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Iamgold Reports 86% Jump In Proven And Probable Reserves

Kitco News

Iamgold Corp. (TSX: IMG; NYSE: IAG) reports that proven and probable gold reserves at the end of 2017 increased by 86% to 14.5 million ounces from 7.8 million at the end of 2016. The addition of 6.7 million ounces was primarily due to conversion of resources to reserves at the Côté gold project in Ontario and at the Boto gold project in eastern Senegal following prefeasibility studies, coupled with the previously announced reserve increase at the Rosebel mine, the company says. These increases were partially offset by depletion during the year due to gold production of 882,000 ounces. Meanwhile, measured and indicated gold resources (inclusive of reserves) increased by 6%, or 1.4 million ounces, to 24.7 million ounces at the end of 2017. Also, inferred gold resources increased by 44%, or 2.7 million ounces, to 8.8 million ounces of gold. "All of our owner-operated mines reported year-on-year increases in reserves after depletion, demonstrating the strength of our core operations,” says Steve Letwin, president and chief executive officer. “Additionally, the completion of prefeasibility studies at Côté and Boto has allowed us to declare initial reserves for both projects, setting up Iamgold with a growing, long-life production profile at a time when many are struggling with reserve life.”

By Allen Sykora of Kitco News;


Avino Sees Higher Silver-Equivalent Output In 2018

Tuesday February 13, 2018 08:54

Avino Silver & Gold Mines Ltd. (TSX, NYSE American: ASM) looks for an uptick in 2018 silver-equivalent output to around 2.9 million to 3 million ounces, the company’s top executive says. Output in 2017 totaled 2,700,585 silver-equivalent ounces. This included silver production of 1,394,203 ounces, gold output of 7,935 ounces and copper production of 4,373,166 pounds. Highlights during the year included a pant and mine expansion that increases throughput capacity at the Avino mine, with the addition of Mill Circuit 4. This is 90% complete with the expectation of commissioning the mill in March with stockpile material, Avino says. “The company anticipates that 2018 silver-equivalent production will range between 2.9 million to 3 million ounces, in expectation of Mill Circuit 4 processing old stockpiles from March to August followed by material from the San Luis zone,” says David Wolfin, president and chief executive officer.  In 2018, capital expenditures at Avino and San Gonzalo are estimated at $14.5 million as a result of the following projects: finalizing the mill expansion, planned exploration and development, construction of a paste backfill plant, and continued refurbishment and replacement of mobile equipment.

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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