TORONTO, Oct. 4, 2016 /CNW/ - Roxgold Inc. ("Roxgold" or
the "Company") (TSX.V: ROG) is pleased to announce that gold
production totaled 32,987 ounces for the third quarter of 2016 and
declares that commercial production at the Yaramoko gold mine in
Burkina Faso has been achieved
effective October 1,
2016.
"We are pleased to have reached yet another significant
milestone at Yaramoko and look forward to continuing our track
record of meeting expectations and to a bright future. Total gold
production at Yaramoko reached 47,469 ounces at an average mill
feed grade of 15.6 grams per tonne as of September 30, 2016," commented John Dorward, Roxgold's President and CEO.
"Bringing Yaramoko into production ahead of schedule and under
budget is an achievement we can all be proud of, and I want to
thank Roxgold's employees and contractors for their continuing hard
work and dedication."
Key Production Metrics as of September
30, 2016
|
May
|
June
|
July
|
August
|
September
|
YTD
Total
|
Total
Development
|
(metres)
|
545
|
589
|
562
|
664
|
558
|
4,802*
|
Ore Mined
|
(tonnes)
|
10,500
|
11,767
|
13,371
|
16,459
|
19,438
|
71,535
|
Milled
|
(tonnes)
|
18,631
|
21,708
|
20,760
|
19,845
|
20,271
|
101,215
|
Head Grade
|
(g/t Au)
|
11.6
|
14.9
|
15.7
|
19.4
|
15.8
|
15.6
|
Gold
Recovery
|
(%)
|
97.2
|
97.7
|
98.7
|
99.1
|
98.5
|
98.3
|
Mill Operating
Time
|
(%)
|
74.9
|
98.6
|
98.0
|
96.7
|
96.0
|
96.5
|
Gold
Poured
|
(ounces)
|
2,082
|
12,400
|
10,538
|
10,733
|
11,716
|
47,469
|
Gold Sold
|
(ounces)
|
-
|
8,250
|
9,807
|
12,739
|
12,048
|
42,844
|
*Year-to-date development meters includes development achieved
during the pre-commissioning period.
From July 1, 2016 to September 30, 2016, the Yaramoko gold mine
produced 32,987 ounces of gold. During the same period, 34,594
ounces were sold at an average realized price of US$1,334 per ounce.
The second stope (MD_5219-53) was extracted successfully in
September 2016. This double height
stope remained stable and dilution, at 17.9%, was below the
Feasibility Study assumption of 20.5%. The first stope (MD_5219-38)
has been filled with cemented rock fill in preparation for the
extraction of the adjoining stope. Roxgold is encouraged by the
efficiency with which stoping operations have been established at
Yaramoko.
As a result of the successful mining and extraction rates
achieved since commencing stoping in August and September 2016, together with high processing
plant availabilities and gold recoveries above Feasibility Study
assumptions, the Company's Yaramoko gold mine has achieved
commercial production effective October 1,
2016.
Following the declaration of commercial production, the
Company's operations team will continue to focus on optimising mine
productivity to potentially take advantage of upside in mill
throughput.
Qualified Persons
Paul Criddle, FAUSIMM, Chief
Operating Officer for Roxgold Inc., and Craig Richards P. Eng, Principal Mining Engineer
for Roxgold Inc., are Qualified Persons within the meaning of
National Instrument 43-101, and have verified and approved the
technical data disclosed in this press release.
About Roxgold
Roxgold is a gold mining company with its key asset, the high
grade Yaramoko Gold Mine, located in the Houndé greenstone region
of Burkina Faso, West Africa. Roxgold trades on the TSX Venture
Exchange under the symbol ROG and as part of the Nasdaq
International Designation program with the symbol OTC: ROGFF.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release."
These statements are based on information currently available
to the Company and the Company provides no assurance that actual
results will meet management's expectations. In certain cases,
forward-looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Forward-looking information contained
in this news release is based on certain factors and assumptions
regarding, among other things, the estimation of mineral resources
and mineral reserves, the realization of resource estimates and
reserve estimates, gold metal prices, the timing and amount of
future exploration and development expenditures, the estimation of
initial and sustaining capital requirements, the estimation of
labour and operating costs, the availability of necessary financing
and materials to continue to explore and develop the Yaramoko Gold
Project in the short and long-term, the progress of exploration and
development activities, the receipt of necessary regulatory
approvals, including the approval of the TSX Venture Exchange for
the balance of the AUMS Mining Contract Option, and assumptions
with respect to currency fluctuations, environmental risks, title
disputes or claims, and other similar matters. While the Company
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include: changes in market conditions,
unsuccessful exploration results, changes in the price of gold,
unanticipated changes in key management personnel and general
economic conditions. Mining exploration and development is an
inherently risky business. Accordingly, actual events may differ
materially from those projected in the forward-looking statements.
This list is not exhaustive of the factors that may affect any of
the Company's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on the Company's forward-looking statements. The Company
does not undertake to update any forward-looking statement that may
be made from time to time by the Company or on its behalf, except
in accordance with applicable securities laws.
SOURCE Roxgold Inc.