- Write by:
-
Thursday, October 8, 2020 - 4:32:41 PM
-
560 Visit
-
Print
Mining News Pro - Nicaragua-focused gold producer Calibre Mining on Wednesday reported strong production results of 45,341 ounces for the third quarter of 2020, with 23,262 ounces coming from its Libertad mine and 22,079 ounces from El Limon mine.
A total of 44,842 ounces were sold during the three-month period, generating an additional $31 million cash for the company. Cash on hand by quarter-end was $56 million.
Due to the impact of the covid-19 pandemic, Calibre revised its 2020 guidance earlier this year to between 110,000 and 125,000 ounces of gold production at total cash costs of between $880 and $920 and all-in sustaining costs (AISC) of between $1,070 and $1,100 an ounce, respectively.
“Production of 45,341 ounces clearly demonstrates the benefits of our ‘Hub-and-Spoke’ operating philosophy,” CEO Russell Ball said in a press release.
“The drilling program has ramped up to fourteen rigs with a focus on targets that could quickly translate into organic growth and free cash flow, given our surplus processing capacity at Libertad.”
In August, Calibre grew its gold production potential by acquiring the remaining 70% interest in the Eastern Borosi project from Iamgold. The project is estimated to contain 4.4 million tonnes of inferred mineral resources averaging 4.93 g/t Au.
“With the consolidation of the Eastern Borosi gold project, which hosts 700,500 ounces of gold, the focus there has shifted from a stand-alone operation that had to carry in excess of $100 million in CAPEX, to considering the Eastern Borosi as the next satellite pit for the Libertad complex,” Ball added.
The company completed its preliminary economic assessment (PEA) for Libertad during the quarter, and it continues to advance the pre-feasibility study for the Pavon project, which is expected for the first quarter of 2021.
Shares of Calibre Mining surged 6.2% by 12:45 p.m. EDT on the Q3 operating results. The company has a market capitalization of approximately C$620.6 million.
Short Link:
https://www.miningnews.ir/En/News/605928
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
No comments have been posted yet ...