SAS reports annual 2013 production results of 99,548 ounces of gold
TORONTO, Jan. 9, 2014 /CNW/ - St Andrew Goldfields Ltd. (TSX-SAS) (OTCQX-STADF), ("SAS" or the "Company") is pleased to report annual 2013 production of 99,548 ounces of gold from its Holt, Holloway and Hislop mines achieving the mid-range level of its 2013 guidance. Fourth quarter production ("Q4 2013") was in line with expectations, with 24,300 ounces produced.
"We are very proud of our team for achieving record production and within our stated 2013 production guidance of 95,000 - 105,000 ounces", said Duncan Middlemiss, President and Chief Executive Officer of SAS. "The Holt Mine continues to increase its production profile on an annual basis, and we look forward to the continuation of this trend. All required infrastructure is in place and with the development of Zone 6, additional production flexibility will be enabled. We look forward to delivering on our objectives in 2014, with the same vigor as in previous years."
Q4 and Annual 2013 Production Results
Milled Head Grade
(g/t Au) Average Mill
Recovery Rate Gold Produced
Holt 81,791 5.42 95.2% 13,579
Holloway 47,960 4.13 88.9% 5,654
Hislop 98,293 1.96 81.6% 5,068
Q4 2013 Production 228,044 3.66 90.6% 24,300
Annual 2013 Production 879,759 3.85 91.3% 99,548
Note: Columns may not add due to rounding
Holt Mine ("Holt")
Holt produced 13,579 ounces of gold derived from Zone 4 on the 925m Level and 1075m Level mining areas and Zone 6 on the 775m Level. Production was down approximately 20% from the previous quarter due to scheduled hoist motor and hoist drive upgrades performed during the quarter. This improvement will provide additional future hoisting capacity and increased reliability. Head grade during the quarter was 5.42 g/t Au, and mill recoveries were at their expected level of approximately 95%.
Holloway Mine ("Holloway")
Holloway produced 5,654 ounces of gold, mostly from the Smoke Deep Zone with minor contributions from the Lightning Zone. The mill recovery rate of approximately 89% was slightly below expectations due to challenging mineralogical conditions in the areas mined during the quarter. Ongoing development work continues to provide access for additional areas within the Smoke Deep Zone.
Hislop Mine ("Hislop")
Hislop produced 5,068 ounces of gold in Q4 2013. The head grade averaged 1.96 g/t Au, which was less than the reserve grade for the mine (2.16 g/t Au), primarily due to the transition to the west pit and weaker grades in the initial benches. Mill recovery for Hislop during the quarter averaged approximately 82%, due to the processing of a significant amount of ore containing a fine gold size fraction.
2013 FOURTH QUARTER AND YEAR END FINANCIAL RESULTS CONFERENCE CALL
The Company invites you to participate in the upcoming conference call to discuss its fourth quarter and year-end financial and operating results for 2013. The conference call will take place on Friday, February 14, 2014 at 10:00 AM EST. SAS' fourth quarter and year-end financial results will be released after market on Thursday, February 13, 2014.
Participants may join the call via webcast at www.sasgoldmines.com. A playback will be available via the website and will be posted within 24 hours of the call.
Production at the Holt, Holloway and Hislop mines, processing at the Holt Mill, and mine development and production activities at the operations are being conducted under the supervision of Marc-Andre Pelletier, P. Eng., the Company's General Manager of Operations. Mr. Pelletier is a qualified person as defined by National Instrument 43-101, and has reviewed and approved this news release.
SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, north-eastern Ontario, which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines. The Company is also advancing the Taylor Project and is conducting an aggressive exploration program across 120km of land straddling the Porcupine-Destor Fault Zone.
For further information about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.co