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Russian gold producer’s 2012 production ahead of lower guidance

11th January 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Russian Federation-focused junior gold miner White Tiger Gold on Friday reported 2012 production of 18 261 oz of gold, which was slightly ahead of its reduced prior guidance.

White Tiger in December lowered its expected production from 20 000 oz of gold to 18 000 oz.

The company at the time said longer-than-planned leach times based on the metallurgical characteristics of ore stacked in the third and fourth quarters of 2012, underuse of crushers owing to significant rainfall over the summer and faulty pit/crusher scales, resulted in less ore being stacked than expected.

CEO Jim McBurney said the company was, however, on track with the development of Phase 2 of the Savkino mine, which is scheduled to go into production in May.

McBurney in December said he hoped to double production this year.

As a result of the company's ongoing review of its organisational structure, the company's Russian management company White Tiger Gold Management general director Rinat Ismagilov, had assumed direct responsibility for the operations at the Savkino mine.

The company had started a comprehensive review of operations at the Savkino mine, which would be conducted during the first quarter and led by COO Dr Geoffrey Cowley. White Tiger said it would implement recommendations from the review as appropriate and as soon as practicable.

While the TSX-listed company announced on Friday that Cowley has resigned to pursue other interests, he would continue in his role until June. Cowley had been with White Tiger since November 2009. His position would not be filled as part of the company's ongoing efforts to streamline the organisation.

The company has lost nearly 95% of its share value in Toronto in the last year, with a share costing 5 Canadian cents apiece on Friday.

Edited by Creamer Media Reporter

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