(Kitco News) - Pure Gold Mining (TSX-V: PGM) reported today that the company achieved gold production guidance for the third quarter of 2022 for its 100% owned and operated PureGold mine located in Red Lake, Ontario.
The company said that its Q3 2022 gold production of 9,041 ounces was within the guidance range of 8,700 – 12,300 ounces, adding that head grade and recovery were also within guidance.
“Results for the third quarter would have been better, but for nine unexpected days of lost production in September due to downtime of the contract crusher and an unrelated issue with automation control electronics in the mill,” it noted. “These one-time issues have now been fully addressed with strong average daily throughput in the last week of September carrying through into October.”
The company also said that production costs for the third quarter are still being finalized but are expected to be in the range of $9.5 - $10.5 million per month, in line with previously announced guidance.
In Q4 2022, PureGold plans to produce between 9,000 – 12,500 ounces of gold.
Importantly, the company noted it remains on track to deliver a new pre-feasibility study in Q4, which will incorporate an updated life of mine plan and is based on the recently announced updated mineral resource estimate.
PureGold is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The company owns and operates the PureGold mine, which began gold production in 2021.
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