San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced
preliminary results of operations at its Rice Lake Mining Complex
in Manitoba, Canada for the quarter ended December 31, 2011.
Q4 Production Highlights
-- Record gold production of 20,359 ounces with additional 4,000 to 5,000
in surface ore stockpile.
-- December production of 8,388 ounces annualized supports 100,000 ounce
guidance for 2012.
-- Milling and crushing initiatives completed to upgrade mill capacity to
2,000 tons per day.
-- Exploration results issued in December continue to demonstrate the
tremendous potential of our new mine trends.
Fourth Quarter 2011 Preliminary Operating Results
San Gold produced a record 20,359 ounces of gold in the fourth
quarter with approximately 25,400 tons of ore in the surface
stockpiles representing an additional 4,000 to 5,000 ounces of gold
in front of the mill.
During December the operation established a new daily mill
record of 2,056 tons per day, with an average throughput of 1,775
tons per day. The operation began the year at an average production
rate of 829 tons per day.
"This has been a tremendous year for our production team at Rice
Lake. We've executed a very aggressive development plan, increasing
our milling capacity by two-thirds while building out an extensive
mine complex along a new mining horizon. We are well positioned
going into 2012 and will continue to aggressively pursue new
opportunities as they emerge," said San Gold President and Chief
Executive Officer George Pirie.
There were two planned events during the fourth quarter that
resulted in lost milling opportunities. In the first two weeks of
October, throughput rates in the flotation circuit were reduced
while the second bank of new flotation cells was commissioned. In
November, three milling days were lost due to the commissioning of
the new screening plant and the relocation of the three stage
crushing circuit. No upgrades that will affect mill throughput are
planned through the first half of 2012.
Total gold production for 2011 was 74,280 ounces with 4,000 to
5,000 in surface stockpiles accumulated during the year,
effectively meeting our full year guidance of 80,000 ounces. On an
annualized basis, December production supports our 100,000 ounce
production forecast for 2012.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates the Hinge, 007, and Rice Lake
mines near Bissett, Manitoba. The Company employs more than 400
people and is committed to the highest standards of safety and
environmental stewardship. San Gold is on the Toronto Stock
Exchange under the symbol "SGR" and on the OTCQX under the symbol
"SGRCF".
For further information on San Gold, please visit
www.sangold.ca.
Cautionary Note
This news release includes certain "forward-looking statements".
All statements, other than statements of historical fact included
in this release, including, without limitation, statements
regarding forecast gold production, gold grades, recoveries, cash
operating costs, potential mineralization, mineral resources,
mineral reserves, exploration results, and future plans and
objectives of the Company, are forward-looking statements that
involve various risks and uncertainties. These forward-looking
statements include, but are not limited to, statements with respect
to mining and processing of mined ore, achieving projected recovery
rates, anticipated production rates and mine life, operating
efficiencies, costs and expenditures, changes in mineral resources
and conversion of mineral resources to proven and probable mineral
reserves, and other information that is based on forecasts of
future operational or financial results, estimates of amounts not
yet determinable and assumptions of management.
Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements." Forward-looking statements
are subject to a variety of risks and uncertainties that could
cause actual events or results to differ from those reflected in
the forward-looking statements.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include, among others,
the actual results of current exploration activities, conclusions
of economic evaluations and changes in project parameters as plans
continue to be refined as well as future prices of precious metals,
as well as those factors discussed in the section entitled "Other
MD&A Requirements and Additional Disclosure and Risk Factors"
in the Company's most recent quarterly Management's Analysis and
Discussion ("MD&A"). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Exploration results that include geophysics, sampling, and drill
results on wide spacings may not be indicative of the occurrence of
a mineral deposit. Such results do not provide assurance that
further work will establish sufficient grade, continuity,
metallurgical characteristics, and economic potential to be classed
as a category of mineral resource. A mineral resource that is
classified as "inferred" or "indicated" has a great amount of
uncertainty as to its existence and economic and legal feasibility.
It cannot be assumed that any or part of an "indicated mineral
resource" or "inferred mineral resource" will ever be upgraded to a
higher category of resource. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into proven and probable reserves.
The TSX and the OTCQX exchanges have not reviewed and do not
accept responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: San Gold Corporation Tim Friesen Communications
Director 1 (204) 772-9149 ext. 202 San Gold Corporation George
Pirie President and CEO 1 (416) 214-0024www.sangold.ca
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