Argonaut Gold Inc. ("Argonaut Gold" or the "Company") (TSX:AR), announced today
that the Company achieved record gold production of 32,000 ounces during the 4th
quarter ended December 31, 2012. This included 25,805 ounces at its 100% owned
El Castillo Mine ("El Castillo") in Durango, Mexico and 6,195 ounces at its 100%
owned La Colorada Mine ("La Colorada") in Sonora, Mexico. All dollar amounts are
in US dollars except as otherwise noted.
FOURTH QUARTER 2012 HIGHLIGHTS:
El Castillo
-- Record production of 25,805 gold ounces (+31% improvement over Q4 2011)
-- 39,329 gold ounces loaded on the pad (+30% improvement over Q4 2011)
-- West Side Pad 8 construction moving forward; first cell to be loaded
starting in Q2 of 2013
La Colorada
-- Production of 6,195 gold ounces and 47,890 silver ounces
-- 8,845 gold ounces and 815,219 silver ounces loaded on the pad
-- Phase 2 pad construction is 65% complete
-- Crushing circuit relocated and fully operational
-- Final crushing circuit expansion scheduled for early in Q2 of 2013
-- Overburden removal commenced in the La Colorada/Gran Central pit
Financial
-- Year-end cash balance was $191 million as of December 31, 2012, of which
C $115 million for warrant exercises was included
-- Fourth Quarter sales of 29,500 ounces of gold and 70,910 ounces of
silver
Full year 2012
-- Total production of 108,081 ounces of gold (+50% over 2011)
-- El Castillo 87,712 ounces (+22% over 2011)
-- La Colorada 20,369 ounces
El Castillo In Pit Sulphide Mineralization
-- Over 360,000 gold ounces have been added to El Castillo's in-pit
resources. The additional sulfide mineralization is divided into two
categories including non-silicified sulphides and silicified sulphides;
this provides 22.6 million tonnes at a grade of 0.504 g/t. The majority
of the mineralization falls in the non-silicified category which has an
average grade of 0.47 g/t with recoveries ranging from 25% to over 50%.
The smaller silicified zone of mineralization is mainly confined to a
higher grade breccia pipe averaging 0.80 g/t. yielding recoveries of 11%
to 28%.
-- Results encompass approximately 5,000 meters of core drilling for 32
holes completed in multiple programs over the last three years. All
metallurgical testing was completed by Kappes, Cassidy & Associates
("KCA") in Reno, Nevada.
Measured and Indicated Resource Table
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Sulphide non-silicified Sulphide silicified
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Cutoff Tonnes Au g/t Au oz cont. Tonnes Au g/t Au oz cont.
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0.15 24,032,586 0.428 330,392 2,801,142 0.717 64,590
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0.20 22,639,932 0.443 322,310 2,599,320 0.759 63,388
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0.25 20,200,020 0.469 304,655 2,415,744 0.799 62,064
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0.30 17,337,720 0.501 279,379 2,085,348 0.882 59,127
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0.40 10,978,344 0.589 208,000 1,680,330 1.013 54,715
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For economic evaluation, the non-silicified sulphide zone is based upon 30%
recovery; the silicified sulphide zone is based upon 17% recovery.
-- Global Sulphide Resource:
-- El Castillo's global measured and indicated ("M&I") sulphide
resource shows 1.5 million ounces of gold at an average grade of
0.296 g/t; it lies below the oxide and transitional gold resource at
El Castillo. It is the Company's current interpretation that the
silicified sulphides make up a relatively low percentage of the
total sulfides and is largely limited to the silicified breccia
pipe.
Please visit www.argonautgold.com for a full table of metallurgical results and
images related to the sulphides.
FOURTH QUARTER 2012 El CASTILLO OPERATING RESULTS
Fourth quarter 2012 operating statistics showed improvement over fourth quarter
2011 results. Ore production is now at an annualized rate of approximately 13
million tonnes.
El Castillo Operating Statistics
3 Months Ended Year End
12/31/2012 12/31/2011 Change 12/31/2012 12/31/2011 Change
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Mining (000)
Total tonnes mined 6,695 5,437 23% 24,052 20,009 20%
Tonnes ore 3,321 2,912 14% 11,962 11,145 7%
Heap Leach Pad
(000)
Direct ore tonnes
to leach pad 2,033 2,098 -3% 7,561 8,114 -7%
Crushed Ore tonnes
to pad 1,282 839 53% 4,555 3,041 50%
Production
Gold grade (g/t) 0.37 0.32 15% 0.39 0.33 18%
Gold loaded to pad
(oz) 39,329 30,162 30% 151,462 117,939 28%
Gold loaded to
carbon(oz) 25,805 19,698 31% 87,712 72,049 22%
Gold sold (oz) 23,595 20,468 15% 89,881 66,521 35%
1 "g/t" is grams per tonne
2 "oz" means troy ounce
Richard Rhoades, Chief Operating Officer of Argonaut Gold said "Year-end
production at El Castillo of 87,712 gold ounces came in above increased guidance
of 85,000 ounces for the year. The team at El Castillo team delivered yet
another quarter of continued improvement, providing a 10% increase over the
initial 2012 guidance. In addition to exceeding guidance expectations, the
Company has seen dramatic improvement in crushing at the operation. The
operation is now crushing at a rate of approximately 5 million tonnes per year."
Production has approached a near steady state at El Castillo. Higher grade
material during the fourth quarter of 2012 provided for production of over
25,000 ounces against to guidance of 21-22,000 ounces for the quarter. In 2013,
the operation anticipates lower grades, offset by higher volumes of material,
for an estimated 5-10% increase over total 2012 production.
FOURTH QUARTER 2012 LA COLORADA OPERATING RESULTS
Overburden removal continues at La Colorada in preparation for full scale
mining. During the fourth quarter, the crusher was relocated with a minimal
impact to the production plan. Fourth quarter production provided 6,195 ounces
of gold, for a total 2012 production of 20,369 ounces. Final production exceeded
expectations due to higher than anticipated recoveries from the reprocessing of
material and positive grade reconciliation.
La Colorada Operating Statistics
3 Months Ended Year Ended
12/31/2012 12/31/2012
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Mining (000)
Total Tonnes mined 2,945 7,173
Tonnes ore 922 3,332
Heap Leach Pad (000)
Crushed ore tonnes to pad 623 2,895
Production
Gold grade (g/t) 0.43 0.43
Gold loaded to pad (oz) 8,845 40,180
Gold loaded to carbon(oz) 6,195 20,369
Silver loaded to carbon (oz) 47,890 132,805
Gold sold (oz) 5,907 19,900
Silver sold (oz) 54,108 116,717
1 "g/t" is grams per tonne
2 "oz" means troy ounce
In discussing the Company's fourth quarter and year end highlights, Mr. Pete
Dougherty, President and CEO said "2012 has been a year of significant
accomplishments for Argonaut Gold's employees. The Company has delivered on
operational production expectations and added an important project, Magino, for
future growth and development.
The El Castillo production rate has shown continual improvement quarter over
quarter. La Colorada has exceeded initial expectations while forming the
foundation for the future. There is still more work to be done to elevate the
Company to the status of a mid-tier producer and I am grateful for what has been
accomplished so far."
Argonaut Gold Q4 and Year End Financial Results Conference Call and Webcast:
The Q4 and year end financial results call is set to take place on March 26,
2013 at 8:30 am ET. Details for the call in participation are included below:
Q4 and Year-End Conference Call Information:
Toll Free (North America): 1-866-226-1792
International: 1-416-340-2216
Webcast: www.argonautgold.com
Q4 and Year End Conference Call Replay:
Toll Free Replay Call (North America): 1-800-408-3053
International Replay Call: 1-905-694-9451
Passcode: 7979249
The conference call replay will be available from 10:30 a.m. ET on March 26,
2013 until April 2, 2013.
About Argonaut Gold
Argonaut Gold is a Canadian gold company engaged in exploration, mine
development and production activities. Its primary assets are the production
stage El Castillo Mine in Durango, Mexico and, the La Colorada Mine in Sonora,
Mexico, the advanced exploration stage San Antonio project in Mexico, the
recently acquired advanced exploration stage Magino project in Ontario, Canada
and several exploration stage projects, all of which are located in North
America.
Creating Value Beyond Gold
Cautionary Note Regarding Forward-looking Statements
This press release contains certain "forward-looking statements" and
"forward-looking information" under applicable Canadian securities laws
concerning the proposed transaction and the business, operations and financial
performance and condition of Argonaut Gold Inc. ("Argonaut"). Forward-looking
statements and forward-looking information include, but are not limited to,
statements with respect to estimated production and mine life of the various
mineral projects of Argonaut; synergies and financial impact of completed
acquisitions; the benefits of the development potential of the properties of
Argonaut; the future price of gold, copper, and silver; the estimation of
mineral reserves and resources; the realization of mineral reserve estimates;
the timing and amount of estimated future production; costs of production;
success of exploration activities; and currency exchange rate fluctuations.
Except for statements of historical fact relating to Argonaut, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words such as "plan,"
"expect," "project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are based on a number of
assumptions and subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these assumptions are
based on factors and events that are not within the control of Argonaut and
there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in market
conditions, variations in ore grade or recovery rates, risks relating to
international operations, fluctuating metal prices and currency exchange rates,
changes in project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks of the mining
industry, failure of plant, equipment or processes to operate as anticipated.
Although Argonaut has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Argonaut undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is cautioned not to
place undue reliance on forward-looking statements. Statements concerning
mineral reserve and resource estimates may also be deemed to constitute
forward-looking statements to the extent they involve estimates of the
mineralization that will be encountered if the property is developed.
Comparative market information is as of a date prior to the date of this
document.
Technical Information and Mineral Properties Reports
The technical information contained in this document has been prepared under
supervision of, and reviewed and approved by Mr. Thomas H. Burkhart, Argonaut's
Vice President of Exploration, and a qualified person as defined by National
Instrument 43-101 ("NI 43-101"). For further information on the Company's
properties discussed herein please see the reports as listed below on the
Company's website or on www.sedar.com:
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El Castillo Mine NI 43-101 Technical Report on Resources and Reserves,
Argonaut Gold Inc.,
El Castillo Mine, Durango State, Mexico dated November 6,
2010
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La Colorada Mine NI 43-101 Preliminary Economic Assessment La Colorada
Project, Sonora, Mexico dated December 8, 2011
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FOR FURTHER INFORMATION PLEASE CONTACT:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgold.com
www.argonautgold.com
Argonaut Gold (TSX:AR)
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