Kirkland: Swan Intercepts Likely Mean Growth In Gold Mineral Reserves
Kirkland Lake Gold (TSX, NYSE: KL: ASX: KLA) reports that drillingexploration has resulted in high-grade gold intercepts in the Swan Zone at theFosterville Mine in Australia. This likely will mean additional growth inmineral reserves, the company says. Key intercepts included 191 grams of gold per tonne over 2.6meters, 134 g/t over 13.8 meters and 167 g/t over 3.85 meters. “The new drillresults at Swan are encouraging and point to another solid increase in mineralreserves, at high-grades, when we release our Dec. 31, 2018 mineral reserve andresource estimates,” says Tony Makuch, president and chief executive officer.“We are also very encouraged by the identification of a new mineralizedstructure parallel to Swan, which offers the potential for additional growth inmineral resources with further drilling.” He adds that the company is movingtoward Swan production, having extracted the first ore. “Ramping up productionfrom Swan over the next two years is a key component of our plan to increaseannual production at Fosterville to over 400,000 ounces by 2020,” Makuch says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Alacer Posts 2Q Net Loss, Sees Sulfide Startup In 3Q
Tuesday July 31, 2018 09:18
Alacer GoldCorp. (TSX: ASR; ASX: AQG), which has an 80%interest in the ????pler Gold Mine in Turkey, reports a net loss in the secondquarter, but says a sulfide plant will be started up in the third quarter. The company’s share of second-quarterproduction was 20,158 ounces, down from 25,113 in the same period a year ago.Alacer says the mine’s output declined due to the depletion of oxide ore andthe transition to sulfide ore production. The company lists a net loss of $20.1million for the second quarter, compared to a $22.8 million profit in theyear-ago period, with the turnaround primarily due to special factors thatinclude a foreign-exchange loss and lower income-tax benefits. However, Alacersays it has a net profit of $6.6 million, or 2 cents, for the first half of theyear. Rod Antal, president and chief executive officer, says the companyexpects to start up its sulfide plant on time and about 10% under budget. “Wetcommissioning of the crushing and grinding circuits is under way, with thecrusher tested on oxide ore,” Antal says. “We expect the full oxide circuit tostart processing ore during August. We will then start up the sulfide plantshortly thereafter, meeting our third-quarter schedule.” Earlier this month,Alacer announced an expected increase to 2018 oxide plant production to between110,000 and 130,000 ounces at reduced all-in sustaining costs per oxide ounceof $650 to $700.
By Allen Sykoraof Kitco News; asykora@kitco.com
Guyana Goldfields Posts Profit; Output BelowProjection
Tuesday July 31, 2018 09:18
Guyana Goldfields Inc. (TSX: GUY) reports a second-quarter profit although output was lower thanprojected, with the company earlier this month lowering full-year productionguidance. Net earnings were $1.2 million, or a penny per share. The companysays gold production of 28,250 ounces was below planned levels due to a slower-than-anticipatedramp-up in mining rates, which limited access to higher-grade ore. "Despite a disappointing quarter from both a productionand cost perspective, we remain confident that the second quarter was a resultof short-term operational setbacks and remain comfortable with longer-termforecasts,” says Scott A. Caldwell, president and chief executive officer.“With the equipment and contractor now on site and fully mobilized, our miningrate has already shown an improvement in July with a peak mining rate ofapproximately 63,000 tpd [tonnes per day]. For the month of July, goldproduction is estimated to be 14,000 ounces, which exceeds the monthlyforecast.” Guyana Goldfieldsrevised its 2018 productionguidance to between 175,000 and 185,000 ounces of gold, compared to an originalrange of 190,000 to 210,000. All-in sustaining costs are now seen between $945and $995 per ounce, up from $830 to $880 previously.
By Allen Sykoraof Kitco News; asykora@kitco.com
McEwenMining Posts Net Loss In Second Quarter
Tuesday July 31, 2018 09:18
McEwenMining Inc. (NYSE, TSX: MUX)reports a second-quarter net loss, although output rose. Officials say net cashflow excluding project development costs was $6.3 million, or 2 cents pershare. “A total investment of $26.3 million was made to further our long-termproduction growth plans at the Gold Bar, Black Fox, El Gallo Fenix and LosAzules projects,” the company says. “As a result, our consolidated net loss forQ2 was $5.4 million, or $0.02 per share.” The net loss inthe same period a year ago was $1.7 million, or a penny per share.Gold-equivalent production rose to 47,258 ounces from 32,584 in the same perioda year ago. The company acquired the Black Fox mine in October. Full-yearguidance is 171,000 gold-equivalent ounces.
By Allen Sykoraof Kitco News; asykora@kitco.com
Yamana Gold Observing 15thAnniversary As Public Company
Tuesday July 31, 2018 09:18
Yamana Gold Inc. (TSX: YRI;NYSE: AUY)is celebrating its 15th anniversary Tuesday. The company wentpublic on this day in 2003 with an initial portfolio that included the Chapadaproject in Brazil, which was brought into production in 2007. The company hasgrown over the years and now has seven mines in Brazil, Argentina, Chile andCanada, turning out not only gold but also silver and copper. Yamanaexpects to produce over 1.1 million gold-equivalent ounces and 120 pounds ofcopper this year. “In 2003, we had a vision to create a significant anddominant intermediate gold company that focused on high-quality assets in moreprominent and higher-quality mining jurisdictions in North and South Americamostly to deliver better value with lower risk,” says Peter Marrone, chairmanand chief executive officer, adding that “we have achieved these objectivesplus much more.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.