|Argonaut Gold Inc. - AR.t produced 108,000 ozs from the El Castillo and La Colorada Mines in 2012.|
Production in 2013 is planned to increase to between 120,000 and 140,000 ounces with cash costs between $630 and $660 per ounce.
On May 14, 2013 the company released Q1 Numbers
Toronto, Ontario - (May 14, 2013) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the first quarter ended March 31, 2013. All dollar amounts are expressed in United States dollars unless otherwise specified.
Argonaut Gold Inc. (“Argonaut Gold” or the “Company”; TSX: AR), announced today that the Company had gold production of 28,907 ounces during the 1st quarter ended March 31, 2013. This included 23,125 ounces at its 100% owned El Castillo Mine (“El Castillo”) located in Durango, Mexico and 5,782 ounces of gold at its 100% owned La Colorada Mine (“La Colorada”) located in Hermosillo, Mexico. Argonaut Gold is continuing its ramp up of production at both operations and we expect production increases as the year progresses. The Company is also pleased to announce an updated resource for the Veta Madre deposit at La Colorada with good expansion potential within the surrounding geologic environment.
Argonaut Gold Inc. (TSX:AR) (“Argonaut”, “Argonaut Gold” or the “Company”) is pleased to announce Company 2013 production guidance, project initiatives and exploration objectives across the Company’s properties throughout the Americas. Production in 2013 is planned to increase to between 120,000 and 140,000 ounces of gold up from 108,000 ounces of gold in 2012. Cash cost of production is also expected to increase slightly to between $630 and $660 per ounce.
The Company is undertaking an aggressive capital expansion program in 2013 which should prepare the Company for further production expansions in 2014 and beyond. This will essentially complete capital expansion programs at both La Colorada and El Castillo until 2015, when we will finalize the remaining 15mm tons of pad capacity at El Castillo.
Exploration drilling totaling 89,000 meters has taken place at Magino, part of this drilling has revealed a new zone.