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San Gold Reports Strong Quarterly Gold Production, Exploration
Results, and Provides Notice of Third Quarter 2011 Financial
Results Conference Call
WINNIPEG, MANITOBA--(Marketwire - Oct. 6, 2011) - San Gold Corporation
(TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") reports
preliminary operating results for the third quarter of 2011
and is providing drilling results from its SG1 Mine Area and from
a portion of the Shoreline Basalt.
The Company is also announcing that it plans to report third
quarter 2011 financial results before market open on Tuesday,
November 15, 2011, and that senior management will host a
conference call that day at 11:00 am
Eastern Standard Time. http://tmx.quotemedia.com/article.php?newsid=45069519&qm_symbol=SGR
Third Quarter 2011 Preliminary Operating Results
In the third quarter of 2011, the Company's Rice Lake, Hinge, and 007 mines (the "Rice Lake Complex") produced 19,119 ounces of gold at a total cash operating cost that is expected to be in-line with the Company's full-year guidance of $825 per ounce of gold sold. Year-to-date production of 53,918 ounces is consistent with the Company's full-year production forecast of 80,000 ounces.
Commenting on these results, George Pirie, President and Chief Executive Officer of San Gold, stated, "We continue to execute on our plan of growing the production profile, as evidenced by our greatly improved year-over-year performance. With the crushing and milling circuit upgrades approaching completion, we expect to post record operating results in the fourth quarter and to achieve our full-year production guidance."
Gold production in the third quarter of 2011 was 52% higher than production of 12,568 ounces in third quarter of 2010. Gold production of 53,918 ounces in the first nine months of the 2011 was 58% higher than production of 34,217 ounces in the same period of 2010. Higher gold production in 2011 is a result of increased mill throughput relative to the comparable periods of 2010.
During the third quarter of 2011, the Company milled ore at a record quarterly rate of approximately 1,324 tons per day ("tpd") for a total of 121,844 tons, an increase of 62% compared to 818 tpd in the same period of 2010. Milling rates have increased relative to prior periods as a result of crusher and milling system expansion initiatives implemented over the past year. The benefits of increased crushing and milling rates during the quarter were partially offset by four days of unscheduled downtime in July related to power supply issues that have since been resolved.