Argonaut Gold Inc. (TSX:AR) (the "Company", "Argonaut Gold" or "Argonaut") is
pleased to announce its financial and operating results for the fourth quarter
and year ended December 31, 2012. All dollar amounts are expressed in United
States dollars unless otherwise specified.
2012 Highlights:
-- Completed the Prodigy Gold acquisition, adding the Magino project which
contains over 6.3 million ounces in resources, nearly doubling our
overall resource base.
-- Constructed and started pouring gold at the La Colorada Mine,
representing our second operating mine.
-- Successfully carried out capital expansion programs to enhance
production at El Castillo, and La Colorada while reducing operating
cost.
-- Production increased to 108k ounces, a 50% improvement over 2011,
and 10% greater than guidance.
-- Cash cost per gold ounce sold of $597, a 4% improvement over 2011,
and lower than guidance of $625-$650.
-- Expanded our drill programs at La Colorada (Veta Madre) and San Antonio
(La Colpa) adding further mineralization to the Company's resources.
-- Completed further metallurgical test work on El Castillo's sulphide
resource, adding over 360k ounces to our in-pit resources.
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4th Quarter Year End
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2012 2011 Change 2012 2011 Change
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Financials (000s)
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Revenue $ 52,347 $ 34,553 +51% $ 187,119 $ 104,568 +79%
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Net income $ 19,070 $ 9,123 +109% $ 64,856 $ 26,272 +147%
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Income per share -
basic $ 0.19 $ 0.10 +90% $ 0.68 $ 0.30 +127%
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Cash flow from
operating activities
before changes in non-
cash operating working
capital and other
items $ 24,134 $ 15,333 +57% $ 83,405 $ 41,906 +99%
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Gold production and cost:
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Gold ozs. loaded to the
pad 48,174 30,162 +60% 191,642 117,939 +62%
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Gold ozs. produced 32,000 19,698 +62% 108,081 72,049 +50%
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Gold ozs. sold 29,502 20,468 +44% 109,781 66,521 +65%
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Average realized sales
price $ 1,698 $ 1,684 +1% $ 1,662 $ 1,568 +6%
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Cash cost per gold
ounce sold $ 587 $ 679 -14% $ 597 $ 622 -4%
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CEO Commentary
Peter Dougherty, Argonaut's Chief Executive Officer stated, "2012 was another
milestone year for Argonaut Gold; the Company exceeded initial top end gold
production guidance of 90-95k ounces. This production was accomplished at lower
cash costs per gold ounce and sold at a higher realized gold price. Our focus on
continual improvement has provided stellar results for our shareholders. The
culmination of the Company's performance was the acquisition of Prodigy Gold and
the Magino project in Wawa, Ontario. The Company's total measured and indicated
resource now exceeds more than 12 million ounces. The portfolio provides a
strong base for production growth to our goal of 300-500,000 ounces per year."
Mr. Dougherty added, "2013 initiatives will include additional pad construction
and final installation of equipment that aim to provide an increase in overall
production for the Company at La Colorada and El Castillo. The permitting
process will continue at San Antonio. A prefeasibility study will be published
mid-year 2013 for Magino. Finally, the Company will maintain its commitment to
exploration as a top focus for internal growth."
This press release should be read in conjunction with the Company's audited
annual consolidated financial statements for the year-ended December 31, 2012
and associated management's discussion and analysis ("MD&A") which are available
from the Company's website, www.argonautgold.com, in the "Investors" section
under "Financial Filings", and under the Company's profile on SEDAR at
www.sedar.com.
Financial Results - Fourth Quarter 2012
During the fourth quarter of 2012, revenue was $52.3 million from gold sales of
29,502 ounces. Gross profit was $26.6 million for the quarter. Cash cost per
gold ounce sold in the quarter was $587 (compared to $679 for the same period in
2011). (Cash cost per gold ounce sold is a non-IFRS measure, see note below).
During the quarter, profit from operations was $23.9 million. Net income for the
quarter was $19.1 million or $0.19 per basic share.
Financial Results - Year End 2012
For the year ended December 31, 2012, revenue was $187.1 million from gold sales
of 109,781 ounces. Gross profit was $95.2 million for the year. Cash cost per
gold ounce sold in the year was $597 (compared to $622 for the same period in
2011). For the full year, profit from operations was $85.2 million. Net income
for the year was $64.9 million or $0.68 per basic share.
El Castillo Operating Statistics
4th Quarter Year End
2012 2011 Change 2012 2011 Change
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Tonnes ore 3,321,117 2,912,526 +14% 11,961,501 11,145,289 +7%
Tonnes waste 3,373,583 2,524,616 +34% 12,090,948 8,863,766 +36%
Tonnes mined 6,694,700 5,437,142 +23% 24,052,449 20,009,055 +20%
Waste/ore
ratio 1.02 0.87 +17% 1.01 0.80 +26%
Tonnes ore
direct to
leach pad 2,033,514 2,097,980 -3% 7,561,325 8,114,249 -7%
Tonnes
crushed 1,281,623 839,112 +53% 4,554,690 3,041,053 +50%
Gold grade
(g/t) 0.37 0.32 +16% 0.39 0.33 +18%
Gold loaded
to leach pad
(oz) 39,329 30,162 +30% 151,462 117,939 +28%
Gold produced
(oz) 25,805 19,698 +31% 87,712 72,049 +22%
Gold ounces
sold 23,595 20,468 +15% 89,881 66,521 +35%
Cash cost per
gold ounce
sold $ 661 $ 679 -3% $ 635 $ 622 +2%
Summary of Production Results
Total tonnes mined increased by 23% for the fourth quarter 2012 over fourth
quarter 2011 and 20% year over year. The total of ounces loaded to the pads
increased primarily due to an increase in the mining fleet and additional east
side crusher at the operation in 2012 over 2011. There were 39,329 ounces placed
on the pad in the fourth quarter of 2012, representing a 30% increase from the
fourth quarter of 2011. Year over year, there was a 28% increase in ounces of
gold loaded to the pad.
Gold production of 25,805 ounces in the fourth quarter of 2012 was a 31%
increase compared to the fourth quarter of 2011. Production in 2012 of 87,712
ounces was a 22% increase over 2011 production.
The strip ratio of waste to ore increased in the fourth quarter to 1.02 compared
to 0.87 in the fourth quarter of 2011. The strip ratio for the year ended
December 31, 2012 was 1.01 compared to 0.80 for the year ended December 31,
2011, reflecting a push to the southwest side of the pit.
La Colorada Operating Statistics (1)
4th Quarter Year End
2012 2012
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Tonnes moved 2,947,525 7,173,662
Tonnes crushed 623,119 2,895,324
Gold grade (g/t) 0.43 0.43
Gold loaded to leach pad (oz) 8,845 40,180
Gold produced (oz) 6,195 20,369
Silver produced (oz) 47,890 132,805
Gold ounces sold 5,907 19,900
Silver ounces sold 54,108 116,717
Cash cost per gold ounce sold $ 292 $ 424
(1) The La Colorada mine started production in the first quarter of 2012. As
such, there are no comparative statistics for prior periods.
Summary of Production Results
Total tonnes moved were 2,947,525 for the fourth quarter 2012; 7,173,662 tonnes
were moved during the full year 2012. There were 8,845 ounces placed on the pad
in the fourth quarter of 2012. Total gold production was 20,639 ounces during
the year ended December 31, 2012, coming from reprocessing run of mine ore on
the pad.
Expansion Projects for 2013
The Company plans on investing a total of between $57 million to $75 million on
capital expenditures and exploration initiatives in 2013. Major capital
expenditures in 2013 are expected to include approximately $32 million at El
Castillo, $14 million at La Colorada, $3 million at Magino, and between $3
million and $15 million at San Antonio. Exploration expenditures in 2013 are
expected to amount to between $5 million and $11 million.
Non-IFRS Measures
The Company has included a non-IFRS measure for "Cash cost per gold ounce sold"
in this press release to supplement its financial statements which are presented
in accordance with International Financial Reporting Standards ("IFRS"). Cash
cost per gold ounce sold is equal to production costs less silver sales divided
by gold ounces sold. The Company believes that this measure provides investors
with an improved ability to evaluate the performance of the Company. Non-IFRS
measures do not have any standardized meaning prescribed under IFRS. Therefore
they may not be comparable to similar measures employed by other companies. The
data is intended to provide additional information and should not be considered
in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS
measures.
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, a qualified person as defined by National
Instrument 43-101. For further information on the Company's properties 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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Magino Gold Project NI 43-101 Technical Report and Mineral Resource
Estimate on the Magino Gold Project, Ontario,
Toronto, Canada dated October 4, 2012
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San Antonio Gold Project NI 43-101 Technical Report and Mineral Resource
Estimate on the San Antonio Gold Project, Baja
California Sur, Mexico dated October 10, 2012
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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 the Province of
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
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