San Gold Reports 2013 Q1 Production Results
WINNIPEG, MANITOBA -- (Marketwired) -- 04/16/13 -- San Gold
Corporation (TSX:SGR)(OTCQX:SGRCF) today announced preliminary
results of operations at its Rice Lake Mining Complex in Manitoba,
Canada for the quarter ended March 31, 2013.
Q1 Production Highlights
- Gold production of 17,354 ounces.
- Mill production of 156,013 tons.
- Mine production of 143,859 tons.
First Quarter 2013 Preliminary Operating Results
San Gold produced 17,354 ounces of gold in the first quarter. The
operation mined 143,859 tons of ore at an average daily rate of 1,598
tons per day and milled 156,013 tons in the quarter at an average
daily throughput of 1,733 tons per day, similar rates to the first
quarter of 2012. Mill recovery was 91.9% and milled grade was 4.15
grams per tonne.
"Following the recent restructuring, the Company is in the process of
implementing reductions to its operating, capital, corporate
overhead, and exploration costs as well as evaluating investments
that do not directly contribute to the Company's core operations. Our
focus will be to optimize margins per ounce and ensure we are on the
most direct path to achieving free cash flows," said Ian Berzins, San
Gold's President, CEO and Chief Operating Officer. "We anticipate
grade will return to more normalized levels as the year progresses."
The Company expects to produce between 75,000 and 90,000 ounces of
gold in 2013 with cash costs between $800 and $900.
The Company is also pleased to announce that it has received formal
notice from the Manitoba government confirming the renewal of its
mineral operating lease, ML-063, for a second 21-year term from April
1, 2013 to April 1, 2034.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates the Hinge, 007, and Rice Lake mines
near Bissett, Manitoba, approximately 235 kilometres northeast of
Winnipeg, Manitoba, Canada. The Rice Lake Project has a permitted,
modern gold mill currently processing ore at a capacity of 2,500 tons
per day, modern surface infrastructure including a licensed tailings
management facility, and is connected to the Manitoba power grid
system. The Company employs approximately 450 people and is committed
to the highest standards of safety and environmental stewardship. San
Gold is on the Toronto Stock Exchange under the symbol "SGR" and on
the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
This news release includes certain "forward-looking statements". All
statements, other than statements of historical fact included in this
release, including, without limitation, statements regarding forecast
gold production, gold grades, recoveries, cash operating costs,
potential mineralization, mineral resources, mineral reserves,
exploration results, and future plans and objectives of the Company,
are forward-looking statements that involve various risks and
uncertainties. These forward-looking statements include, but are not
limited to, statements with respect to mining and processing of mined
ore, achieving projected recovery rates, anticipated production rates
and mine life, operating efficiencies, costs and expenditures,
changes in mineral resources and conversion of mineral resources to
proven and probable mineral reserves, and other information that is
based on forecasts of future operational or financial results,
estimates of amounts not yet determinable and assumptions of
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects" or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"estimates" or "intends", or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or
be achieved) are not statements of historical fact and may be
"forward-looking statements." Forward-looking statements are subject
to a variety of risks and uncertainties that could cause actual
events or results to differ from those reflected in the
There can be no assurance that forward-looking statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations include, among others, the actual results of
current exploration activities, conclusions of economic evaluations
and changes in project parameters as plans continue to be refined as
well as future prices of precious metals, as well as those factors
discussed in the section entitled "Other MD&A Requirements and
Additional Disclosure and Risk Factors" in the Company's most recent
quarterly Management's Analysis and Discussion ("MD&A"). Although the
Company has attempted to identify important factors that could cause
actual results to differ materially, there may be other factors that
cause results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
San Gold Corporation
President and CEO, Chief Operating Officer
Toll Free: 1 (855) 585-4653
San Gold Corporation
Toll Free: 1 (855) 585-4653
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