Gold producers with higher ounces for Q3
by Greg Klein
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With third quarter results rolling in, some miners are competing with each other to announce record-high gold ounces for their companies. Here’s a look at five companies that released Q3 production numbers on October 9.
Q3 marked a record 32,137 gold ounces for Avion Gold’s TSX:AVR Tabakoto open-pit and underground operation in Mali. That’s an increase from 28,640 ounces in Q2 and the third consecutive quarterly record. The company now expects to exceed its 2012 guidance of 95,000 to 102,000 ounces. Avion produced 91,200 ounces in 2011.
Avion holds an 80% interest in Tabakoto. The company emphasizes that its southern Mali operation had uninterrupted production despite the sectarian violence centred in the country’s north following a March 22 military coup.
The company closed October 9 at $0.88, two cents above the day’s opening price. With a market cap of $390.71 million, Avion’s 52-week high and low are $2.31 and $0.41.
Another Q3 record-setter, St Andrew Goldfields TSX:SAS reported 25,742 gold ounces from three mines in Ontario’s Timmins Mining District. The Q2 total was 23,106 ounces. Q3’s breakdown comes to 13,147 ounces from the Holt underground mine, 5,408 ounces from the Holloway underground mine and 7,187 ounces from the Hislop open pit. All three share the Holt Mill.
Last month the company re-filed documents on Sedar to correct an overstatement of the inferred category for Holt and Holloway. The corrected estimate for Holt shows 1.09 million ounces measured and indicated, and 229,000 ounces inferred. The measured and indicated numbers include proven and probable reserves of 415,000 ounces. Holloway’s corrected estimate shows 110,000 ounces measured and indicated, and 452,000 inferred. M&I includes proven and probable reserves of 31,000 ounces. These figures correct an overstatement of 665,000 inferred ounces for Holt and 44,000 inferred ounces for Holloway.
Nevertheless the company maintains it’s on track to meet 2012 guidance totalling between 90,000 and 100,000 ounces for all three mines.
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