Make Kitco Your Homepage

Aya Gold & Silver achieves 61% silver output growth in Morocco

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Aya Gold & Silver (TSX: AYA) today reported record silver production of 726,319 ounces in 2020 at its Zgounder mine in Morocco, an increase of 61% from 2019.

The company’s revenues were $13,822,709 in 2020, an increase of 127% from 2019. Net loss was $1,779,590 in 2020 compared to a net loss of $576,513 in 2019.

Monthly mill recovery increased to 78.9% with 677 tonnes per day ("tpd") milled in December 2020. The company launched a feasibility study to assess potential to increase production capacity to 2,000 tpd.

The company expects to produce 1.2 million oz of silver in 2021 at cash cost of $11.28/oz, - an all-time company’s best.

President and CEO Benoit La Salle commented, "We expect to achieve many milestones at Zgounder in 2021 including record silver production of 1.2 million oz in addition to completing our feasibility study and our most extensive drill program yet, enabling us to reach our strategic goal of 100 million oz of silver resources by year-end."

Aya Gold & Silver is currently operating mining and processing facilities at its Zgounder silver mine, an 85%-15% joint venture between its subsidiary, Zgounder Millenium Silver Mining, and the Office National des Hydrocarbures et des Mines of the Kingdom of Morocco.

Aya's mining portfolio also includes the Boumadine polymetallic deposit located in the Anti-Atlas Mountains of Eastern Morocco. Additionally, the corporation's portfolio includes the Amizmiz and Azegour properties, both being 100% owned, with gold, tungsten, molybdenum, and copper occurrences in the center of a historical mining district of Morocco.

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.