TORONTO, April 15, 2013 /PRNewswire/ --
AuRico Gold Inc.
(TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announces
preliminary first quarter operational results.
All amounts are in U.S. dollars unless otherwise indicated.
Production and cash costs in the first quarter were in-line with
plan at both operations.
As previously guided, production from Young-Davidson is expected to
increase significantly during the second half of the year following
the commissioning of the shaft crushing and hoisting system, which
is the key catalyst to drive significant increases in underground
and further cost efficiencies.
http://web.tmxmoney.com/article.php?newsid=59444125&qm_symbol=AUQ
Preliminary 2013 First Quarter Operational Results
Q1 2013 2013 Guidance
Young-Davidson
Gold Ounces Produced 28,281 120,000-140,000
Total Cash Costs per ounce[1],[2],[3] $695 $575-$675
El Chanate
Gold Ounces Produced 17,889 70,000-80,000
Total Cash Costs per ounce[2],[3] $562 $550-$600
Consolidated Results
Gold Ounces Produced 46,170 190,000-220,000
Total Cash Costs per ounce[2],[3] $633 $565-$645
[1] Prior to commissioning the underground mine,
cash costs are calculated on ounces produced from the open pit only.
All undergroundcosts are capitalized, and any revenue related to
underground ounces sold is credited against capital.
[2] Cash costs are estimates only and are subject to change.
[3] See the Non-GAAP Measures section on page 30 of the
Management's Discussion and Analysis for the year ended
December 31, 2012.
Recent Highlights
The Board of Directors declared the Company's initial quarterly
dividend payment of $0.04 per share for the first quarter ended
March 31, 2013, payable on April 18, 2013 to shareholders of record
at the close of business on April 4, 2013.
The Company completed a $300 million "modified Dutch auction"
substantial issuer bid and subsequently purchased and
cancelled 36,144,578 common shares.
The Company announced Proven and Probable Mineral Reserves of
6.8 million gold ounces (201,695 tonnes at 1.05 g/t) as at
December 31, 2012, a 1.69 million ounce increase over 2011,
primarily driven through reserve additions reported from
the Kemess Underground Project.
The Company announced results from
the Kemess Underground feasibility study that surfaces additional
option value and outlines the development of an underground block
cave operation with average annual production of 105,000 ounces of
gold and
44 million pounds of copper at cash costs of
$213 per ounce of gold, net of by-product credits,
over a mine-life of approximately 12 years.
Young-Davidson Update
The Company is currently mining from the third and fourth stopes in
the underground mine and productivities continue to ramp-up well
and averaged 1,130 tpd during the quarter.
Open pit productivities remain at targeted levels and
averaged 34,192 tpd during the quarter.
The mill facility is currently operating above nameplate capacity
and averaged approximately 6,466 tpd during the quarter, and
averaged a record 7,234 tpd in March.
The mid-shaft crushing and hoisting system is progressing
on schedule and remains on target to commission during
the third quarter and will be the key catalyst in driving
increased production levels in the second half of the year.
El Chanate Update
The El Chanate open pit mine continued to operate at targeted levels and
averaged 106,319 tpd.
Crushing and stacking rates remained at targeted levels and
averaged 18,484 tpd.
Follow-up drilling will begin shortly on the three new areas of
mineralization identified as part of the 2012 program.
These areas are all located along trend of the open pit and could
potentially increase resources and mine life.
"In the first quarter both assets again reported solid production
results that are on track with targeted levels.
The El Chanate mine delivered another quarter of consistent and
stable results and our cornerstone
Young-Davidson mine continued to achieve productivity levels that
met or exceeded planned levels," stated Scott Perry, President and
Chief Executive Officer.
He continued, "Beginning with first quarter financial results, the
Company will begin reporting all-in cash costs.
This new cost measure provides a more accurate view of operating
margins, is a good proxy to operating cash flow and complements our
commitment to delivering reliable, sustainable and consistent
performance."
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and
projects in North America that have solid production growth and
exploration potential.
The Company is focused on its core operations including
the Young-Davidson gold mine in northern Ontario and
the El Chanate mine in Sonora State, Mexico.
AuRico's project pipeline also includes advanced development
opportunities in Canada and Mexico.
AuRico's head office is located in Toronto, Ontario, Canada.
Cautionary Statement
This news release contains forward-looking statements and forward-
looking information as defined under Canadian and U.S. securities
laws----The Company disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by applicable law.
SOURCE: AuRico Gold Inc.
For further information:
For further information please visit
the AuRico Gold website at
http://www.auricogold.com
or contact:
Scott Perry
President and Chief Executive Officer
AuRico Gold Inc.
+1-647-260-8880
Anne Day
Vice President, Investor Relations and Communications
AuRico Gold Inc.
+1-647-260-8880
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