Equinox Gold Achieves Commercial Production at the Aurizona Gold Mine
TSX VENTURE: EQX
VANCOUVER, July 2, 2019 /CNW/ - Equinox Gold Corp. (TSX-V: EQX, OTC: EQXFF) ("Equinox Gold" or the "Company") is pleased to announce that commercial production has been achieved at the Company's Aurizona Gold Mine in Brazil effective July 1, 2019.
During the month of June, the Aurizona processing plant operated at an average throughput of approximately 90% of its name-plate capacity of 8,200 tonnes per day, exceeded 90% average recovery and produced more than 7,000 ounces of gold. Gold production is expected to continue to increase through the third and fourth quarters of 2019, with average life-of-mine production estimated at 136,000 ounces per year.
Christian Milau, Equinox Gold's CEO, stated, "Achieving commercial production at Aurizona is a significant milestone, making Equinox Gold a multi-mine producer and bringing us one step closer to our near-term target of having three mines in production in 2020. We are pleased that Aurizona is ramping up quickly and thank our team, contractors and stakeholders in Brazil for their hard work and support."
With commercial production at Aurizona achieved, the final condition pursuant to the previously announced corporate revolving credit facility has been completed and the remaining US$30 million of the total US$130 million has been made available to the Company.
On Behalf of the Board of Equinox Gold Corp.
CEO & Director
About Equinox Gold
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This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements or information in this news release relate to, among other things: the ability of the Company to successfully operate Aurizona; the ability of the Company to successfully operate Mesquite; development and timing of anticipated production at Castle Mountain; and the growth potential of the Company. Forward-looking statements or information generally identified by the use of the words "will", "advancing", "potential", "target", "near-term" and similar expressions and phrases or statements that certain actions, events or results "may", "should", or "be achieved", or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company's current expectations and projections about future events and these assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for gold remaining as estimated; the construction and planned production at Castle Mountain being completed and performed in accordance with current expectations; currency exchange rates remaining as estimated; availability of funds for the Company's projects and future cash requirements; capital, decommissioning and reclamation estimates; the Company's mineral reserve and resource estimates and the assumptions on which they are based; prices for energy inputs, labour, materials, supplies and services; no labour-related disruptions and no unplanned delays or interruptions in scheduled development and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the Company's ability to comply with environmental, health and safety laws. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.
The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, usual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry; and those factors identified in the Company's management information circular dated June 20, 2018 and in its MD&A dated December 31, 2018, which are available on SEDAR at www.sedar.com. Forward-looking statements and information are designed to help readers understand management's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Company assumes no obligation and does not intend to update or to publicly announce the results of any change to any forward-looking statement or information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.