Argonaut Gold Announces Record Gold Production of 19,700 Ounces at El Castillo in Q4; Record Annual Gold Production of 72,000...
18 1월 2012 - 6:35AM
Marketwired
Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is
pleased to announce gold production for Q4 2011 of 19,700 ounces
and a total of 72,000 ounces for 2011. These are records for both
quarterly and annual production. The Company is also providing
production guidance range for 2012 of 85,000 to 95,000 ounces of
gold.
Fourth Quarter 2011 Highlights:
-- Gold production of 19,700 ounces, 8% increase over Q4 2010
-- Record gold ounces sold of approximately 20,500, a 42% increase over Q4
2010
-- Tonnes mined increased to greater than 1.8 million tonnes per month, an
11% increase over Q4 2010
-- El Castillo eastern processing facility was commissioned and fully
operational during Q4
-- New resource calculation, production decision and construction
commencement for the La Colorada project
-- Year-end cash balance of $36 million
El Castillo Operating Statistics
Three Months Ended Year Ended
December 31, December 31,
% %
2011 2010 Change 2011 2010 Change
------------------------------------------------------------
Mining
Total tonnes
mined 5,437,100 4,897,500 +11% 20,009,100 15,991,000 +25%
Total ore mined 2,912,500 2,560,100 +14% 11,145,300 7,757,500 +44%
Heap Leach Pad
Direct ore
tonnes to pad 2,098,000 2,052,800 +2% 8,114,200 6,290,300 +29%
Crushed ore
tonnes to pad 839,100 510,800 +64% 3,041,100 1,465,400 +108%
Production
Gold grade (g/t) 0.32 0.38 -16% 0.33 0.37 -11%
Gold loaded to
pad (oz) 30,200 31,100 -3% 117,900 91,800 +28%
Gold loaded to
carbon (oz) 19,700 18,300 +8% 72,000 51,300 +40%
Gold sold 20,500 14,400 +42% 66,500 41,200 +62%
(i)All tonnes and ounces rounded to nearest 100
2012 Production Guidance
-- El Castillo Expected Production
-- 75,000 to 80,000 ounces of gold
-- La Colorada Expected Production
-- 10,000 to 15,000 ounces of gold
Peter Dougherty, President and CEO of Argonaut said:
"We are pleased with the Q4 gold production of 19,700 ounces. It
was a very strong ending to a great year, with record gold
production (+40% year-over-year). Argonaut also completed efforts
to achieve a significant increase in our resource base, which now
exceeds 6 million ounces (+320%) which will enable us to implement
further production enhancements."
Mr. Dougherty added, "Through the acquisition of Pediment Gold,
the Company not only advanced its exploration programs, but
expanded its development pipeline. We are happy to report that we
anticipate production at the La Colorada project in Q2 of this
year. Also, the permit application for expanding operations at La
Colorada has been submitted. We are also well underway in our
process to permit a third mine for production at San Antonio. These
accomplishments have come through the constant efforts of our
dedicated teams of professionals at each location. I am proud of
their accomplishments and look forward to another strong year as we
begin 2012.
"All of the aforementioned was rewarded in our share price
performance. In a year when the price of gold increased 9%,
Argonaut's shares climbed 50%, from $4.62 per share to $6.95 per
share, and our trading volume increased nearly 400%. As we reflect
back on the year, it was one like no other. We are starting to
harvest the seeds we had sown earlier, with new projects emerging,
and production enhancements taking effect. We are very thankful for
our shareholders who have supported us from the beginning, and our
dream of building value beyond gold."
About Argonaut Gold
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 La Colorada project in the State of Sonora,
Mexico, the advanced exploration stage San Antonio project in the
State of Baja California Sur, Mexico, and several exploration stage
projects, all of which are located in Mexico.
Creating Value Beyond Gold
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking
information based on current expectations. All other statements
other than statements of historical fact included in this release
are forward-looking statements (or forward-looking information).
The Company's plans involve various estimates and assumptions and
its business and operations are subject to various risks and
uncertainties. For more details on these estimates, assumptions,
risks and uncertainties, see the Company's most recent Annual
Information Form and most recent Management Discussion and Analysis
on file with the Canadian securities regulatory authorities on
SEDAR at www.sedar.com. These forward-looking statements are made
as of the date hereof and there can be no assurance that such
statements will prove to be accurate, such statements are subject
to significant risks and uncertainties, and actual results and
future events could differ materially from those anticipated in
such statements. The Company assumes no obligation to update the
forward-looking information contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements that are included herein.
Contacts: Argonaut Gold Inc. Nichole Cowles Investor Relations
Manager (775) 284-4422 x 101nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
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