Have you noticed yesterdays filing?:
American Bonanza Gold Corp.
Management’s Discussion and Analysis
For the three months ended March 31, 2012
(Expressed in Canadian dollars, unless otherwise noted)
...
CORPORATE ACTIVITY
On February 14, 2012, the Corporation entered into a promissory note agreement with Resource Income Fund (”RIF”) with Auramet Trading LLC (“Auramet”) acting as the agent. RIF advanced to the Corporation $5,995,200, net of cash financing fees of $334,732 ($5,665,000 United States dollars (“USD”), net of cash financing fees of $335,000 USD). The Facility is a forward contract structured to deliver 3,936 ounces of gold over a 32 week term
in the amount of 123 ounces per week starting on May 7, 2012 and ending on December 10, 2012. Subsequent to quarter end, the Corporation has completed its first payment of the obligation.
. . .
Production during Commissioning In the feasibility study, the design capacity at Copperstone is 450 tons per day resulting in an average of approximately 46,000 ounces for the first 3 years of production within a mine life of 6.3 years with a total estimated production of approximately 213,000 ounces of gold.
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During the quarter, plant feed totaled 13,479 tons, which included drawing down on pre-existing stockpile, producing 49 tons of concentrate with an estimated gold content of 18 ounces per ton. The 45 tons of concentrate shipped during this period contained a final settlement of 810 ounces of gold. Gold grades of the concentrates exceeded feasibility study estimates. The Corporation continues to pursue further improvements to the gold content grade.
During the quarter, the Corporation noted improvement to mill throughput as the miners and processing plant operators gained familiarity with the operation. Optimization of the mine and processing plant continues. A second Knelson concentrator has been installed and is currently operating.
During the quarter, 9,796 tons of gold bearing ore was mined with an estimated average gold grade of 0.29 ounces per ton. Currently, the Corporation has insufficient data to report any official increase in the currently predicted ore grades over the first year of the mine life. The initial low grade material is being replaced by mine ore production.
The surface ore stockpile currently contains approximately 942 tons of ore.
Underground mine performance continues to improve. During the quarter the mine has focused on development mining to gain access to additional future ore stopes, as well as mining ore from the currently-available stopes.
During the quarter, total material moved was 17,159 tons including the 9,796 tons of gold bearing ore and 7,363
tons of waste. The Corporation's objective is to bring mine production up to design levels as the processing plant
works through the surface stockpile, so that when the stockpile is drawn down, both the mine and the processing
plant will be at the 450 tons of ore per day target level.
Subsequent to March 31, 2012, the Corporation has completed two additional gold concentrate sales of approximately 37 tons of gold bearing ore.
Plans for resource expansion drilling have been made. An underground drilling rig has been refurbished and delivered to Copperstone. Drilling has been re-scheduled to allow for the installation of all underground infrastructure needed for the drill.
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It looks like things are on track. Although there is still a way to go with respect to processing 450 tons per day.
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