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Endeavour Announces Commercial Production At Houndé

Kitco News

Endeavour Mining Corp. (TSX: EDV) reports that construction of its Houndé project in Burkina Faso has been completed $15 million below the initial capital budget and commercial production declared more than two months ahead of schedule. The first ore ran through the plant on Sept. 25. “As demonstrated by its very low all-in-sustaining costs of below $600/oz, Hounde is expected to immediately start contributing to the group's free-cash-flow generation,” says Sébastien de Montessus, president and chief executive officer. The mine achieved its first gold pour on Oct. 18.

By Allen Sykora of Kitco News;


Alacer Gold Reports Profitable Third Quarter

Tuesday October 31, 2017 08:39

Alacer Gold Corp. (TSX: ASR; ASX: AQG), which has an 80% interest in the Çöpler Gold Mine in Turkey, reports a net profit of $29 million, or 10 cents a share, in the third quarter, an improvement from $77,000 income a year ago. Çöpler production increased 25% quarter-on-quarter to 39,312 ounces, while all-in sustaining costs declined by 31% over the same period to $623 per ounce, the company says. “We are on track to meet the lower end of production guidance of 160,000 to 180,000 ounces,” says Rod Antal, president and chief executive officer. “The Çöpler sulfide expansion project is quickly advancing towards commissioning. We will deliver the project on time and under budget with the capital cost estimate now reduced to $719 million, which reflects $25 million in savings on the project to date. The potential remains for the project to realize up to $43 million of additional capital savings.”

By Allen Sykora of Kitco News;


Guyana Goldfields Lists 3Q Profit As Output Rises

Tuesday October 31, 2017 08:39

Guyana Goldfields Inc. (TSX: GUY) reports third-quarter net earnings of $6.1 million, or 4 cents per share, a turnaround from a second-quarter loss of $3.1 million but down from net income of $8.9 million, or 5 cents, in the third quarter of 2016. Gold production totaled 41,000 ounces, up from 34,400 in the same period a year ago, with the company saying higher grades are expected in the fourth quarter. The firm projects full year production for 2017 to come in at the low end of guidance of 160,000 to 180,000 ounces. All-in sustaining costs in the third quarter were $828 per ounce, down from $1,144 in the second quarter but up $796 in the year-ago period. Scott Caldwell, president and chief executive officer, says the third quarter was helped by increased mill feed grades due to mining activity reverting to the central diorite ore body at Rory's Knoll. “September was a very strong month and this strong performance has continued into October,” he says. “We expect to finish the year with our strongest quarter yet, and at the low end of annual guidance, with ore being sourced primarily from the high grade diorite ore at Rory's Knoll." In fact, October production was estimated at around 17,100 ounces.

By Allen Sykora of Kitco News;

Great Panther Silver Posts Higher 3Q Output But Net Loss

Tuesday October 31, 2017 08:39

Great Panther Silver Ltd. (TSX: GPR; NYSE: GPL) reports higher revenue and production but a net loss in the third quarter. Revenue of $18.3 million was up 17% over the same period in 2016 as higher metal sales volume offset lower silver and gold prices. Still, Great Panther reports a net loss of $666,000, or zero cents per share, compared to net income of $2.1 million, or a penny, in the same quarter of 2016. The loss is primarily due to a $1.2 million increase in exploration, evaluation and development expenditures reflecting the first full quarter of the Coricancha project and its care-and-maintenance costs since closing of the acquisition on June 30, the company says. Great Panther also incurred a $0.9 million non-recurring general and administrative charge. In addition, mine operating earnings before non-cash items from the company’s Mexican operations were $1.1 million lower than the third quarter of 2016 due to a less favorable Mexican peso-U.S. dollar foreign-exchange rate, and higher unit production cost in Mexican peso terms. Metal production increased 13% to 1.08 million silver-equivalent ounces, with silver production up 4% to 532,803 silver ounces. All-in sustaining costs per payable silver ounce were $13.75. "Our Mexican operations delivered production in support of our guidance for the year and continued to advance the permitting of the new tailings facility at Topia," says Jim Bannantine, president and chief executive officer. Full-year production and guidance costs were unchanged, with Great Panther projecting silver-equivalent production of 4 million to 4.1 million silver-equivalent ounces.

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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