Brigus Gold Hits 2012 Production Target
Brigus Gold Corp. ('Brigus? or the 'Company?)(NYSE MKT: BRD; TSX: BRD)
is pleased to announce record production levels of 22,672 gold ounces in
the fourth quarter of 2012. The Company finished the year within the
guidance set on February 21, 2012 of 77,000 ? 85,000 ounces with a total
of 77,374 ounces.
'We finished the year in a very strong position and are well poised for
growth heading into the new year,? said Wade Dawe, Brigus′ Chairman and
Chief Executive Officer. 'Gold production increased each quarter in
2012, a trend that will continue into 2013 as we reach annual steady
state production levels.?
The Black Fox mill processed 185,727 tonnes of ore at an average grade
of 4.04 grams of gold per tonne and an average recovery of 94 percent in
the quarter. Throughput averaged 2,019 tonnes per day.
The Company will release complete fourth quarter and year-end financial
and operational results on March 28, 2013.
2013 OUTLOOK
In 2013, Brigus will fund Black Fox and Grey Fox operations with
internally generated cash flows. Mining operations will continue to be
profitable and cash flow positive as gold production increases. Brigus′
production guidance for 2013 is 90,000 to 100,000 ounces and cash costs
are anticipated to stabilize in the range of $700 - $750 per ounce.
Capital costs for 2013 are forecasted as follows; $16 million (M) for
underground development, $13M for open pit capital stripping and
overburden removal, $20M for property plant, equipment and other capital
items, and $10.5M for Grey Fox and Black Fox underground exploration.
Capital costs for the development of the Grey Fox mine will be outlined
in the feasibility study scheduled to be released during the second half
of 2013.
The Company remains focused on increasing gold resources at Grey Fox and
at the Black Fox underground mine through targeted exploration drilling
which will continue throughout the year.
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 the 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; 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 40-F 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
Kate Wood, (902) 442-7184
Manager, Investor
Relations
kwood@brigusgold.com
