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Fortuna: 2016 Silver, Gold Output Tops Guidance

Fortuna Silver Mines, Inc. (NYSE: FSM: TSX: FVI) reports that 2016 silver and gold production were 5% and 9% above guidance, respectively. Silver production of 7,380,217 ounces was an 11 % increase over 2015, while gold production of 46,551 ounces was up 17%. Zinc production of 43,204,154 pounds was a 21% increase, and lead production of 32,673,479 pounds was up 37%. Silver-equivalent output amounted to 10.2 million ounces. Fortuna lists 2017 silver-equivalent production guidance of 11.2 million ounces, with all-in sustaining costs of $9.80 per silver ounce. "We leave behind a year of important achievements with the successful expansion of our San Jose Mine to 3,000 tpd (tonnes per day) and the acquisition of the Lindero gold project in Salta, Argentina,” says Jorge A. Ganoza, president and chief executive officer. “Lindero adds 1.5 million ounces of gold reserves to our existing inventory and positions Fortuna for its next leg of growth. In 2017, our expansion plans are going to be underpinned by our solid low-cost production base providing financial flexibility to execute engineering and development plans for Lindero and continue exploring for new compelling precious-metal opportunities in the Americas and abroad."

By Allen Sykora of Kitco News; asykora@kitco.com

 

Golden Star Expects Higher Gold Output In 2017

Wednesday January 11, 2016 09:32

Golden Star Resources Ltd. (NYSE MKT: GSS; TSX: GSC; GSE: GSR) produced 194,054 ounces of gold in 2016, in the top half of its guidance range of 180,000 to 205,000 ounces, and looks for increased output this year. The fourth quarter was the company’s strongest of 2016, with gold production of 53,403 ounces. "2016 was a transformational year for Golden Star as it represented our transition into a combined open-pit and underground gold-mining company and our first full year as a wholly non-refractory producer,” says Sam Coetzer, president and chief executive officer. He later adds, “In 2017, we are focused on expanding our production and continuing to reduce our costs as Golden Star continues on its path to become a high-grade, low cost producer." The company lists full-year 2017 guidance of 255,000 to 280,000 ounces of gold production at all-in sustaining costs of $970 to $1,070 per ounce.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Gran Colombia Gold Reports Record 2016 Output

Wednesday January 11, 2016 09:32

Gran Colombia Gold Corp. (TSX: GCM) reports company-record gold production for 2016. Output of 14,797 ounces of gold in December was the best monthly total to date, bringing the production for the fourth quarter to 40,858 ounces, up 36% over the fourth quarter of 2015. For the full year, 2016 production of 149,687 ounces of gold was up 28% over 2015, surpassing initial production guidance and establishing a new annual record for the company, Gran Colombia says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Asanko Gold Reports Record Output In Fourth Quarter

Wednesday January 11, 2016 09:08

Asanko Gold Inc. (NYSE MKT, TSX: AKG) announces that output was right around the upper end of guidance in the fourth quarter at Phase 1 of the Asanko Gold Mine, located in Ghana, West Africa. Gold production of 57,178 ounces and gold sales of 58,483 ounces were just above the production-guidance range of 52,000 to 57,000 ounces. Asanko reports gold revenue of $70.1 million on an average realized price of $1,199 per ounce. The quarterly output was a company record, says Peter Breese, president and chief executive officer. “With the mine now delivering against expectations and the process plant running steadily at 300,000 tonnes per month, or about 20% above design, we enter 2017 with a high-performance operating asset that will position us well to finance our Phase 2A expansion project with cash flow from the operations,” the CEO adds. Asanko also announces the appointment of Fausto Di Trapani as chief financial officer following the resignation of Greg McCunn, The company adds that the outgoing CFO will be available in an advisory capacity for a “seamless transition” as part of a long-term succession plan.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Sandstorm Gold Reports Record 4Q, Full-Year Output

Wednesday January 11, 2016 09:08

Streaming and royalty company Sandstorm Gold Ltd. (NYSE MKT: SAND, TSX: SSL) reports record gold production for both the fourth quarter and full-year 2016. The company says it sold more than 13,200 gold-equivalent ounces during the October-December period and over 49,500 for the full year. The ounces were generated from 21 streams and royalties, with over 70% of the ounces coming from operations run by major and mid-tier mining companies.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Great Panther Silver Reports Lower 2016 Output

Wednesday January 11, 2016 09:08

Great Panther Silver Ltd. (TSX: GPR; NYSE MKT: GPL) reports a decline in 2016 silver-equivalent output at its two Mexican mines as it mined in a lower-grade area and one operation was shut down for a while during a plant upgrade. During 2016, metals production decreased 7% to 3,884,960 silver-equivalent ounces. Silver production fell 14% to 2,047,260 ounces, although gold output rose 2% to 22,238 ounces, an annual record. For the fourth quarter, metals production decreased 12% year-on-year to 883,772 silver-equivalent ounces. Silver output fell decreased 17% to 460,571 ounces and gold production decreased 8% to 5,206 ounces. "Metal production was down for the fourth quarter and 2016 due to lower grades at San Ignacio and to shutdowns at Topia, with the most recent to accommodate tailings expansion and plant improvements," says Robert Archer, president and chief executive officer. "The increased output from San Ignacio did result in a second consecutive annual record for gold production, and recent preliminary drill results from San Ignacio indicate that grades are likely to improve as we continue to the southeast.” For 2017, the company expects production of around 4 million to 4.1 million silver-equivalent ounces, based on silver-gold ratio of 70:1.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Dundee Meets 2016 Guidance On Metals Output

Wednesday January 11, 2016 09:08
 
Dundee Precious Metals Inc. (TSX: DPM) reports that ore milled, metals production and complex concentrate smelted in 2016 were in line with the company's guidance. Fourth-quarter metals production included 31,600 ounces of gold and 8.8 million pounds of copper. Full-year production includes 123,600 ounces of gold (guidance range was 114,000 to 124,000) and 39.1 million pounds of copper (guidance 35.7 million to 39.7 million). The company also produces silver and zinc. “Our focus remains on optimizing and stabilizing smelter performance and successfully executing our growth plans," said Rick Howes, president and chief executive officer. "With Krumovgrad construction under way and on track to commence production in late 2018, we expect significant low-cost gold growth generating good margins and free cash flow for the business."

By Allen Sykora of Kitco News; asykora@kitco.com

 

Scorpio Gold Exceeds 2016 Production Guidance

Wednesday January 11, 2016 09:08

Scorpio Gold Corp. (TSXV: SGN) reports topping production guidance last year even though output fell at its 70%-owned Mineral Ridge project in Nevada. Gold production in 2016 was 36,879 ounces, above the high end guidance of 35,000 ounces. However, this was a decrease of 7% over the prior year. Fourth-quarter production of 8,301 ounces was a 13% year-on-year decrease. “Scorpio Gold has now completed five years of production at Mineral Ridge, consistently meeting or exceeding annual guidance, while maintaining a safe working environment for our employees and contractors,” says Chris Zerga, president.

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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