AuRico Gold Reports Commercial Production has Resumed at El Cubo
By Aurico Gold Inc., PRNESunday, July 10, 2011
TORONTO, July 11, 2011 -
AuRico Gold Inc. (TSX:AUQ) (NYSE: AUQ), (”AuRico” or “the
Company”) is pleased to announce that commercial production resumed
today at its wholly-owned El Cubo mine, located in Guanajuato
State, Mexico.
“This is a significant milestone for AuRico as production from
El Cubo represents the third source of production for the Company.
With the completion of the multi-year operational optimization
program that we began in 2008, we expect to realize ongoing
productivity enhancements at El Cubo going forward,” stated René
Marion, President and Chief Executive Officer. “With three mines
now contributing to our production profile, AuRico is one of the
fastest growing mid-tier precious metal producers in the
industry.”
El Cubo Highlights
- Production at the Los Torres processing facility resumed July
11th - Mining rates averaged 1,108 tonnes per day in June,
significantly ahead of planned rates - Over 75,000 tonnes of ore stockpiled ahead of the mill for
processing as of July 10th - Development toward the Dolores - Capulin discovery commenced
May 1st - Long-hole stope drilling commenced in June and capacity will be
further increased with the mid-July delivery of the first of two
new drill rigs purchased. Long-hole stoping conversion is expected
to lead to greater productivity, lower dilution and decreased costs
as demonstrated Ocampo. - Exploration program to resume in Q3, with immediate follow-up
drilling on the Dolores - Capulin discovery
About AuRico Gold
AuRico Gold is a leading intermediate Canadian gold and silver
producer with a diversified portfolio of high quality mines and
projects in Mexico. The Company’s three wholly-owned operating
properties include the Ocampo mine in Chihuahua State, the El
Chanate mine in Sonora State and the El Cubo mine in Guanajuato
State. Its strong pipeline of development and exploration stage
projects include the Guadalupe y Calvo advanced development
property in Chihuahua State and the Orion advanced development
property in Nayarit State, along with six exploration properties
throughout Mexico. AuRico’s head office is located in Toronto,
Ontario, Canada.
Cautionary Statement
Cautionary Note to US Investors - The United
States Securities and Exchange Commission permits US mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally
extract or produce. This press release uses certain terms, such as
“measured”, “indicated” and “inferred” “resources,” that the SEC
guidelines strictly prohibit US registered companies from including
in their filings with the SEC. US Investors are urged to consider
closely the disclosure in AuRico Gold’s Annual Report on Form 40-F,
which may be secured from AuRico Gold, or from the SEC’s website
at
.
No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Certain statements included herein,
including information as to the future financial or operating
performance of the Company, its subsidiaries and its projects,
constitute forward-looking statements. The words “believe”,
“expect”, “anticipate”, “target”, “continue”, “estimate”, “may”,
and similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, statements
regarding the grades of additional underground and surface drilling
programs at El Chanate, the ability to delineate additional
measured and indicated resources or reserves as a result, the
suitability of targets for future open pit mining at El Chanate,
anticipated future financial and operational performance, the
future price of gold and silver, the timing of re-commissioning and
re-commencement of production at El Cubo, the de-risking of
operations, future exploration results of its exploration and
development program at El Chanate and the success of the Company’s
exploration approach, the Company’s ability to delineate additional
resources and reserves as a result of such program, and the
company’s ability to mine such targets by mid-2011, statements
regarding its financial exposure to litigation, targets, estimates
and assumptions in respect of gold and silver production and
prices, operating costs, results and capital expenditures, mineral
reserves and mineral resources and anticipated grades, recovery
rates, future financial or operating performance, margins,
operating and exploration expenditures, costs and timing of
completion of the Ocampo expansion program and improvements to the
heap leach pad, costs and timing of the development and
commencement of production of new deposits, costs and timing of
construction, costs and timing of future exploration and
reclamation expenses including, anticipated 2011 results, operating
performance projections for 2011, our ability to fully fund our
business model internally, 2011 gold and silver production and the
cash and operating costs associated therewith, the ability to
achieve productivity and operational efficiencies, and the timing
of each thereof. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. Many factors could cause the Company’s actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Such factors include, among others, known and unknown uncertainties
and risks relating to additional funding requirements, reserve and
resource estimates, commodity prices, hedging activities,
exploration, development and operating risks, illegal miners,
political and foreign risk, uninsurable risks, competition, limited
mining operations, production risks, environmental regulation and
liability, government regulation, currency fluctuations, recent
losses and write-downs, restrictions in the Company’s loan
facility, dependence on key employees, possible variations of ore
grade or recovery rates, failure of plant, equipment or process to
operate as anticipated, accidents and labour disputes. Investors
are cautioned that forward-looking statements are not guarantees of
future performance and, accordingly, investors are cautioned not to
put undue reliance on forward-looking statements due to the
inherent uncertainty therein.
Image with caption: “Production at the Los Torres processing
facility resumed July 11th (CNW Group/AuRico Gold Inc.)”. Image
available at:
photos.newswire.ca/images/download/20110711_C4545_PHOTO_EN_01.jpg
For further information:
For further information please visit the AuRico
Gold website at
contact:
René Marion
President & Chief Executive Officer
AuRico Gold Inc.
+1-647-260-8880
Anne Day
Director of Investor Relations
AuRico Gold Inc.
+1-647-260-8880
.
Tags: Aurico Gold Inc., canada, July 11, mexico, Toronto
