Argonaut Gold grows mineral reserves 43%
(Kitco News) - Argonaut Gold (TSX: AR) announced Monday that it has increased its Mineral Reserves by 43% and its Measured and Indicated Mineral Resources by 26% from December 31, 2019 to December 31, 2020.
According to the company’s statement, the majority of the increase to Mineral Reserves and Mineral Resources are in relation to the acquisition of Alio Gold.
The company said that both the San Agustin mine and the La Colorada mine increased their respective Mineral Reserves net of depletion, while the Florida Canyon mine essentially replaced the Mineral Reserves that were depleted. Mineral Reserves and Mineral Resources were not updated at the company's non-producing projects.
Pete Dougherty, President & CEO commented, "The replacement of depleted Mineral Reserves is a key part of our business strategy. Our strategy is to harvest cash from these operations, replace depleted Mineral Reserves to extend mine lives and focus on executing on our growth projects to transition Argonaut from a high-cost junior producer with relatively short mine lives to a lower cost intermediate producer with much longer mine lives."
Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA. The company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.