AGT and GPXM,this has probably been posted before***
lo Gold and Golden Phoenix close the gap on ore reserves
By Freddie Mooche - Senior Financial Columnist
The companies, which were featured in a story Friday, announced doubling ore reserves for Apollo and permitting nearing completion for the mineral-rich Ashdown property for Golden Phoenix.
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March 17, 2004 (AXcess News) Denver CO - Apollo Gold Corporation (TSX:APG) (AMEX:AGT) reports the audited results for the three months and year ended December 31, 2003, doubling its ore reserves. While Golden Phoenix (OTCBB: GPXM) announced nearing completion of its permit to operate the six-square mile Ashdown property in Humboldt Nevada.
R. David Russell, President and CEO stated in a press release Tuesday that "2003 was an important transitional year for Apollo as it was our first full year of production at Florida Canyon and the resumption of production, in April 2003, at Montana Tunnels. Our task in 2004 is to operate these assets efficiently, increasing our gold production while lowering our cash costs, while we continue developing our advanced stage exploration projects, Black Fox and Standard Mine. Our largest achievement in 2003 was the Company's 105% increase to our gold reserves from 940,000 ounces to 1,928,000 ounces."
The Florida Canyon open pit, heap leach gold mine is located in northwestern Nevada, approximately 42 miles southwest of Winnemucca.
In 2003 Florida Canyon was Apollo's largest producer of gold, with 101,811 ounces, compared to 121,516 ounces in 2002. Total cash costs for the year were US $285 per ounce gold compared to 2002 of $243 per ounce and total production costs in 2003 and 2002 were US $325 per ounce and $288 per ounce respectively. 2003 was a year of mining transition for Florida Canyon with total cash costs rising. As gold reserves had been depleted in the three historic open pits, mining moved into two newly developed pits with associated longer ore haulage, combined with marginally lower grades, resulting in higher unit costs and lower gold production compared to historical averages. Florida Canyon is expected to produce approximately 110,000 ounces of gold during 2004.
Revenues for the 4th quarter 2003 were $20.8 million, with revenue for 2003 of $66.8 million from the sale of 145,935 ounces of gold, 471,200 ounces of silver, 21.8 million pounds of zinc and 10.8 million pounds of lead.
During the year 2003 Apollo achieved an average realized price per ounce of gold of $359 compared to $315 per ounce in 2002.
Axcess News had reported on Apollo Friday in a story covering gold mining companies with Nevada operating claims (See, "Gap in Gold Production Looming"). Apollo was one of several companies found to be increasing reserves and bringing properties into production while others were several years behind causing a gap in gold production.
The story had featured Golden Phoenix Minerals, Inc. (OTCBB: GPXM) as well, pointing out that the junior mining company's own production estimates of 12,000 ounces annualized made it outperform its peers when operation capacity and capital were considered.
Both Apollo and Golden Phoenix were two companies pegged to show improved results in the coming year.
Golden Phoenix announced Tuesday that it was progressing in its permitting process for the mineral-rich Ashdown gold molybdenum property in Humboldt County, Nevada. The Ashdown property moves Golden Phoenix into a multi-mineral mining operation. The property currently consists of 187 mining claims, covering about 6 square miles and is controlled through a joint venture with Win-Eldrich Mines, Ltd.
Golden Phoenix has begun the permitting process for a pilot mill, designed to run about 100 tons per day of high-grade molybdenum ore and concurrent permitting for a production mill designed to process up to 1500 tons per day. The pilot mill will help the Company refine its recovery process for both gold and molybdenite ores. The Company reports that the starter feed for the pilot gravity and flotation recovery plant is currently stockpiled at the mine site. This material was previously mined for a large metallurgical test conducted more than ten years ago. It is estimated that considerable metal values lie in this stockpile, and the metal recovered could pay for this phase of the operation. Golden Phoenix plans to expand toward an open pit and a full underground mining operation once pilot mill production is underway and permitting is complete
AI
