Brigus Gold is on Track to Hit Q2 Production Target
(NYSE Amex: BRD; TSX: BRD) ? Brigus Gold Corp. ('Brigus? or the
'Company?) is pleased to announce that it produced 7,088 ounces of gold
at an average grade of 3.66 grams per tonne (gpt) in April, putting the
company on track to meet its second quarter guidance of 18,000 to 21,000
ounces of gold.
? | ? | ? | ? | ? | ? | ? | ? | ||||
Month | ? | ? | ? | Ounces Produced | ? | ? | ? | Average Grade | |||
January | ? | ? | ? | 5,128 | ? | ? | ? | 2.81 | |||
February | ? | ? | ? | 4,842 | ? | ? | ? | 2.72 | |||
March | ? | ? | ? | 6,952 | ? | ? | ? | 3.55 | |||
April | ? | ? | ? | 7,088 | ? | ? | ? | 3.66 | |||
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'We are pleased with production growth at our Black Fox Mine,? said Wade
Dawe, Brigus′ President and CEO. 'Current production levels put us on
track to meet the upper range of our guidance for the second quarter.?
Production from the underground mine will steadily increase through the
year as the Company adds additional mining faces and development
progresses towards larger ore zones at depth.
The open pit is performing well, grades are rising as the Company mines
deeper into Phase 2, and the operating strip ratio continues to decline.
The mill processed 62,452 tonnes of ore at an average grade of 3.66 gpt
and an average recovery of 96.5% in April.
Costs are expected to be lower than originally forecasted for the first
quarter of 2012 and will continue on this trend in the second quarter.
OUTLOOK
Brigus continues to forecast gold production of 77,000 to 85,000 ounces
for 2012:
? | ? | ? | ? | ? | ? | ? | ? | ? | ? | ? | |||||
2012 | ? | ? | ? | Low | ? | ? | ? | High | ? | ? | ? | Actual | |||
Q1 | ? | ? | ? | 15,500 | ? | ? | ? | 17,000 | ? | ? | ? | 16,922 | |||
Q2 | ? | ? | ? | 18,000 | ? | ? | ? | 21,000 | ? | ? | ? | ? | |||
Q3 | ? | ? | ? | 21,500 | ? | ? | ? | 23,000 | ? | ? | ? | ? | |||
Q4 | ? | ? | ? | 22,000 | ? | ? | ? | 24,000 | ? | ? | ? | ? | |||
Total | ? | ? | ? | 77,000 | ? | ? | ? | 85,000 | ? | ? | ? | ? | |||
? |
Cash costs are targeted at $775 - $825 per ounce for the year, declining
to approximately $700 per ounce at steady state production levels of
104,000 ounces per year in 2013.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder
value through a strategy of efficient production, targeted exploration
and select acquisitions. The Company operates the wholly owned Black Fox
Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black
Fox Complex encompasses the Black Fox Mine and adjoining properties in
the Township of Black River-Matheson, Ontario, Canada. Brigus is also
advancing the Goldfields Project located near Uranium City,
Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In
Mexico, Brigus has granted Cangold Limited the option to acquire a 75%
interest in the Company′s Ixhuatan Project located in the state of
Chiapas. In the Dominican Republic, Brigus has signed an agreement to
sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical
facts, are forward-looking statements that involve risk, uncertainties
and other factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements. All
statements regarding the ability of the Company to achieve its
production, total cash costs, steady state annual production and mining
rate estimates; estimated average gold grades for the open pit and
underground operations; increase in gold production; increase in
profitability; exploration drill results and resource additions, are
forward-looking statements and estimates that involve various risks and
uncertainties. This forward-looking statements include, or may be based
upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the outcome of legal
proceedings, the issue of permits, the size and quality of the Company's
mineral resources, progress in development of mineral properties, future
production and sales volumes, capital and mine production costs, demand
and market outlook for metals, future metal prices and treatment and
refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially
from these forward-looking statements include environmental risks and
other factors disclosed under the heading 'Risk Factors? in Brigus′ most
recent Annual Information Form and Management Discussion and Analysis
filed under the Company′s name at www.sedar.com
and annual report on Form 40F filed with the United States Securities
and Exchange Commission at www.sec.gov
as well as elsewhere in Brigus′ documents filed from time to time with
the Toronto Stock Exchange, the NYSE Amex Equities, the United States
Securities and Exchange Commission and other regulatory authorities. All
forward-looking statements included in this news release are based on
information available to the Company on the date hereof. The Company
assumes no obligation to update any forward-looking statements, except
as required by applicable securities laws.
Brigus Gold Corp.
Jennifer Nicholson, CA, (902) 442-7186
Executive
Vice President
jnicholson@brigusgold.com
or
Katherine
Burgess, (902) 442-7184
Manager, Stakeholder Relations
kburgess@brigusgold.com