Argonaut Gold Announces Q1 Gold Production of 28,907 Ounces
16 4월 2013 - 6:00AM
Marketwired Canada
Argonaut Gold Inc. ("Argonaut Gold" or the "Company") (TSX:AR), announced today
that the Company had gold production of 28,907 ounces during the 1st quarter
ended March 31, 2013. This included 23,125 ounces at its 100% owned El Castillo
Mine ("El Castillo") located in Durango, Mexico and 5,782 ounces of gold at its
100% owned La Colorada Mine ("La Colorada") located in Hermosillo, Mexico.
Argonaut Gold is continuing its ramp up of production at both operations and we
expect production increases as the year progresses. The Company is also pleased
to announce an updated resource for the Veta Madre deposit at La Colorada with
good expansion potential within the surrounding geologic environment.
FIRST QUARTER 2013 HIGHLIGHTS:
El Castillo
-- Production of 23,125 gold ounces, representing a 30% improvement over Q1
2012.
-- 36,023 gold ounces loaded on the pad, a 2% improvement over Q1 2012.
-- West Side Pad 8 construction continues to make good progress and we have
now begun loading and leaching.
-- Argonaut now operating all mining at El Castillo, having assumed
contractor activities in March.
La Colorada
-- Production of 5,782 gold ounces, an 87% improvement over Q1 2012.
-- Production of 44,879 silver ounces, a 161% improvement over Q1 2012.
-- 3,763 gold ounces and 70,694 silver ounces loaded on the pad.
FIRST QUARTER 2013 El CASTILLO OPERATING STATISTICS
3 Months Ended March 31,
2013 2012 % Change
Mining (Tonnes 000)
Total tonnes mined 6,186 5,965 +3.7%
Tonnes ore mined 3,173 3,051 +4.0%
Heap Leach Pad (Tonnes 000)
Direct ore tonnes to pad 1,729 2,184 -20.8%
Crushed ore tonnes to pad 1,432 838 +70.8%
Production
Gold produced 23,125 17,799 +30%
Gold grade (g/t) 0.35 0.36 -2.4%
Gold loaded to pad (oz) 36,023 35,283 +2.1%
Gold sold (oz) 19,509 14,498 +34.6%
(1)"g/t" is grams per tonne
(2)"oz" means troy ounce
Richard Rhoades, Chief Operating Officer of Argonaut Gold said, "2013 will be an
important year at El Castillo. The Company is moving forward its expansion
programs this year. Nearly 30 million tonnes of pad capacity will be built on
the west side pad #8. Our goal is to achieve our production targets while
concurrently building for the future. In addition, capital expenditures for a
west side crusher/overland conveyor, aimed at reducing costs, will be completed
and fully operational in the third quarter." Mr. Rhoades added, "The grade this
quarter was due to higher than anticipated grades mined on the north side of the
pit."
FIRST QUARTER 2013 LA COLORADA OPERATING STATISTICS
3 Months Ended March 31,
Q1 2013 Q1 2012 % Change
Mining (Tonnes 000)
Total tonnes moved 4,355 680 +540%
Ore tonnes moved 557 680 -18.2%
Heap Leach Pad (Tonnes 000)
Crushed ore tonnes to pad 403 680 -40.8%
Production
Gold produced 5,782 3,085 +87%
Gold grade (g/t) 0.48 0.41 +18.3%
Gold loaded to pad (oz) 3,763 8,886 -58%
Gold sold (oz) 5,932 0 n/a
Silver sold (oz) 54,269 0 n/a
(1)"g/t" is grams per tonne
(2)"oz" means troy ounce
Commenting on La Colorada production, Mr. Rhoades said, "Mining during the first
half of the year will be of lower grade with a higher strip ratio. During the
second half of the year, the tonnes processed are expected to increase, along
with the overall grade."
Veta Madre Deposit Adds 110,000 Inferred Gold Ounces at La Colorada, Surrounding
mineralized envelope provides potential growth in ounces
The Company is pleased to report an updated NI 43-101 compliant mineral resource
from SRK Consulting of Denver, CO ("SRK") showing an inferred resource of
110,145 gold ounces and 701,908 silver ounces at the Veta Madre deposit, which
forms part of the La Colorada mineral system. The resource contained within an
optimized Whittle-Pit consists of 6.7 million tonnes of material at an average
grade of 0.51 g /t of gold and 3.25 g/t silver. Economic parameters utilized in
this Whittle Pit optimization are based on actual costs realized at the La
Colorada operation, a cut-off grade of 0.10 grams/tonne and metallurgical test
work performed by Kappes, Cassiday & Associates ("KCA") of Reno, NV. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability. Inferred resources are considered too speculative geologically to
have economic considerations applied to them that would enable them to be
classified as mineral reserves. There is no assurance that any part of the
inferred resources will ultimately be converted to mineral reserves.
Mineralization at Veta Madre is oxidized material which begins at surface and
runs to the current drill depths of 170 meters. Expected recoveries are
estimated at 85% for gold and 15% for silver, as determined by column heap leach
testing completed by KCA. The resource outlined above is constrained to our
surface right concessions and only recovers parts of a much larger mineralized
envelope. The Company anticipates additional resource could be added to the
production profile if additional surface rights can be acquired.
La Colorada Exploration Potential
In regards to exploration potential at the property, Tom Burkhart, Vice
President of Exploration said, "The current resources at La Colorada are part of
a large gold-silver district that historically has produced between three and
five million ounces of gold. The Company is currently reviewing satellite gold
targets in proximity to the mine. These mineralized zones show evidence of
limited past underground production where potential remains for open-pit
extraction of mineralized wall-rock. These surrounding gold occurrences offer
significant potential, and may add resources to the La Colorada operation. Also
offering long-term upside at La Colorada is known high-grade mineralization that
underlies all of the current open pit mining operation. The Company believes
there is potential for underground mining at La Colorada and will be conducting
further studies to evaluate this in 2013."
First Quarter Highlights
Pete Dougherty, President and CEO of Argonaut Gold said, "The Veta Madre
resource is an exciting addition which could add near term production at La
Colorada. The Company aims to permit this area for production within the next
year. The production is anticipated to add approximately 10-20,000 ounces
annually, with minimal capital requirements. This would be built as a heap leach
operation with solution pumped to the La Colorada plant."
Mr. Dougherty added, "During the first half of 2013, production expectations are
for 46,000 ounces of gold at El Castillo and 9,000 ounces of gold at La
Colorada. We anticipate that production will increase in the second half of
2013, with 49,000 gold ounces at El Castillo and 27,000 gold ounces at La
Colorada. We are excited by the accomplishments at both mines and look forward
to how capex invested through 2013 will lead to production growth and cash cost
decreases at both operations."
Argonaut Gold Annual General Meeting:
Argonaut Gold's annual meeting of shareholders is scheduled to take place on
Tuesday, May 7, 2013 at 11:00 am ET at the office of Bennett Jones LLP, Canada
rooms A & B, 3400 One First Canadian Place, Toronto, Ontario, M5X 1A4.
Argonaut Gold Q1 Financial Results Conference Call and Webcast:
The Q1 financial results call is scheduled to take place on May 14, 2013 at 8:30
am ET. Details for the call in participation are:
Q1 Conference Call Information:
Toll Free (North America): 1-877-440-9795
International: 1-416-340-8527
Webcast: www.argonautgold.com
Q1 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 May 14, - May
21, 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 Baja California
Sur, 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.
Qualified Person, Technical Information and Mineral Properties Reports
Preparation of this release was supervised by Thomas Burkhart, Argonaut Gold's
Vice President of Exploration, and a Qualified Person under NI 43-101. Mr.
Alberto Orozco, Argonaut's Mexico Exploration Manager also supervised the drill
programs and on-site sample preparation procedures at La Colorada. Bret Swanson
of SRK of Denver, CO, who is an "Independent Qualified Person" as defined by NI
43-101 and the lead person responsible for completing the updated Veta Madre
resource has reviewed this press release as it relates to Veta Madre.
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
----------------------------------------------------------------------------
La Colorada Mine NI 43-101 Preliminary Economic Assessment La
Colorada Project, Sonora, Mexico dated December 8,
2011
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following links:
http://media3.marketwire.com/docs/ARimage1.pdf.
http://media3.marketwire.com/docs/ARimage2.pdf.
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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