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Kirkland Lake Gold Posts Record Quarterly, Annual Output

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Kirkland Lake Gold Ltd. (TSX, NYSE: KL; ASX: KLA) reports record quarterly and annual gold production. Fourth-quarter output of 230,993 ounces was 28% higher than the previous record of 180,155 from third quarter. The October-December output was up 39% year-on-year and “significantly above target levels” for the quarter, driven by record quarterly production at both Fosterville (124,307 ounces) and Macassa (69,936 ounces), Kirkland Lake says. Consolidated production in 2018 totaled 723,477 ounces, a year-on-year increase of 21% from 596,405 in 2017. Three of the company’s mines posted record annual production in 2018, including 356,230 ounces at Fosterville, 240,126 at Macassa and 58,633 at the Taylor Mine, with the Holt Mine producing 67,770 ounces for the year. The company’s cash position as of year-end was put at around $332 million. “We achieved record production [in 2018] of 723,477 ounces and, just as important, embarked on a program of growth that could see the company achieve a million ounces of annual, low-cost gold production as early as 2021,” says Tony Makuch, president and chief executive officer.

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

 

Harte Gold: Commercial Output Reached At Sugar Zone Mine

Tuesday January 8, 2019 08:54

Harte Gold Corp. (TSX: HRT) reports that commercial production has been achieved at the Sugar Zone Mine in Ontario. The mill is now operating consistently at 575 tonnes per day, the company says. Stephen G. Roman, president and chief executive officer, says capacity was reached with no operational issues. “We are now progressing the permit to increase throughput to 800 TPD [tones per day],” he adds.

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

 

New Gold Achieves 2018 Production Guidance

Tuesday January 8, 2019 08:54

New Gold Inc. (TSX, NYSE American: NGD) lists gold production for the fourth quarter of 110,559 ounces and full-year 2018 output of 455,448 ounces, including 97,428 ounces and 315,483 ounces, respectively, from continuing operations. The output from continuing operations was within guidance of 275,000 to 330,000 ounces. The Rainy River Mine reported its best-ever quarterly gold production of 77,202 ounces, a 39% increase over the prior quarter, the company says. The last four months of the year contributed 45% of the 227,284 ounces produced in 2018, enabling the company to achieve revised annual guidance, New Gold says. The New Afton Mine delivered fourth-quarter production of 18,778 ounces and annual production of 77,329 ounces, which exceeded the high end of guidance, the company says. New Afton also produced 20.8 million pounds of copper for the quarter and 85.1 million pounds for the year, achieving the high end of annual guidance. “It is encouraging to see the improvement in overall performance achieved at Rainy River in the final four months of the year,” says Renaud Adams, chief executive officer. “This marks a pivotal turning point for Rainy River as we reposition the asset for long-term success.”

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

 

Teranga: Record 2018 Gold Output Tops Guidance

Tuesday January 8, 2019 08:54

Teranga Gold Corp. (TSX: TGZ) says record 2018 gold production of 245,230 ounces exceeds the guidance range of 235,000 to 240,000. "With mill throughput once again exceeding 4 million tonnes for the year and positive reconciliation to ore reserve estimates at our Sabodala gold mine, year-over-year production grew by 5% in 2018. As a result, we achieved record gold production for the third consecutive year and exceeded the top end of our 2018 production guidance,” said Richard Young, president and chief executive officer. “In addition, construction at Wahgnion, our second gold mine, continues to advance on schedule. Wahgnion is expected to commence operation and contribute to our consolidated annual production by the end of this year.”

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

 

Mandalay Resources: Gold Reserves Rise At Costerfield Mine

Tuesday January 8, 2019 08:54

Mandalay Resources Corp. (TSX: MND) reports an increase in end-of-2018 mineral reserves of gold at its Costerfield gold-antimony mine in Australia, including the addition of the high-grade Youle lode that is expected to go into production by year-end. After depletion from production during the first 11 months of 2018, proven and probable mineral reserves for contained gold increased by 26%, while contained antimony decreased by 10%, the company says. In the category for measured and indicated resources, contained gold increased by 34%, and contained antimony increased by 13%. The company’s gold reserve grade increased by 46%, Mandalay adds. “Our exploration efforts in 2018 more than replaced depletion from production last year, boosted the reserve grade, and extended the mine life, while building a pipeline of mineral resources that we will be working to convert to mineral reserves in 2019,” says Dominic Duffy, president and chief executive officer. At Youle, the company added 94,282 ounces of gold and 7,042 tonnes of antimony to mineral reserves, at grades of 11.2 grams per tonne of gold and 2.7% antimony, respectively. “The Youle deposit has significant potential for Mandalay in the coming years due to its high grades, as the Costerfield operation’s performance is largely grade-driven,” Duffy says. “We envision bringing Youle into production by year-end 2019.”

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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