Toronto, Ontario
- October 4, 2016 - Roxgold Inc. ('Roxgold' or the 'Company') (TSX.V: ROG) is pleased to announce that gold production totaled 32,987 ounces for the third quarter of 2016 and declares that commercial production at the Yaramoko gold mine in Burkina Faso has been achieved effective October 1, 2016.
'We are pleased to have reached yet another significant milestone at Yaramoko and look forward to continuing our track record of meeting expectations and to a bright future. Total gold production at Yaramoko reached 47,469 ounces at an average mill feed grade of 15.6 grams per tonne as of September 30, 2016,' commented John Dorward, Roxgold's President and CEO. 'Bringing Yaramoko into production ahead of schedule and under budget is an achievement we can all be proud of, and I want to thank Roxgold's employees and contractors for their continuing hard work and dedication.'
Key Production Metrics as of September 30, 2016
|
May
|
June
|
July
|
August
|
September
|
YTD Total
|
|
Total Development
|
(metres)
|
545
|
589
|
562
|
664
|
558
|
4,802*
|
|
Ore Mined
|
(tonnes)
|
10,500
|
11,767
|
13,371
|
16,459
|
19,438
|
71,535
|
|
Milled
|
(tonnes)
|
18,631
|
21,708
|
20,760
|
19,845
|
20,271
|
101,215
|
|
Head Grade
|
(g/t Au)
|
11.6
|
14.9
|
15.7
|
19.4
|
15.8
|
15.6
|
|
Gold Recovery
|
(%)
|
97.2
|
97.7
|
98.7
|
99.1
|
98.5
|
98.3
|
|
Mill Operating Time
|
(%)
|
74.9
|
98.6
|
98.0
|
96.7
|
96.0
|
96.5
|
|
Gold Poured
|
(ounces)
|
2,082
|
12,400
|
10,538
|
10,733
|
11,716
|
47,469
|
|
Gold Sold
|
(ounces)
|
-
|
8,250
|
9,807
|
12,739
|
12,048
|
42,844
|
*Year-to-date development meters includes development achieved during the pre-commissioning period.
From July 1, 2016 to September 30, 2016, the Yaramoko gold mine produced 32,987 ounces of gold. During the same period, 34,594 ounces were sold at an average realized price of US$1,334 per ounce.
The second stope (MD_5219-53) was extracted successfully in September 2016. This double height stope remained stable and dilution, at 17.9%, was below the Feasibility Study assumption of 20.5%. The first stope (MD_5219-38) has been filled with cemented rock fill in preparation for the extraction of the adjoining stope. Roxgold is encouraged by the efficiency with which stoping operations have been established at Yaramoko.
As a result of the successful mining and extraction rates achieved since commencing stoping in August and September 2016, together with high processing plant availabilities and gold recoveries above Feasibility Study assumptions, the Company's Yaramoko gold mine has achieved commercial production effective October 1, 2016.
Following the declaration of commercial production, the Company's operations team will continue to focus on optimising mine productivity to potentially take advantage of upside in mill throughput.
Qualified Persons
Paul Criddle, FAUSIMM, Chief Operating Officer for Roxgold Inc., and Craig Richards P. Eng, Principal Mining Engineer for Roxgold Inc., are Qualified Persons within the meaning of National Instrument 43-101, and have verified and approved the technical data disclosed in this press release.
About Roxgold
Roxgold is a gold mining company with its key asset, the high grade Yaramoko Gold Mine, located in the Houndé greenstone region of Burkina Faso, West Africa. Roxgold trades on the TSX Venture Exchange under the symbol ROG and as part of the Nasdaq International Designation program with the symbol OTC: ROGFF.
FOR MORE INFORMATION:
Tania Shaw
Director, Investor Relations & Communications
416-203-6401
[email protected]
'Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.'
These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as 'anticipates', 'believes', 'could', 'estimates', 'expects', 'may', 'shall', 'will', or 'would'. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, including the approval of the TSX Venture Exchange for the balance of the AUMS Mining Contract Option, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.