Brigus Gold Hits 2012 Production Target

Before you go, we thought you'd like these...
Before you go close icon

Brigus Gold Hits 2012 Production Target

HALIFAX, Nova Scotia--(BUSINESS WIRE)-- Brigus Gold Corp. ("Brigus" or the "Company")(NYSE MKT: BRD; TSX: BRD) is pleased to announce record production levels of 22,672 gold ounces in the fourth quarter of 2012. The Company finished the year within the guidance set on February 21, 2012 of 77,000 - 85,000 ounces with a total of 77,374 ounces.

"We finished the year in a very strong position and are well poised for growth heading into the new year," said Wade Dawe, Brigus' Chairman and Chief Executive Officer. "Gold production increased each quarter in 2012, a trend that will continue into 2013 as we reach annual steady state production levels."


The Black Fox mill processed 185,727 tonnes of ore at an average grade of 4.04 grams of gold per tonne and an average recovery of 94 percent in the quarter. Throughput averaged 2,019 tonnes per day.

The Company will release complete fourth quarter and year-end financial and operational results on March 28, 2013.

2013 OUTLOOK

In 2013, Brigus will fund Black Fox and Grey Fox operations with internally generated cash flows. Mining operations will continue to be profitable and cash flow positive as gold production increases. Brigus' production guidance for 2013 is 90,000 to 100,000 ounces and cash costs are anticipated to stabilize in the range of $700 - $750 per ounce.

Capital costs for 2013 are forecasted as follows; $16 million (M) for underground development, $13M for open pit capital stripping and overburden removal, $20M for property plant, equipment and other capital items, and $10.5M for Grey Fox and Black Fox underground exploration. Capital costs for the development of the Grey Fox mine will be outlined in the feasibility study scheduled to be released during the second half of 2013.

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.

Cautionary and Forward-Looking Statements

Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the ability of the Company to achieve its production, total cash costs, steady state annual production and mining rate estimates; increase in gold production; increase in profitability; exploration drill results and resource additions, are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking statements include, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the Company's mineral resources, progress in development of

mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.

Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading "Risk Factors" in Brigus' most recent Annual Information Form and Management Discussion and Analysis filed under the Company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov as well as elsewhere in Brigus' documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.



Brigus Gold
Kate Wood, (902) 442-7184
Manager, Investor Relations
kwood@brigusgold.com

KEYWORDS:   North America  Canada

INDUSTRY KEYWORDS:

The article Brigus Gold Hits 2012 Production Target originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners