San Gold Achieves Record Production in Q1 2012
WINNIPEG, MANITOBA--(Marketwire - April 11, 2012) - 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 March 31, 2012.
Q1 Production Highlights
Record gold production of 22,162 ounces
Mill production of 153,537 tons.
Mine production of 144,549 tons.
First Quarter 2012 Preliminary Operating Results San Gold produced a record 22,162 ounces of gold in the first quarter.
In addition the company finished the quarter with approximately
16,100 tons of ore in surface stockpiles representing an
additional 2,000 to 2,500 ounces of gold in front of the mill.
The operation milled a record 153,537 tons in the quarter at
an average daily throughput of 1,687 tons per day,
85% more than was milled during the first quarter of 2011.
Grade was 5.35 grams per tonne, which is similar to the
previous quarter and slightly below our full year budgeted
grade of 6.58 grams per tonne. Recovery improved to 92.4% for the quarter, with a recovery of
93.5% achieved in March.
"The Rice Lake operations team has got off to an excellent start
in Q1 and we remain on track to achieve our full year guidance
of between 95,000 and 105,000 ounces of gold," said San Gold
President and Chief Executive Officer George Pirie.
The operation mined a record 144,549 tons of ore despite a
14-day scheduled upgrade of the A-shaft loading pocket to
improve material handling capacity in Rice Lake.
The company completed 1,946 metres of lateral development and
275 metres of vertical development during the quarter.
Underground mine operations remain focused on developing an
extensive mining complex that will facilitate access to the
down dip extensions of the L10 and 007 from the Rice Lake shaft
infrastructure on 16 and 26 levels.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates
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 http://www.sangold.ca
This news release includes certain "forward-looking statements".
All statements, other than statements of historical fact
included ---- readers should not place undue reliance on
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
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