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McEwen Mining 1Q Output Declines But In Line With Guidance

Kitco News

McEwen Mining (NYSE, TSX: MUX) reports first-quarter gold-equivalent output from its two mines of 29,733 ounces, down from 37,958 in the same period of 2016. The decline was due to lower-grade ore7 at the El Gallo Mine in Mexico, as output as the San Jose Mine in Argentina rose. Still, the company says output was in line with guidance, and the gold grade at El Gallo is projected to rise in the second half of 2017. Meanwhile, the company says permitting for its Gold Bar Project in Nevada remains on schedule for a record of decision from regulatory authorities in the third quarter.

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

 

Randgold: Kibali Underground Operation On Track For 3Q Commissioning

Wednesday April 19, 2017 08:21

Randgold Resources (Nasdaq: GOLD; LSE: RRS) says the underground operation at the Kibali Gold Mine in the Democratic Republic of the Congo is on track to start commissioning in the third quarter. The mine is forecast to deliver approximately 610 000 ounces of gold this year, up from 585 000 ounces in 2016, but annual production is scheduled to rise to around 750 000 ounces from 2018, when the underground operation will make it fully functional. During 2016, Kibali underground development remained on track with successful construction and commissioning of four ultrafine grind mills in the metallurgy circuit, as well as work on a second new hydropower station that was commissioned in February. The third and last of the new hydropower stations is currently being built by an all-Congolese contracting group. “Kibali has stayed on course to become one of the world’s great gold mines despite the challenges of last year and the volatile political climate in the DRC at present,” says chief executive Mark Bristow.

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

 

Roxgold: 1Q Gold Output Totals 35,594 Ounces

Wednesday April 19, 2017 08:21

Roxgold Inc. (TSX: ROXG), which achieved commercial production in October at its flagship Yaramoko Gold Mine in Burkina Faso, reports first-quarter gold production of35,594 ounces. The company says another highlight in the quarter included connection to the Burkina Faso high-voltage grid on Feb. 1, with 99% availability. Roxgold says it held cash of approximately $53 million as of quarter end, subsequent to $18.5 million of debt principal repayments. The first gold pour at Yaramoko was in May 2016. The company also announces an updated estimate of mineral reserves for the mine, listing end-of-2016 measured and indicated mineral resources at 738,000 ounces of gold at 17.1 grams per tonne, a decline of 9% due to mine depletion last year and a lower gold-price assumption. Estimated proven and probable gold reserves decreased by 13% from 759,000 ounces of gold to 662,000.

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 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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