Magna Gold reports record monthly production in Mexico
(Kitco News) - Magna Gold (TSXV: MGR) today reported June 2021 production of 5,398 ounces of gold, a record to date. Additionally, the strip ratio for the month of June was 2.9, another record for the company.
The company said that Q2 2021 gold production was 11,713 ounces at its San Francisco mine in Sonora, Mexico. Gold sold during the quarter was 11,777 ounces at an average realized gold price of $1,752 per ounce.
With 21,498 ounces of gold produced through the second quarter and achievement of full-scale commercial production on June 1, 2021, the company said it reiterates full year gold production guidance of 55,000 to 65,000 ounces.
Magna is advancing its 100% owned flagship San Francisco mine and other highly prospective mineral properties located in Sonora and in Chihuahua. San Francisco operations are estimated to have measured and indicated resources of 1,430,000 ounces of gold, and inferred resources of 171,000 ounces of gold. The total proven and probable reserves are 758,000 ounces of gold.