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Iamgold: Saramacca Has Potential To Be ‘Transformational Asset’

Kitco News

Iamgold Corp. (TSX: IMG; NYSE: IAG) has offered an upbeat assessment on its 2017 infill drilling program at the Saramacca project, which is southwest of its Rosebel Gold Mine in Suriname. The current phase of the drilling program is now complete with 113 diamond drill holes totaling approximately 19,600 meters. Assay results have been received from 78 drill holes totaling 14,166 meters, the company says. Assay results from the remaining drill holes are expected in June. Highlights of the most recent results include 43.5 meters grading 12.26 grams of gold per tonne, 76.6 meters grading 7.74 g/t, 46.5 meters grading 3.07 g/t, 45.4 meters grading 2.38 g/t, 45 meters grading 2.70 g/t and 31 meters grading 3.81 g/t. “The results to date support our belief that Saramacca has the potential to be a transformational asset for the company,” says Steve Letwin, president and chief executive officer. “This exemplifies our strategy of seeking short-cycle capacity, which can add tremendous value for our shareholders at minimal incremental cost, since the deposit is only 25 kilometers away from our current infrastructure.”

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

 

Banro Reports 1Q Net Loss; Gold Output Rises

Tuesday May 16, 2017 09:21

Banro Corp. (NYSE MKT, TSX: BAA) reports a net loss in the first quarter of $15.9 million, or 5 cents per shares, although the bulk of this was financing expenses of $12.1 million and other non-cash items totaling $2.4 million. Still, the net loss was down from a $23.1 million loss in the same period of 2016. Otherwise, quarterly revenue was up 19% year-on-year to $55 million. Gold production rose to 46,215 ounces from 44,192 in the year-ago period, while the average realized price increased to $1,158 from $1,109. For 2017, the company expects annual gold production from both Twangiza and Namoya to total between 210,000 and 230,000 ounces. At this production level, the company expects site all-in sustaining costs to be in the range of $925 to $1,025 per ounce, with consolidated all-in sustaining costs in the range of $1,000 to $1,075..

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

 

Gran Colombia 1Q Adjusted Profit Up From Year Ago

Tuesday May 16, 2017 08:57

Gran Colombia Gold Corp. (TSX: GCM) lists adjusted net income for the first quarter of $3.1 million, or 16 cents per share, compared with $0.3 million, or 5 cents, in the same period of last year. Revenue rose 33% year-on-year to $45.7 million, which the company says was largely due to increased output and sales. The net loss was $0.8 million, or 4 cents, compared with net income of $10.8 million, or $2.23, in the first quarter of last year. The year-ago period included $14.5 million of non-recurring after-tax gains related to the company's gold and silver notes. Gold production in the first quarter totaled 39,008 ounces, up 24% year-on-year, led by the at the Segovia operations, the company says. Gran Colombia says it remains on track with its 2017 production guidance of 150,000 to 160,000 ounces of gold. All-in sustaining costs in the first quarter were $941 an ounce.

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

 

Roxgold Reports Profit In First Quarter

Tuesday May 16, 2017 08:57

Roxgold Inc. (TSX: ROXG), which achieved commercial gold production at the Yaramoko mine on Oct. 1, reports first-quarter net income of $3.8 million, or a penny per share. The company produced 35,594 ounces of gold, up from 29,688 in the fourth quarter. “The operational success of the first quarter of 2017 poises us to deliver on our production guidance for 2017,” says John Dorward, president and chief executive officer of Roxgold. The company projects 2017 output at between 105,000 and 115,000 ounces, with all-in sustaining costs of $740 to $790 an ounce.

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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