Brigus Gold Hits 2012 Production Target
Brigus Gold (NYSE: BRD) is pleased to announce record production levels of 22,672 gold ounces in the fourth quarter of 2012. The Company finished the year within the guidance set on February 21, 2012 of 77,000 – 85,000 ounces with a total of 77,374 ounces.
“We finished the year in a very strong position and are well poised for growth heading into the new year,” said Wade Dawe, Brigus' Chairman and Chief Executive Officer. “Gold production increased each quarter in 2012, a trend that will continue into 2013 as we reach annual steady state production levels.”
The Black Fox mill processed 185,727 tonnes of ore at an average grade of 4.04 grams of gold per tonne and an average recovery of 94 percent in the quarter. Throughput averaged 2,019 tonnes per day.
The Company will release complete fourth quarter and year-end financial and operational results on March 28, 2013.
In 2013, Brigus will fund Black Fox and Grey Fox operations with internally generated cash flows. Mining operations will continue to be profitable and cash flow positive as gold production increases. Brigus' production guidance for 2013 is 90,000 to 100,000 ounces and cash costs are anticipated to stabilize in the range of $700 - $750 per ounce.
Capital costs for 2013 are forecasted as follows; $16 million (M) for underground development, $13M for open pit capital stripping and overburden removal, $20M for property plant, equipment and other capital items, and $10.5M for Grey Fox and Black Fox underground exploration. Capital costs for the development of the Grey Fox mine will be outlined in the feasibility study scheduled to be released during the second half of 2013.
The Company remains focused on increasing gold resources at Grey Fox and at the Black Fox underground mine through targeted exploration drilling which will continue throughout the year.
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