SAN ANDRES, Honduras, July 13, 2018 (GLOBE NEWSWIRE) -- Aura Minerals Inc. (TSX: ORA ) announces a decrease in its production guidance for its San Andres gold mine. The decrease is directly attributable due to a small number of individuals who have illegally entered the mine site and have been forcefully disrupting the Company from conducting operations in accordance with its life-of-mine plan.
The Company has notified the Union and the Ministry of Labour in Honduras that, as a direct result of this illegal action, the Company has laid-off over 44 employees at the mine, including some senior managers. The Company has suspended all non-vital operations, including agreements with third-party vendors, and will suspend all voluntary payments to the surrounding communities together with other cost and investment reduction initiatives.
Rodrigo Barbosa, the Company’s President and CEO commented, “These individuals are self-interested and do not represent the interests of the local communities. The Patronato, Mayor, Governor and the Community representatives have written official letters in favor of our subsidiary Minosa and requiring the Government to act against the criminals. We are working with local and national authorities to peacefully resolve the situation in a timely manner and expect the Honduran authorities to allow us to safely work within our concession.”
The Company’s updated 2018 gold production guidance for San Andres is a low of 65,000 ounces and a high of 85,000 ounces. There is no change in guidance for the EPP Project. The Company will provide guidance on the updated cash cost per ounce once available.
About Aura Minerals
Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas.
The Company's producing assets include the San Andres gold mine in Honduras and the Ernesto/Pau-a-Pique gold mine in Brazil. The Company’s copper-gold-silver mine in Mexico is being reviewed to re-start and the Company is also conducting an exploration program at its Sao Francisco gold mine in Brazil to determine if a re-start of the mine is feasible. In addition, the Company has two additional gold projects in Brazil, Almas and Matupá, and one gold project in Colombia, Tolda Fria.
Aura Minerals is focused on responsible, sustainable growth and strives to operate to the highest environmental and safety standards and in a socially responsible manner at all of its operations.
Contact Information
For further information, please visit Aura’s web site at www.auraminerals.com , or: contact Aura at:
Ryan Goodman VP, Legal Affairs and Business Development +1-305-239-9332
Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements", as defined in applicable securities laws (collectively, "forward-looking statements") which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the situation at San Andres and any resolution of it and the 2018 gold production guidance at San Andres. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this news release are based upon, without limitation, the following estimates and assumptions: the assistance of local and national Honduran authorities, the presence of and continuity of metals at San Andres at modeled grades; the capacities of various machinery and equipment; the availability of personnel, machinery and equipment at estimated prices; exchange rates; metals and minerals sales prices; appropriate discount rates; tax rates and royalty rates applicable to the mining operations; cash costs; anticipated mining losses and dilution; metals recovery rates, reasonable contingency requirements; political stability in Honduras; future negotiations with unions; and receipt of regulatory approvals on acceptable terms.
Known and unknown risks, uncertainties and other factors, many of which are beyond the Company's ability to predict or control could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, copper and gold or certain other commodity price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements.
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
