St Andrew Goldfields lifts Q1 output 11% above guidance
TORONTO (miningweekly.com) – TSX-listed St Andrew Goldfields (SAS) has exceeded its first-quarter gold output forecast by 11% for the three months ended March 31, as higher grades boosted production.
However, at 23 727 oz of gold, output for the period was slightly lower compared with the same period of 2014, when the company produced 24 361 oz.
President and CEO Duncan Middlemiss explained that the extra gold produced was attributed to getting higher grades to the mill. Both the company’s Holt and Holloway mines, in the Timmins mining district of north-eastern Ontario, experienced 7% higher head grades than forecast.
SAS expected to produce between 85 000 oz and 95 000 oz of gold from Holt and Holloway this year at an average total cash cost of between $750/oz and $800/oz of gold.
Further, the company expected to achieve commercial production at its Taylor project by the fourth quarter.
Underground development activities had started at the Taylor project during the first quarter, following a development decision in February. The company would spend about C$7-million on the project this year.
SAS reported on Thursday that 243 m of lateral development had been completed at Taylor during the first quarter. The main focus was now to continue the ramp development to access additional mining fronts within the 1004 lens at the West porphyry zone and to develop a second egress for emergency purposes.
All permitting requirements, including the mine production closure plan, were under way.
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