Brigus Gold Exceeds Q1 Production Target
Last update: 4/8/2013 9:15:01 AM
HALIFAX, Nova Scotia, Apr 08, 2013 (BUSINESS WIRE) -- Brigus Gold Corporation ("Brigus" or the "Company")(nyse mkt:BRD)(CA:BRD) is pleased to announce record production levels of 26,316 gold ounces in the first quarter of 2013.
"Operationally Brigus has never been stronger," said Daniel Racine, Brigus' President and Chief Operating Officer. "Much of our production success can be attributed to the underground gold grades which continued to exceed reserve grades during the quarter."
Operating Results First Quarter Change Fourth Quarter Change
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2013 2012 2012
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Tonnes milled 183,819 180,965 2,854 185,727 (1,908)
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Tonnes per day 2,042 1,989 53 2,019 23
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Average recovery (%) 94 96 (2) 94 -
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Average grade (gpt) 4.74 3.04 1.70 4.04 0.70
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Gold production (ounces) 26,316 16,922 9,394 22,672 3,644
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Gold sold (ounces) 27,818 16,033 11,785 20,175 7,643
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Gold price (US$/ ounce) (1) $1,626 $1,687 $(61) $1,712 $(86)
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(1) Excludes the impact of sales under the Goldstream agreement
Brigus Gold produced a total of 26,316 gold ounces in Q1 2013, a 16 percent increase from the 22,672 ounces produced in the fourth quarter of 2012 and a 56 percent increase over the same period in 2012. The Black Fox mill processed 183,819 tonnes of ore at an average grade of 4.74 grams of gold per tonne and an average recovery of 94 percent in the quarter. Throughput averaged 2,042 tonnes per day.
The Company will release complete first quarter financial and operational results on May 14, 2013.
2013 Outlook In 2013, Brigus will fund Black Fox and Grey Fox operations with internally generated cash flows. Brigus' production guidance for 2013 is 90,000 to 100,000 ounces and cash costs are anticipated to be in the range of $700 - $750 per ounce.
Capital costs for 2013 are forecasted as follows; $16 million (M) for underground sustaining capital, $6M for development capital relating to the underground, $13M for open pit capital stripping and overburden removal, $6M for property plant, equipment and other capital items, $2.5M for underground exploration, and $12M for development of the Grey Fox Mine and exploration on the Black Fox Complex.
The Company remains focused on increasing gold resources at Grey Fox and at the Black Fox underground mine through targeted exploration drilling which will continue throughout the year.
About Brigus Gold Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox mine and mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has the Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.
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