(Kitco News) - Americas focused gold miner Calibre Mining (TSX: CXB) announced Wednesday that the company plans to increase its annual production up to 300,000 ounces of gold by 2024.
In 2022, Calibre expects to produce 220,000 – 235,000 ounces of gold, compared to 182,755 ounces produced in 2021.
The company said it expects to produce 250,000 – 275,000 ounces of gold in 2023, which is a 15% increase over 2022. In 2024, the company's gold output is expected to be 275,000 – 300,000 ounces, or 25% higher than in 2022.
The company explained that its gold production growth in 2023 – 2024 will be driven by higher production in Nicaragua underpinned by the development of high-grade reserves, including Pavon Central and the Eastern Borosi project.
Importantly, the company said that this outlook does not yet include the federally approved Gold Rock project (50 – 55 koz of annual production), as well as other projects.
President and CEO Darren Hall stated, "High-grade, open pit reserves at Pavon Central (6.5 g/t Au) and Eastern Borosi (6.8 g/t Au) will fuel a 25% increase in consolidated production by 2024 leading to lower per ounce costs and increased margins. The effectiveness of our operating model to efficiently permit and develop satellite deposits by leveraging off the installed capacity at La Libertad will continue to result in high returns on invested capital."
He said that additionally, drilling investment at the Pan mine in Nevada is expected to lead to mine life expansion and operational efficiencies while the company advances the adjacent Gold Rock project to potentially add a second producing asset with the ability to double the company's Nevada production.
Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua.
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