Brigus Gold Exceeds Q1 Production Target
Brigus Gold Exceeds Q1 Production Target
HALIFAX, Nova Scotia--(BUSINESS WIRE)-- Brigus Gold Corporation ("Brigus" or the "Company")(NYSE MKT: BRD; TSX: 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|
|Tonnes per day||2,042||1,989||53||2,019||23|
|Average recovery (%)||94||96||(2)||94||-|
|Average grade (gpt)||4.74||3.04||1.70||4.04||0.70|
|Gold production (ounces)||26,316||16,922||9,394||22,672||3,644|
|Gold sold (ounces)||27,818||16,033||11,785||20,175||7,643|
|Gold price (US$/ ounce) (1)||$1,626||$1,687||$(61)||$1,712||$(86)|
(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.
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.
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 Corporation
Kate Wood, (902) 442-7184
Manager, Investor Relations
KEYWORDS: North America Canada
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