Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE Amex: BRD; TSX: BRD) is pleased to provide an operational update for the year to date. Management remains focused on increasing gold production at its Black Fox Mine targeting steady state output of 25,000 ounces per quarter by year-end.
As previously reported on February 21, 2012, significant changes were made to personnel, equipment and mining processes resulting in measurable improvements in the mine’s performance, most notably in underground operations:
- Grades from the underground portion of the mine have materially increased and continue to improve since the beginning of 2012. The average grade of underground ore mined for the first 75 days of 2012 was 5.96 grams per tonne (GPT) compared to 2.99 GPT for the fourth quarter of 2011.
- High-grade tonnage from the underground continues to trend upwards and averaged over 400 tonnes per day (TPD) for the first half of March. TPD from the underground will continue to increase as additional mining faces are opened, providing greater flexibility. There are now 20 mining stopes open, and the team plans to open a total of 30 to enable mining activity in 10 to 12 stopes at all times. Daily tonnage from the underground operation is expected to reach 800 TPD in the third quarter.
- The Company continues to recruit experienced conventional ore raise miners to accommodate selective mining methods as more mining faces are opened.
“We are pleased with progress at the Black Fox Mine year to date,” said Wade Dawe, President and CEO of Brigus. “Ore grades from the underground operation are meeting expectations and underground tonnage is increasing nicely. Dilution has decreased and our geological interpretation of the underground ore body has significantly improved. Gold production from the underground will steadily increase as we open more mining faces.”
|Underground Mining Statistics|
|Period||Average tpd||Average grade|
|March 1st to 15th 2012||400 +||5.29|
Brigus is forecasting gold production of 77,000 to 85,000 ounces for 2012.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus Gold has completed a transaction to sell a 75% interest in the Ixhuatan Project located in the state of Chiapas to Cangold. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the ability of the Company to achieve targeted gold production at its Black Fox Mine, including underground production, are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the issue of permits, the size and quality of the Company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus Gold’s most recent annual report on Form 40-K filed with the United States Securities and Exchange Commission and elsewhere in Brigus Gold’s documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.