August 26, 2009.
Commenting in regards to the progress to date of the $15-20 million capital
expansion program, Mr. Edgar Smith, Chief Operations Officer stated, "The
advancements made in 1st and 2nd quarter, as well as the additional ongoing
initiatives, provide the basis for achieving the El Castillo production growth
projections. These improvements build the foundation to increase year end
production rates and meet future production growth".
Capital Expansion Highlights - During the first half of 2010 Argonaut has
completed the following improvements at the El Castillo mine:
-- Exploration Drilling:
-- $4 million has been budgeted for drilling in 2010.
-- Phase I drill program (16,000 meters at 100 meter center spacing)
was completed as of April 22.
-- 12,000 meters of the Phase II drill program (16,000 meters at a 50
meter center spacing) completed as of end of June.
-- The complete drill program is anticipated to be completed by the end
of September.
-- A New 43-101 resource estimate will be published by year end.
-- Mining Fleet Expansion:
-- A total of thirteen 100 ton trucks and three 992 loaders are
scheduled for delivery by the end of 3rd quarter.
-- Four 100 ton trucks and a 992 loader have already arrived at site
and have been assembled allowing for early training and the new
equipment is in production.
-- Total September mining production is expected to be 1.5 million
total tonnes, more than doubling the average mining rate year over
year. (2009 Total tonnes per month average approx. 730,000).
-- Land Position:
-- Argonaut has acquired an additional 450 hectares of surface rights,
increasing the total surface land package of the El Castillo mine by
50% to 1295 hectares.
West Side Process Improvements - Improvements at existing processing area
-- Crusher Circuit Replacement:
-- In order to increase crushing capacity, the former circuit on the
west side of the mine was removed and replaced by a new larger
crusher.
-- Current run rate has surpassed 200,000 TPM during the first 3 weeks
of operation versus the previous 68,000 TPM rate.
-- This will effectively triple our crushing capacity on the west side.
-- West Processing Plant Upgrade:
-- A new modern facility is now running with 5 large diameter carbon
columns allowing production and efficiency increases. Previously,
the processing plant included a total of 24 small columns for
processing.
-- Flow rates are increasing from 400 cubic meters/hr to a nominal 740
cubic meters/hr, almost doubling the flow rate.
-- Heap Leach Pad Expansion:
-- 10 million tons of heap leach capacity is nearing completion.
-- A new process water pond has been constructed to provide for the
increased pad capacity.
East Side Expansion Development - New pads and processing facility
-- Heap Leach Pad Expansion
-- The east side pad has been divided into a three staged expansion
design.
-- Liner is now being placed on cell 1 and construction of cell 2 is
underway.
-- A process water pond is under construction and planned to be
completed in the coming month.
-- 5 million tonnes of capacity on the east side is expected for
completion by the end of the year.
-- Processing Plant
-- Carbon columns are in place for the new plant.
-- Processing capabilities will increase up to 1 million ore tonnes per
month.
-- The new east pad plant facility is scheduled for 3rd quarter
completion.
Mr. Smith commented as to the successful expansion program; "Our team at El
Castillo has done a tremendous job of implementing the improvements to date.
Argonaut continues to make significant upgrades in regards to the infrastructure
and foundation of the El Castillo mine. This will allow for further production
enhancements in the future".
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets being the production-stage El Castillo
Project and the exploration-stage La Fortuna Project, both located in the State
of Durango, Mexico. Argonaut is a new venture created by former executive
management team members of Meridian Gold Inc. Creating the Next Quality Mid-Tier
Gold Producer in the Americas.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and
uncertainties that could cause results to differ materially from management's
current expectations. Actual results may differ materially due to a number of
factors. Except as required by law, Argonaut Gold Ltd. assumes no obligation to
update the forward-looking information contained in this news release.
Argonaut Gold (TSX:AR)
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Argonaut Gold (TSX:AR)
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