San Gold Corporation TSX : SGR
OTCQX :SGRCF
April 11, 2012 08:00 ET
WINNIPEG, MANITOBA--(Marketwire - April 11, 2012) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced preliminary results of operations at its Rice Lake Mining Complex in Manitoba, Canada for the quarter ended March 31, 2012.
Q1 Production Highlights
San Gold produced a record 22,162 ounces of gold in the first quarter. In addition the company finished the quarter with approximately 16,100 tons of ore in surface stockpiles representing an additional 2,000 to 2,500 ounces of gold in front of the mill.
The operation milled a record 153,537 tons in the quarter at an average daily throughput of 1,687 tons per day, 85% more than was milled during the first quarter of 2011. Grade was 5.35 grams per tonne, which is similar to the previous quarter and slightly below our full year budgeted grade of 6.58 grams per tonne. Recovery improved to 92.4% for the quarter, with a recovery of 93.5% achieved in March.
"The Rice Lake operations team has got off to an excellent start in Q1 and we remain on track to achieve our full year guidance of between 95,000 and 105,000 ounces of gold," said San Gold President and Chief Executive Officer George Pirie.
The operation mined a record 144,549 tons of ore despite a 14-day scheduled upgrade of the A-shaft loading pocket to improve material handling capacity in Rice Lake. The company completed 1,946 metres of lateral development and 275 metres of vertical development during the quarter. Underground mine operations remain focused on developing an extensive mining complex that will facilitate access to the down dip extensions of the L10 and 007 from the Rice Lake shaft infrastructure on 16 and 26 levels.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca
Cautionary Note
This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Q1 Production Highlights
- Record gold production of 22,162 ounces.
- Mill production of 153,537 tons.
- Mine production of 144,549 tons.
San Gold produced a record 22,162 ounces of gold in the first quarter. In addition the company finished the quarter with approximately 16,100 tons of ore in surface stockpiles representing an additional 2,000 to 2,500 ounces of gold in front of the mill.
The operation milled a record 153,537 tons in the quarter at an average daily throughput of 1,687 tons per day, 85% more than was milled during the first quarter of 2011. Grade was 5.35 grams per tonne, which is similar to the previous quarter and slightly below our full year budgeted grade of 6.58 grams per tonne. Recovery improved to 92.4% for the quarter, with a recovery of 93.5% achieved in March.
"The Rice Lake operations team has got off to an excellent start in Q1 and we remain on track to achieve our full year guidance of between 95,000 and 105,000 ounces of gold," said San Gold President and Chief Executive Officer George Pirie.
The operation mined a record 144,549 tons of ore despite a 14-day scheduled upgrade of the A-shaft loading pocket to improve material handling capacity in Rice Lake. The company completed 1,946 metres of lateral development and 275 metres of vertical development during the quarter. Underground mine operations remain focused on developing an extensive mining complex that will facilitate access to the down dip extensions of the L10 and 007 from the Rice Lake shaft infrastructure on 16 and 26 levels.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca
Cautionary Note
This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact Information
San Gold Corporation
Tim Friesen
Communications Director
1 (855) 585-4653
San Gold Corporation
George Pirie
President and CEO
1 (416) 214-0024
www.sangold.ca
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