WINNIPEG, MANITOBA--(Marketwired - Oct 16, 2013) - San Gold
Corporation (TSX:SGR)(OTCQX:SGRCF) today announced preliminary
results of operations at its Rice Lake Mining Complex in Manitoba,
Canada for the quarter ended September 30, 2013.
Third Quarter 2013 Production Highlights
- Gold production of 20,220 ounces.
- Mill production of 175,311 tons.
- Mine production of 167,937 tons.
Third Quarter 2013 Preliminary Operating
Results
The Company produced 20,220 ounces of gold in the third quarter,
bringing total production for the first nine months of the year to
60,100 ounces. The operation milled 175,311 tons in the quarter at
an average daily throughput of 1,906 tons per day and mined 167,937
tons of ore at an average daily rate of 1,825 tons per day. Mill
recovery was 93.3% and milled grade was 4.24 grams per tonne. The
Company ended the quarter with approximately 7,800 tons in surface
stockpiles.
"We are continuing to make excellent progress toward optimizing
the Rice Lake Project and driving down our overall spend. For the
second consecutive quarter, the Company has met or exceeded
production targets while focusing on capital and operating
expenditures with the best payback. The Company will enjoy greater
operational flexibility going forward as capital development on 16
Level has now crossed the down-dip extension of the Hinge zone and
we accelerate development towards the down-dip extension of the 007
zone. Our surface exploration commitments for the year have been
largely completed. Expenditure on property, plant and equipment has
been successfully reduced without compromise to the execution of
our plan," said Ian Berzins, San Gold's President, CEO and Chief
Operating Officer.
The Company expects to achieve its production guidance and is
tracking towards production of between 75,000 and 85,000 ounces of
gold in 2013.
2013 Q3 Financial Results Conference Call
The Company's senior management plans to host a conference call
on November 13, 2013 at 11:00 am Eastern Time to discuss the 2013
third quarter financial results and to provide an update of the
Company's operating, exploration, and development activities.
Participants may join the conference call by dialing 1 (866)
225-0198 or 1 (416) 340-8061 for participants outside of Canada and
the United States. The conference call will also be available by
webcast on the Company's website at www.sangold.ca.
A recorded playback of the conference call can be accessed after
the event until November 29, 2013 by dialing 1 (800) 408-3053 or 1
(905) 694-9451 for calls outside Canada and the United States. The
pass code for the conference call playback is 8568217. The archived
audio webcast will also be available on the Company's website at
www.sangold.ca.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates the Rice Lake Mining Complex near
Bissett, Manitoba. The Company employs more than 420 people and is
committed to the highest standards of safety and environmental
stewardship. San Gold is on the Toronto Stock Exchange under the
symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit
www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release includes certain "forward-looking
statements". All statements, other than statements of historical
fact included in this release, including, without limitation,
statements regarding forecast gold production, gold grades,
recoveries, cash operating costs, potential mineralization, mineral
resources, mineral reserves, exploration results, and future plans
and objectives of the Company, are forward-looking statements that
involve various risks and uncertainties. These forward-looking
statements include, but are not limited to, statements with respect
to mining and processing of mined ore, achieving projected recovery
rates, anticipated production rates and mine life, operating
efficiencies, costs and expenditures, changes in mineral resources
and conversion of mineral resources to proven and probable mineral
reserves, and other information that is based on forecasts of
future operational or financial results, estimates of amounts not
yet determinable and assumptions of management.
Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements." Forward-looking statements
are subject to a variety of risks and uncertainties that could
cause actual events or results to differ from those reflected in
the forward-looking statements.
There can be no assurance that forward-looking statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include, among others,
the actual results of current exploration activities, conclusions
of economic evaluations and changes in project parameters as plans
continue to be refined as well as future prices of precious metals,
as well as those factors discussed in the section entitled "Other
MD&A Requirements and Additional Disclosure and Risk Factors"
in the Company's most recent quarterly Management's Analysis and
Discussion ("MD&A"). Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.