VANCOUVER, Jan. 4, 2018 /CNW/ - Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) ("Leagold" or "the Company") announces 2017 gold production at the Los Filos mine in Mexico of 191,195 ounces (oz), achieving the mid-point of guidance of 185,000 to 200,000 oz. During 2017, the gold production rate steadily increased every quarter, with Q4 2017 production of 53,446 oz representing a 12% increase over Q3 2017. Gold sales in 2017 were 194,882 oz (see Table 1).
Since completion of the Los Filos acquisition on April 7, 2017, the mine has produced 145,192 oz of gold. Sales during the same period totalled 152,411 oz.
Leagold ended 2017 with a cash balance of US$54 million. Full financial results and additional operating details will be reported in early March.
Leagold CEO Neil Woodyer commented: "We are pleased to have delivered the mid-point of our 2017 production guidance range, which is the result of progressive operating improvements at Los Filos. We look forward to an exciting 2018 as we start to realize the full benefits of the operational improvements and continue to advance the Bermejal Underground project."
Installation of the agglomerator to improve gold recoveries and extension of the conveyor to enhance ore delivery to the heap leach pad continued, with commencement anticipated in Q1.
In addition, the Bermejal Underground expansion project is proceeding, with the commencement of the exploration portal and ramp in September (see September 25, 2017 news release) and completion of the 56,000-metre drill program in December (see December 12, 2017 news release).
Table 1: Los Filos 2017 Gold Production and Sales
|
Gold Production (oz) |
Gold Sales (oz) |
|||
|
Q1 2017 |
43,885 |
42,471 |
||
|
April 1 – April 7, 2017 |
2,118 |
0 |
||
|
Leagold Ownership (April 8 to June 30, 2017)* |
43,980 |
54,010 |
||
|
Q2 2017 |
46,098 |
54,010 |
||
|
Q3 2017 |
47,766 |
47,263 |
||
|
Q4 2017 |
53,446 |
51,138 |
||
|
2017 total |
191,195 |
194,882 |
||
|
* Leagold acquired the Los Filos mine on April 7, 2017 |
Qualified Persons
Doug Reddy, P.Geo, Leagold's Senior Vice President – Technical Services, is a Qualified Person under NI 43-101, and has reviewed and approved the technical contents of this news release on behalf of Leagold.
About Leagold Mining Corporation
Leagold is building a new mid-tier gold producer with a focus on opportunities in Latin America. Leagold is based in Vancouver, Canada and is listed on the TSX under the trading symbol "LMC" and trades on the OTCQX market as "LMCNF". The 2017 acquisition of the Los Filos Mine, a low-cost gold producer in Mexico, provides an excellent platform for growth.
