Make Kitco Your Homepage

Leagold CEO: Study Shows Output Would Double At Los Filos

Kitco News

Leagold Mining Corp. (TSX: LMC) says a feasibility study for expansion of the Los Filos mine in Mexico shows gold production would be 3.3 million ounces over a 10-year mine life at average all-in sustaining costs of $795 an ounce. “The study forecasts a 10-year mine life with annual gold production approximately doubling from current rates,” says Neil Woodyer, chief executive officer. After the expansion, from 2021 onward, average annual output was put at 350,000 ounces at AISC of $759. Average annual production was expected to exceed 400,000 ounces from 2021 to 2023. Woodyer says mineral reserves increased to 4.5 million ounces from 1.7 million as of the 2017 acquisition of Los Filos. A capital cost of $180 million was listed to develop the Bermejal underground project and construct a new 4,000-tonnes-per-day plant with related infrastructure. “It is obviously a project we should undertake and therefore we are preparing a Los Filos development plan that includes construction planning, optimizing the sequencing of the major expansion projects…,” Woodyer says.

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

 

Asanko: Record 2018 Production Beats Guidance

Thursday January 17, 2019 09:10

Asanko Gold Inc. (TSX, NYSE American: AKG) says its Asanko Gold Mine in Ghana, which is a 50-50 joint venture with Gold Fields Ltd (JSE, NYSE: GFI), posted record annual production in 2018 of 223,152 ounces. This exceeds the upper end of guidance of 200,000 to 220,000 ounces. Fourth-quarter output was 59,823 ounces. “During the quarter, the AGM started the initial development of the large-scale Esaase deposit with the completion of the haul road, site establishment of the mining contractor and commencement of trial mining operations,” says Peter Breese, president and chief executive officer. “Key production information from the trial mining will assist with the finalization of the updated life-of-mine plans for the AGM, which will also include updated mineral resource estimates, revised mine plans and capital estimates.” These are expected in the second quarter, he adds.

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

 

Great Panther: 2019 Guidance Reflects ‘Modest Reduction’ In Output

Thursday January 17, 2019 09:10

Great Panther Silver Ltd. (TSX: GPR; NYSE American: GPL) looks for consolidated 2019 production at its two Mexican silver mining operations -- the Topia Mine and the Guanajuato Mine Complex --- to be in the range of 3.7 million to 4 million silver-equivalent ounces. This would be down from 4.2 million for 2018, which Great Panther reported earlier this month. “We have taken the step of realigning our Mexican operations to reduce unit costs and maximize mine operating cash flow, with a modest reduction in our production ounces," says James Bannantine, president and chief executive officer. The company says all production for the GMC will be sourced from the lower-cost San Ignacio Mine, enabling a focused exploration program for the Guanajuato Mine aimed at growing higher-margin resources. A planned increase in the processing capacity from the Topia Mine in 2019 is expected to increase production by approximately 25% from last year. The company says it will provide updated guidance after the anticipated closing on the acquisition of Beadell Resources Ltd.

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

 

Fortuna: 2018 Gold, Silver Output Ahead Of Guidance

Thursday January 17, 2019 09:10

Fortuna Silver Mines, Inc. (NYSE: FSM; TSX: FVI) says 2018 silver and gold production were 7% and 12% above 2018 guidance. Silver output of 8,890,943 ounces was up 5% from 2017, while gold production fell 4% to 54,210 ounces. The company also lists zinc production was up 3% to 45.5 million pounds, while lead production eased 5% to 28.3 million pounds. All of this amounted to silver-equivalent output of 12.8 million ounces. For 2019, the company lists silver-equivalent guidance of 11.7 million to 12.9 million ounces with all-in sustaining costs of $9.90 to $12.10 per silver-equivalent ounce. Silver guidance was put at between 8.2 million and 9 million ounces, and gold guidance is from 49,000 to 54,000.

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

 

Wesdome: 2018 Gold Production Rises 21%

Thursday January 17, 2019 09:10

Wesdome Gold Mines Ltd. (TSX: WDO) says 2018 production of 71,625 ounces of gold from the Eagle River Complex was up 21% year-on-year. Fourth-quarter output rose 9% year-on-year to 17,254 ounces. Guidance for 2019 was put at 72,000 to 80,000 ounces. “Over the last two years, we have been focused on re-investing capital into exploration, infrastructure, and development at the Eagle River underground mine,” says Duncan Middlemiss, president and chief executive officer. “This strategy has clearly been the right approach, as production is up 50% since 2016, and head grades have increased year-over-year. We see this trend continuing in 2019, with head grades expected to average over 15 grams per tonne on the low end, a 28% increase over this year.”

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

 

Avino Lists Higher 2018 Silver-Equivalent Production

Thursday January 17, 2019 09:10

Avino Silver & Gold Mines Ltd. (TSX, NYSE American: ASM) says that 2018 silver-equivalent production increased by 6% to 2.9 million ounces. This includes a 2% rise in gold production to 8,092 ounces, 8% decline in silver output to 1.3 million ounces and 10% rise in copper production to 4.8 million pounds. For the fourth quarter, silver-equivalent production increased by 13% year-on-year to 720,187 ounces. Gold output was up by 34% to 1,973 ounces, silver production decreased by 10% to 288,600 ounces and copper output climbed by 24% to 1.4 million pounds.

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.

Precious Metal Charts

Follow Kitco News