BRD Brigus Gold Corp. .87 Brigus is pleased t
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BRD – Brigus Gold Corp. .87
Brigus 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
“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.
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