Argonaut Gold Announces Q2 Gold Production of 17,453 Ounces
15 7월 2011 - 9:52PM
Marketwired
Argonaut Gold Inc. ("Argonaut Gold" or the "Company") (TSX: AR),
announced today that the Company produced 17,453 ounces of gold
during the 2nd quarter ended June 30, 2011, at its 100% owned El
Castillo Mine ("El Castillo"), located 100 km north of the city of
Durango, Mexico. Gold produced in the first half of 2011 was 35,467
ounces, which is in line with the Company's guidance of 70-75,000
ounces for full year production.
SECOND QUARTER 2011 HIGHLIGHTS:
Operations
-- Approximately 5 million total tonnes mined in the 2nd quarter of 2011
-- Record ore tonnes crushed for the 2nd quarter of 860,289 tonnes, 218%
increase over Q2 2010
-- New crushing circuit will be online by the end of July
-- 29,555 ounces loaded on the pad in the 2nd quarter, 47% increase over Q2
2010
-- Gold production of 17,453 ounces for the 2nd quarter, 73% increase over
Q2 2010
2011 Exploration and Metallurgical Programs
-- El Castillo - 1,500 meter core drill program to obtain sulphide samples
was completed and metallurgical testing is underway
-- Column test results are expected in Q3 2011
-- San Antonio - 10,000 meter program
-- 4,700 meters completed to date
-- 2 drills are completing condemnation and exploration drilling
-- Current phase of drilling is expected to be complete in Q3 of 2011
-- Significant progress was made on land and water purchases as well as
necessary environmental studies for the permitting process
-- La Colorada - 52,000 meter program
-- 5 exploration drills were active, completing Phase I drilling of
25,780 meters
-- Based on encouraging results, the Company has doubled the 2011 drill
budget from $3.8 million to $7.7 million and increased total meters
to 52,000
-- Phase II drilling is in progress and an additional 26,000 meters are
expected to be completed this year
-- Multiple 1.5 to 2 meter wide intercepts exceeding 1 oz/t gold were
identified within the La Colorada pit target area.
-- New resource estimate from SRK is due in Q3 of 2011 based upon 2011
Phase I drilling
El Castillo East Side Expansion program
-- Cell 4 was completed
-- Cell 5 was cleared in advance of Q4 construction
-- Overflow pond is nearly complete
SECOND QUARTER 2011 OPERATING RESULTS:
The second quarter production showed improvement for the sixth
consecutive quarter as well as year over year. Mine ore production
has improved to an annualized rate over 11 million tonnes. Crushing
capacity at the west plant has continued year over year
improvements of 218% and is now running at an annualized rate of
3.4 million tonnes. Production was strong at 17,453 ounces, a 73%
improvement year over year. Recoveries were 59% for the quarter, an
improvement over prior year's rate of 50% but lower than last
quarter. (Recovery rate is defined as ounces produced over ounces
loaded to pads). This was due to lower cyanide concentration and
flow rate to the pad coupled with higher stacking lifts. The lower
cyanide concentration was due to a shortfall of cyanide resulting
from the Company's supplier experiencing flooding at their
production facility. The Company has addressed this issue by
sourcing cyanide from alternative sources. Currently, the Company
has a sufficient cyanide supply at site and the Company's primary
supplier has reestablished production flow to the site. The Company
expects this set back to not impact full year production guidance
of 70 - 75,000 gold ounces.
El Castillo
Operating
Statistics 3 Months Ended June 30 6 Months Ended June 30
% %
2011 2010 Change 2011 2010 Change
Mining
Total tonnes mined 4,970,835 3,450,572 +44% 9,730,293 6,343,906 +53%
Tonnes ore mined 2,786,349 1,867,191 +49% 5,324,613 3,183,738 +67%
Heap Leach Pad
ROM tonnes ore 1,920,657 1,562,907 +23% 3,733,668 2,562,028 +46%
Tonnes crushed 860,289 270,879 +218% 1,589,393 585,284 +172%
Production
Gold grade (g/t) 0.33 0.34 -2.8% 0.34 0.36 -5.6%
Gold loaded to pad
(oz) 29,555 20,112 +47% 57,780 36,542 +58%
Gold loaded to
carbon (oz) 17,453 10,066 +73% 35,467 20,308 +75%
Gold sold 14,331 10,387 +38% 32,792 18,785 +75%
(1)"g/t" is grams per tonne
(2)"oz" means ounce
Pete Dougherty, President and CEO of Argonaut Gold noted: "This
quarter marks the third consecutive quarter of consistent gold
production, as we continue to meet our guidance of 70-75,000 ounces
of production in 2011. The team continues to deliver on our
established targets at the property." In regards to further Company
developments, Dougherty noted. "Our drilling programs continue with
nine drill rigs currently operating across our properties. San
Antonio drill results are expected in Q3, while updated NI 43-101
technical reports for El Castillo and La Colorada will be completed
by year end."
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine
development and production activities. Its primary assets are the
production-stage El Castillo Mine in the State of Durango, Mexico,
the development stage San Antonio project, the past producing La
Colorada project, several exploration stage projects, all of which
are located in Mexico.
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 Inc. assumes no obligation to update
the forward-looking information contained in this news release.
Qualified Person
Preparation of this release was supervised by Thomas Burkhart,
Argonaut's Vice President of Exploration, and a Qualified Person
under NI 43-101. For additional information on El Castillo please
refer to the "NI 43-101 Technical Report on Resources and Reserves,
Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico" dated
Nov. 6, 2010 and available at Argonaut's website and profile on
www.sedar.com.
Contacts: Argonaut Gold Inc. Nichole Cowles Investor Relations
Manager (775) 284-4422 x 101 nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
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