(bwire)
HALIFAX, Nova Scotia (Business Wire) -- Brigus Gold Corp. (“Brigus” or the
“Company”)(NYSE BRD; TSX: BRD) is pleased to announce record production
levels of 22,672 gold ounces in the fourth quarter of 2012. The Company finished
the year within the guidance set on February 21, 2012 of 77,000 – 85,000 ounces
with a total of 77,374 ounces.
“We finished the year in a very strong position and are well poised for
growth heading into the new year,” said Wade Dawe, Brigus' Chairman and Chief
Executive Officer. “Gold production increased each quarter in 2012, a trend that
will continue into 2013 as we reach annual steady state production levels.”
The Black Fox mill processed 185,727 tonnes of ore at an average grade of
4.04 grams of gold per tonne and an average recovery of 94 percent in the
quarter. Throughput averaged 2,019 tonnes per day.
The Company will release complete fourth quarter and year-end financial and
operational results on March 28, 2013.
2013 OUTLOOK
In 2013, Brigus will fund Black Fox and Grey Fox operations with internally
generated cash flows. Mining operations will continue to be profitable and cash
flow positive as gold production increases. Brigus' production guidance for 2013
is 90,000 to 100,000 ounces and cash costs are anticipated to stabilize in the
range of $700 - $750 per ounce.
Capital costs for 2013 are forecasted as follows; $16 million (M) for
underground development, $13M for open pit capital stripping and overburden
removal, $20M for property plant, equipment and other capital items, and $10.5M
for Grey Fox and Black Fox underground exploration. Capital costs for the
development of the Grey Fox mine will be outlined in the feasibility study
scheduled to be released during the second half of 2013.
The Company remains focused on increasing gold resources at Grey Fox and at
the Black Fox underground mine through targeted exploration drilling which will
continue throughout the year.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value
through a strategy of efficient production, targeted exploration and select
acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in
the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses
the Black Fox Mine and adjoining properties in the Township of Black
River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project
located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona
gold deposits. In Mexico, Brigus has the Ixhuatan Project located in the state
of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell
its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts,
are forward-looking statements that involve risk, uncertainties and other
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. All statements
regarding the ability of the Company to achieve its production, total cash
costs, steady state annual production and mining rate estimates; increase in
gold production; increase in profitability; exploration drill results and
resource additions, are forward-looking statements and estimates that involve
various risks and uncertainties. This forward-looking statements include, or may
be based upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the outcome of legal
proceedings, the issue of permits, the size and quality of the Company's mineral
resources, progress in development of
mineral properties, future production and sales volumes, capital and mine
production costs, demand and market outlook for metals, future metal prices and
treatment and refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially from
these forward-looking statements include environmental risks and other factors
disclosed under the heading “Risk Factors” in Brigus' most recent Annual
Information Form and Management Discussion and Analysis filed under the
Company's name at www.sedar.com and annual report on Form 40-F filed with the
United States Securities and Exchange Commission at www.sec.gov as well as
elsewhere in Brigus' documents filed from time to time with the Toronto Stock
Exchange, the NYSE Amex Equities, the United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking statements
included in this news release are based on information available to the Company
on the date hereof. The Company assumes no obligation to update any
forward-looking statements, except as required by applicable securities laws.
Brigus Gold
Kate Wood, (902) 442-7184
Manager, Investor
Relations
kwood@brigusgold.com
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