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(This is an abridged version of the release. For the full version click here)
Vancouver, January 21, 2019 - Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) ("Leagold" or the "Company") announces 2019 production guidance of between 380,000 to 420,000 ounces (oz) at all-in sustaining costs (AISC) of between $920 to $970 per oz, as outlined in Table 1. Leagold also announces the current tabulation of its Proven and Probable gold reserves of 7.1 million ounces (Moz); see Table 2.
Table 1: 2019 Gold Production and Cost Guidance
|Mine||2019 Gold Production|
Guidance (oz gold)1
|2019 Sustaining Capital|
|Los Filos||200,000 to 220,000||925 to 975||14|
|RDM||72,000 to 80,000||900 to 950||5|
|Fazenda||63,000 to 70,000||900 to 950||9|
|Pilar||45,000 to 50,000||950 to 1,000||7|
|Total||380,000 to 420,000||920 to 970||35|
1. Guidance is provided by Leagold.
2. AISC is a non-GAAP measure. See AISC in the Cautionary Note.
Leagold CEO Neil Woodyer stated: "Leagold's 2019 guidance range incorporates our first full year of contributions from the three mines in Brazil that we acquired in May 2018. It also reflects the return to normalized recoveries and steady state operations at Los Filos, but does not include the recently announced expansion opportunities at Los Filos. We also caution that our production guidance for the RDM mine is based on a full year of operations, as the benefits of the water storage facilities and water use reduction programs are implemented; however, in each of its previous operating years, RDM has experienced temporary shutdowns due to insufficient water supply.
"Our 2019 outlook benefits from the many operational improvements being implemented at each site. Looking ahead, we see significant upside in the long-term production profile of the company from the restart of Santa Luz and the expansion at Los Filos, which, once financed and constructed, have the capacity to take our consolidated production to +700,000 oz per year."
Table 2: Proven and Probable Reserves
|Mine/Project||Proven||Probable||Proven and Probable|
|Tonnes (kt)||Grade (g/t)||Contained gold (koz)||Tonnes (kt)||Grade (g/t)||Contained gold (koz)||Tonnes (kt)||Grade (g/t)||Contained gold (koz)|
|Total Proven and Probable||2,389||4,721||7,110|