|By PR Newswire||
|April 1, 2014 05:16 PM EDT||
Reports Seventh Consecutive Quarter of Record Production
TORONTO, April 1, 2014 /PRNewswire/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announces preliminary first quarter production results. All amounts are in U.S. dollars unless otherwise indicated. (Results for the first quarter 2014 are estimates only and are subject to change.)
AuRico is reporting its seventh consecutive quarter of record production, representing a 10% increase over the prior quarter and a 17% increase over the first quarter of 2013. The solid quarter-over-quarter production growth was driven by increased production from both our cornerstone Young-Davidson mine and the El Chanate mine. Period-over-period production growth is expected to continue going forward, underpinned by the ongoing ramp-up in production at the Young-Davidson mine located in northern Ontario.
Preliminary 2014 First Quarter Operational Results
|Gold Ounces Produced2||28,281||29,252||30,099||33,106||35,095|
|Tonnes mined per day||1,130||1,611||1,417||2,590||2,600|
|Mill processing facility|
|Tonnes processed per day||6,466||7,017||6,747||6,969||7,150|
|Grades (incl. open pit)||1.8||1.7||1.7||2.0||1.8|
|Gold Ounces Produced||17,889||18,751||18,804||16,420||19,110|
|Open Pit tonnes mined per day||106,319||98,928||87,336||98,487||95,800|
|Gold Ounces Produced2||46,170||48,003||48,903||49,526||54,205|
1.Data provided for the first quarter 2014 are estimates only and subject to change
2.Includes pre-production gold ounces from the Young-Davidson underground mine prior to the declaration of commercial production in the underground mine on October 31, 2013.
"We are pleased with the progression of the ramp-up at the Young-Davidson mine, which has underpinned a seventh consecutive quarter of record, company-wide production," stated Scott Perry, President and CEO of AuRico. He continued, "The increase in underground mining rates to 4,000 tonnes per day by the end of 2014 and to an ultimate target of 8,000 tonnes per day in 2016 will continue to drive higher production at lower unit costs."
- During the quarter, the underground mine averaged approximately 2,600 tonnes per day at grades in-line with reserve grade estimates. Underground productivity is expected to increase steadily throughout the remainder of the year to reach a productivity target of 4,000 tonnes per day by the end of the year and an ultimate productivity level of 8,000 tonnes per day at the end of 2016.
- The shaft & hoisting infrastructure was commissioned in October 2013 and will facilitate significant increases in underground productivities and corresponding cost efficiency improvements as the underground mine continues to ramp up to its ultimate productivity levels.
- For the first full quarter of commercial production, underground unit mining costs are in-line with expectations at approximately $45 per tonne, including costs associated with the recently commissioned paste backfill operation. Unit mining costs are expected to decrease steadily throughout the year, corresponding with planned quarter-over-quarter increases in underground productivity. Underground cash costs per ounce in the quarter are expected to be in-line with guidance levels.
- During the quarter underground development advance exceeded planned levels with approximately 3,400 metres completed, an average of 38 metres per day. The Company continues to advance underground development to position the mine for sustainable, period-over-period, productivity increases in 2014 and beyond.
- The mill facility continues to operate at, or above, planned levels and averaged approximately 7,150 tonnes per day during the first quarter. Mill productivity increased in March to average approximately 8,200 tonnes per day following the receipt of an amended permit that increased the daily processing limit to 10,000 tonnes per calendar day. While the mill facility is expected to average between 7,000 and 7,500 tonnes per day in 2014, this increase in throughput will provide considerable flexibility as the underground mine continues ramping up to its target of 8,000 tonnes per day at the end of 2016.
El Chanate Update
- The El Chanate open pit mined an average of approximately 95,800 tonnes per day during the quarter in-line with planned levels.
- Crushing and stacking rates remained in-line with targeted levels.
- Cash costs for the quarter are expected to be at the lower end of guidance.
Upcoming News Flow
The Company expects to issue the following updates during the first half of 2014:
- Q1 2014 Financial Results (May 8)
- Annual General Meeting (May 9)
- Company-Wide Exploration Update (late-May)
Annual General Meeting
AuRico Gold's 2014 Annual General and Special Meeting for shareholders will be held on Friday, May 9, 2014 at 10:00 a.m. Eastern Time, at the TMX Broadcast Centre, 130 King Street West, Toronto, Ontario.
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and projects in North America that have solid production growth and exploration potential. The Company is focused on its core operations including the Young-Davidson gold mine in northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's project pipeline also includes advanced development opportunities in Canada and Mexico. AuRico's head office is located in Toronto, Ontario, Canada.
This press release contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast", "budget" and similar expressions identify forward-looking statements. Forward-looking statements include information as to strategy, plans or future financial or operating performance, such as the Company's expansion plans, project timelines, production plans, projected cash flows or capital expenditures, cost estimates, projected exploration results, reserve and resource estimates and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, including: uncertainty of production and cost estimates; fluctuations in the price of gold and foreign exchange rates; the uncertainty of replacing depleted reserves; the risk that the Young-Davidson shaft will not perform as planned; the risk that mining operations do not meet expectations; the risk that projects will not be developed accordingly to budgets or timelines, changes in laws in Canada, Mexico and other jurisdictions in which the Company may carry on business; risks of obtaining necessary licenses, permits or approvals for operations or projects such as Kemess; disputes over title to properties; the speculative nature of mineral exploration and development; risks related to aboriginal title claims; compliance risks with respect to current and future environmental regulations; disruptions affecting operations; opportunities that may be pursued by the Company; employee relations; availability and costs of mining inputs and labor; the ability to secure capital to execute business plans; volatility of the Company's share price; continuation of the dividend and dividend reinvestment plan; the effect of future financings; litigation; risk of loss due to sabotage and civil disturbances; the values of assets and liabilities based on projected future cash flows; risks arising from derivative instruments or the absence of hedging; adequacy of internal control over financial reporting; changes in credit rating; and the impact of inflation. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economic conditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial markets generally; revenue and cash flow estimates, production levels, development schedules and the associated costs; ability to procure equipment and supplies and on a timely basis; the timing of the receipt of permits and other approvals for projects and operations; the ability to attract and retain skilled employees and contractors for the operations; the accuracy of reserve and resource estimates; the impact of changes in currency exchange rates on costs and results; interest rates; taxation; and ongoing relations with employees and business partners. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE AuRico Gold Inc.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
May. 30, 2015 08:30 AM EDT Reads: 890
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.
May. 30, 2015 08:30 AM EDT Reads: 2,978
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
May. 30, 2015 08:15 AM EDT Reads: 1,061
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
May. 30, 2015 08:00 AM EDT Reads: 1,308
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Malcolm Rieke, the Director of Product Management at Catbird, discussed the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: ...
May. 30, 2015 08:00 AM EDT Reads: 2,830
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are bein...
May. 30, 2015 08:00 AM EDT Reads: 893
Can the spatial component of your Big Data be harnessed and visualized, adding another dimension of power and analytics to your data? In his session at Big Data Expo®, John Meza, Product Engineer and Performance Engineering Team Lead at Esri, discussed the spatial queries that can be used within the Hadoop ecosystem and their integration with GeoSpatial applications. The GIS Tools for Hadoop project was also discussed and its implementation to discover location-based patterns and relationships...
May. 30, 2015 07:30 AM EDT Reads: 3,674
Cloud and Big Data present unique dilemmas: embracing the benefits of these new technologies while maintaining the security of your organization's assets. When an outside party owns, controls and manages your infrastructure and computational resources, how can you be assured that sensitive data remains private and secure? How do you best protect data in mixed use cloud and big data infrastructure sets? Can you still satisfy the full range of reporting, compliance and regulatory requirements? In...
May. 30, 2015 07:00 AM EDT Reads: 4,425
In this scenarios approach Joe Thykattil, Technology Architect & Sales at TimeWarner / Navisite, presented examples that will allow business-savvy professionals to make informed decisions based on a sound business model. This model covered the technology options in detail as well as a financial analysis. The TCO (Total Cost of Ownership) and ROI (Return on Investment) demonstrated how to start, develop and formulate a business case that will allow both small and large scale projects to achieve...
May. 30, 2015 06:30 AM EDT Reads: 3,302
The move to the cloud brings a number of new security challenges, but the application remains your last line of defense. In his session at 15th Cloud Expo, Arthur Hicken, Evangelist at Parasoft, discussed how developers are extremely well-poised to perform tasks critical for securing the application – provided that certain key obstacles are overcome. Arthur Hicken has been involved in automating various practices at Parasoft for almost 20 years. He has worked on projects including database dev...
May. 30, 2015 06:00 AM EDT Reads: 2,935
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at ...
May. 30, 2015 05:30 AM EDT Reads: 4,113
There has been a lot of discussion recently in the DevOps space over whether there is a unique form of DevOps for large enterprises or is it just vendors looking to sell services and tools. In his session at DevOps Summit, Chris Riley, a technologist, discussed whether Enterprise DevOps is a unique species or not. What makes DevOps adoption in the enterprise unique or what doesn’t? Unique or not, what does this mean for adopting DevOps in enterprise size organizations? He also explored differe...
May. 30, 2015 05:30 AM EDT Reads: 3,704
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols like CIFS and NFS continue to lose their relevance, simply relying only on a NAS-based environment creates inefficiencies that hurt productivity and the bottom line. IT wants to implement cloud storage it can purchase a...
May. 30, 2015 04:30 AM EDT Reads: 2,919
The emergence of cloud computing and Big Data warrants a greater role for the PMO to successfully manage enterprise transformation driven by these powerful trends. As the adoption of cloud-based services continues to grow, a governance model is needed to orchestrate enterprise cloud implementations and harness the power of Big Data analytics. In his session at Cloud Expo, Mahesh Singh, President of BigData, Inc., discussed how the Enterprise PMO takes center stage not only in developing the app...
May. 30, 2015 04:30 AM EDT Reads: 2,730
Cloud Foundry open Platform as a Service makes it easy to operate, scale and deploy application for your dedicated cloud environments. It enables developers and operators to be significantly more agile, writing great applications and deliver them in days instead of months. Cloud Foundry takes care of all the infrastructure and network plumbing that you need to build, run and operate your applications and can do this while patching and updating systems and services without any downtime.
May. 30, 2015 04:30 AM EDT Reads: 3,647