Agnico Eagle Mines Limited Announces Exploration Drilling Results At its Amaruq Gold Project
Aug 19 15
Agnico Eagle Mines Limited announced an update on exploration drilling results at its Amaruq gold project in Nunavut, northern Canada. This rapidly growing deposit remains a focus for the company given its economic potential, partly due to its close proximity to the company’s nearby Meadowbank mine and mill. This update includes an expanded resource estimate for the Whale Tail deposit based on drilling through June 30, 2015. Mineral resources expanded by 35% in the Whale tail deposit - Drilling in the first half of 2015 has resulted in an updated inferred resource estimate of 2.0 million ounces of gold (9.7 million tonnes grading 6.47 grams per tonne (g/t) gold) as of June 30, 2015, representing a 35% increase in gold content compared to the December 31, 2014 estimate Thick, high-grade ore shoot defined in Whale Tail deposit - An open-ended east-plunging high grade ore shoot in the Whale Tail deposit has yielded intersections of 6.7 g/t gold (capped) over 32.3 metres at 284 metres depth (AMQ15-310), and 10.4 g/t gold (capped) over 21.9 metres at 311 metres depth (hole AMQ15-330). Gold mineralization encountered in gap between Mammoth Lake and Whale Tail deposit - Gold mineralization has been found in the gap between the Whale Tail deposit and the eastern part of Mammoth Lake, including 10.8 g/t gold (capped) over 6.9 metres at 132 metres depth (hole AMQ15-351) and 9.3 g/t gold (capped) over 4.2 metres, also at 132 metres depth (hole AMQ15-302). Infill drilling yields multiple intercepts at open pit and underground depths Successful infill and deep exploration drilling in the western part of the Whale Tail deposit confirms multiple high-grade lenses, such as in hole AMQ15-289 with 4.4 g/t gold (capped) over 7.7 metres at 107 metres depth, 10.6 g/t gold (capped) over 5.6 metres at 189 metres depth and 5.9 g/t gold (capped) over 45.0 metres at 253 metres depth including 9.0 g/t gold (capped) over 13.0 metres at 273 metres depth. New prospecting results - An intensive till sampling program is currently underway to cover approximately 2,000 hectares in the area surrounding the known discoveries. The program is confirming previously identified boulder trends and identifying new target areas. Regional reconnaissance prospecting on the entire property has led to the discovery of several new gold-anomalous areas along the belt, outside of the Whale Tail - Mammoth area. Engineering studies and permitting progressing - Engineering and environmental baseline studies are underway to support the permitting process for Amaruq as a potential satellite open pit to the Meadowbank mine.
Agnico Eagle Mines Limited Initiates Phase 2 Drilling at Greyhound Property in Nunavut, Canada
Aug 14 15
Aura Silver Resources Inc. announced that Agnico Eagle Mines Limited has initiated Phase 2 drilling at the company's wholly-owned Greyhound property in Nunavut, Canada. This drilling program will focus on the previously identified gold and silver rich zones around Aura Lake as well as the gold and base metal, copper rich area at the Dingo zone. The program will consist of a planned ten hole program at a minimum of 100 metres per hole with a budget of approximately $500,000. Drilling should be completed by the end of August 2015 or early September 2015.
Agnico Eagle Mines Limited Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Maintains Operating Guidance for the Fiscal 2015 and Revises Capital Expenditure and Depreciation and Amortization Guidance for the Fiscal 2015
Jul 29 15
Agnico Eagle Mines Limited announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company announced revenues from mining operations of $510,109,000 compared to $438,521,000 for the same period a year ago. Income before income and mining taxes was $20,909,000 compared to $33,817,000 for the same period a year ago. Net income for the period was $10,083,000 compared to $22,158,000 for the same period a year ago. Net income per share, basic and diluted was $0.05 compared to $0.12 for the same period a year ago. Cash provided by operating activities was $188,349,000 compared to $182,728,000 for the same period a year ago. Additions to property, plant and mine development was $111,511,000 compared to $115,157,000 for the same period a year ago.
For the six months, the company announced revenues from mining operations of $993,705,000 compared to $930,288,000 for the same period a year ago. Income before income and mining taxes was $77,622,000 compared to $180,535,000 for the same period a year ago. Net income for the period was $38,826,000 compared to $119,303,000 for the same period a year ago. Net income per share, basic and diluted was $0.18 compared to $0.16 for the same period a year ago. Cash provided by operating activities was $331,804,000 compared to $433,124,000 for the same period a year ago. Additions to property, plant and mine development was $194,398,000 compared to $216,617,000 for the same period a year ago.
For the quarter, the company announced payable gold production was 403,678 ounces compared to 326,059 ounces in the second quarter of 2014. The higher level of production in the 2015 period was primarily due to the inclusion of a full quarter of production from Canadian Malartic, increased throughput levels at Goldex, increased mill capacity at Kittila, higher grades at LaRonde and Pinos Altos and increased heap leach stacking at La India and Creston Mascota.
For the six months, payable gold production was 807,888 ounces, compared to payable gold production of 692,480 ounces in the comparable 2014 period.
The company maintained operating guidance for the fiscal 2015 and revised capital expenditure and depreciation and amortization guidance for the fiscal 2015. The company maintained gold production guidance for 2015 at approximately 1.6 million ounces.
For 2015, capital expenditures are expected to total approximately $539 million, representing a $58 million increase from the previously announced figure. The increase is primarily due to additional expenditures for the development of Goldex Deep 1, the Vault pit extension, expansion of the existing Meliadine surface and underground infrastructure, and the sealift of additional equipment for the 2016 Meliadine work program. The company expects depreciation and amortization expense to be in the range of $575 million to $600 million. Previous guidance was $550 million to $575 million. The increase is primarily due to the finalization of the purchase price allocation associated with the Canadian Malartic acquisition.