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(Kitco News) - South America-focused gold miner Cerrado Gold (TSX-V: CERT) reported today that in Q1 2023, the company produced 13,794 ounces of gold, up 6% compared to 13,007 ounces produced in Q1 2022.
In a statement, the company said that Q1 2023 results demonstrate "ongoing stability" in mill throughput combined with improving head grades and recoveries.
"Operational results presented for the first quarter 2023 highlight the stability of the company's continued operations. Since Cerrado acquired the Minera Don Nicolas mine, operations, and production rates have continuously improved despite difficult Covid conditions during the first two years," it said.
However, Cerrado noted that over the next few quarters, "some variability" is expected to continue, "given the seasonal challenges in the winter months and given the company is still developing and implementing its life of mine strategy."
The company said that its operations team is focused on numerous new growth projects aside from expanding current open pit resources, including; the construction of the Las Calandrias heap leach operation (first gold pour Q2 2023), underground development and production at Paloma, and a new heap leach operation at Martinetas.
"These development initiatives are expected to be operational later in 2023 and should support a production capacity delivering between 75,000 and 90,000 ounces per year," Cerrado said.
Cerrado is a Toronto-based gold production, development, and exploration company focused on gold projects in the Americas. The company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina, and the prospective Monte Do Carmo development project, located in Tocantins State, Brazil.
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