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:
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
To view the images associated with this press release, please
visit the following links:
http://media3.marketwire.com/docs/ARimage1.pdf.
http://media3.marketwire.com/docs/ARimage2.pdf.
Contacts: Argonaut Gold Inc. Nichole Cowles Investor Relations
Manager (775) 284-4422 x 101nichole.cowles@argonautgold.com
www.argonautgold.com
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