Sacre-Coeur Minerals Announces Year to Date Alluvial Gold Production Figures: 756.6 tr oz Au / CAD $1.206 m Gross Receipts
SACRE-COEUR MINERALS, LTD. (the 'Company?) announced today
through the end of July it has produced and sold 756.6 tr oz Au from its
alluvial mining program in 2012. This production represents the output
from 28 calendar weeks of operation, as work did not resume after the
year-end shut-down until the week of January 22, 2012.
During the 28 week operating period, mining operations experienced a
total operating availability of 62%, including moves & setups, as well
as mechanical interruptions for 121.5 actual production days of 20
operating hours, thus averaging 6.23 tr oz Au per actual production day
for the year to date. Alluvial operations have continued to improve
significantly in all respects. For the month of July 2012 alone, 233.6
tr oz Au was produced and sold with an operating availability improving
slightly to 64% and gold production per actual production day rising to
11.82 tr oz / 24 hr production day. Due to process improvements and a
good 'pay zone?, production in August to date has continued to increase
with production for the most recent two days reported rising to an
estimated 30 ounces for the two days.
Average gold price realized by the Company for year to date sales was US
$1,637.43 per ounce. Average fineness (purity) of gold sold year to date
was 95.6% (956 fine Au). Total gross revenue received on gold sales year
to date was CAD $1.206 million computed at GYD $198 : CAD $1.00. Total
net revenue received on gold sales year to date net of royalty, tax, and
sample fees was CAD $1.122 million. All gold produced by the Company is
sold to the Guyana Gold Board. Pricing is set at the London PM fix on
the date of delivery.
Cash operating costs of alluvial operations, including allocations for
camp and logistical costs related to alluvial mining, totalled USD
$0.497million for the 28 week YTD period or $656.90 per ounce produced
and sold. For July 2012, cash operating costs dropped substantially to
$319.76 per ounce produced and sold, owing to the significant increase
in gold production against a relatively fixed periodic operating cost.
Total cash production costs for the 28 week YTD period was USD
$0.581million or $768.52 per ounce produced and sold. For July 2012,
total cash production costs, inclusive of royalties, sales tax , and
other non-operating costs, dropped to USD $438.54 per ounce produced and
sold.
We are very pleased that our alluvial operations have continued to
improve over time to now become a significant and reliable contributor
of working capital. With achievement of demonstrated production and cost
performance from the Company′s initial single production unit, we can
now proceed with confidence to plan for expansion of this secondary, but
important contributor to the Company′s growth path while we pursue our
principal goal of near term hard-rock gold production.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration, development, and
production of properties for gold, metals and diamonds in South America,
initially focussing on exploration and production of gold from its
properties in Guyana. The Company presently holds 100% interest in
approximately 850 sq. km of mineral properties in Guyana, including the
Million Mountain Property which hosts an NI 43-101 compliant hard-rock
resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278
tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au
combined. The Company has offices in Vancouver, Canada and Georgetown,
Guyana. More information about the Company is available at <www.scminerals.com>.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR
MINERALS, LTD.
'Gregory B. Sparks?
Gregory B.
Sparks, P. Eng.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release may contain 'forward-looking statements? within the
meaning of the United States Private Securities Litigation Reform Act of
1995 or 'forward-looking information? within the meaning of applicable
Canadian securities laws, which we will refer to as 'forward-looking
information?. Often, but not always, forward-looking information can be
identified by the use of words such as 'plans?, 'expects?, 'is
expected?, 'budget?, 'scheduled?, 'estimates?, 'forecasts?, 'intends?,
'anticipates? or 'believes? or the negatives thereof or variations of
such words and phrases or statements that certain actions, events or
results 'may?, 'could?, 'would?, 'might? or 'will? be taken, occur or be
achieved. Forward-looking information includes, but is not limited to,
statements pertaining to development activities, commissioning of
environmental studies, application for necessary permits for production
operations, metallurgical studies, commissioning of a third party
feasibility study, arrangement of financing for development, formal
production decisions, business combinations.
We can give no assurance that the forward-looking information will prove
to be accurate. Forward-looking information by its nature is based on
assumptions and involves known and unknown risks, uncertainties and
other factors, including those discussed in the Company′s quarterly and
annual management discussion and analysis, which are available at www.sedar.com
under the Company′s profile, any of which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking information. The forward-looking
information is based on a number of assumptions that management believes
are reasonable, including but not limited to assumptions about; the
price of gold; the financial condition of the Company; anticipated costs
and expenditures; estimated production; mineral resources or reserves;
and metallurgical recoveries; general business conditions; and the
ability to achieve our goals. The forward-looking information is also
subject to certain risks, uncertainties and other factors associated
with our business, including but not limited to: gold price volatility;
risks of not meeting production and cost targets; discrepancies between
actual and estimated production; mineral reserves and resources and
metallurgical recoveries; mining operational and development risk;
litigation risks; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign investment and
operating in foreign countries; currency fluctuations; speculative
nature of gold exploration; global economic climate; dilution; share
price volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as well
as those factors discussed in the Company′s quarterly and annual
management discussion and analysis. Should underlying assumptions prove
incorrect, or should one or more of the risks, uncertainties or other
factors materialize, actual results may vary materially from those
expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand
management′s current views of our near and longer term prospects, and it
may not be appropriate for other purposes. Forward-looking information
is based on the reasonable beliefs, estimates and opinions of management
at the date the statements are made and is subject to change without
notice. These factors should be carefully considered and viewers are
cautioned not to place undue reliance on forward-looking information,
which speaks only as of the date of this news release. We will not
necessarily update this information unless we are required to by
applicable securities laws.
Sacre-Coeur Minerals, Ltd.
Gregory Sparks, President and CEO
Email:
greg@scminerals.com
Phone:
604-899-0100
Fax: 604-899-0200
or
Don Mosher-B&D Capital,
Corporate Consultant
Email: don@scminerals.com
Phone:
604-899-0100
Mobile: 604-617-5448
Fax: 604-899-0200
