Timmins - Montana - Mexico
see Brigus Gold for current activity
  • Demo Video
  • Private Messages
  • Edit My Profile
  • View/Edit Portfolio

AGORACOM News Flash


AGORACOM WIRE - THURSDAY MAY 24TH


LOMIKO METALS - Graphite and Zinc Price Outlook is Favourable Through 2013  Read More 

  • Lomiko owns 100% of the 5,407 Ha Vines Lake Zinc Property and has an agreement to acquire 100% of the Quatre Milles Graphite Property which has recently been expanded to 3,780 Ha.
  • The price for flake graphite is $ 1,500 - 3,000 per tonne depending on flake size and grade.

Lomiko Metals is a *Sponsor  |  Visit the Lomiko Metals HUB 

GRAPHITE: Demand Seen Surging from Fuel Cells, Nuclear Reactors, Graphene Read More on AGORACOM Blog

DISCOVER GRAPHITE FACTS, NEWS AND INVESTMENTS

 Visit AGORACOM Graphite Stocks Blog Visit Blog

2.46 MILLION OUNCES PGM + GOLD - Pacific North West Capital Corp (TSX:PFN) Read More AGORACOM Twitter: On Palladium Equivalent, PFN  has 3.94M ounce M&I resource http://stks.co/3uSb Anglo Platinum a major shareholder *CLIENT

 

 

Message: NR quarterly prod 15796 oz avg cost $625, 750 t/d, merger 6/10..revenue ?

Generic_profile
Rank: [?]
President
Points: [?]
16269
Rating: [?]
Votes: 83 Score: 3.6
  • Currently 3.7/5 Stars.
Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.

NR quarterly prod 15796 oz avg cost $625, 750 t/d, merger 6/10..revenue ?

posted on May 06, 10 12:30PM

Apollo Gold Reports 1

st Quarter Production and

Black Fox Mine Commencing Underground Development

Denver, Colorado

Table One: Black Fox Mine Q1 2010 Production and Sales Highlights

Q1 2010

Ore tonnes mined190,000Total tonnes mined2,062,000Tonnes milled178,000Tonnes per day milled1,978Head grade of ore (gpt)2.7Recovery(%)93Gold produced (oz)14,175Gold sold (oz)15,796

Notes: 1. Tonnes above are rounded to the thousand.

2. Recovery is rounded to the whole number.

Underground Development

Apollo reports that underground development is commencing on schedule this week at Black Fox. Apollo has awarded the Black Fox underground development contract to Cementation Inc., which is mobilizing its crews and equipment from its regional base in North Bay, Ontario to Black Fox. Initial ore production from the underground mine is expected to commence in July of 2010, starting at approximately 100 tonnes per day ("tpd") and rising to approximately 300 tpd by the end of the third quarter of 2010 and to 750 tpd by the end of 2010.

2

Mining of underground ore will be handled by the Company’s own employees while Cementation’s crews will focus on the development work and drifts. The Company has begun hiring experienced underground mine personnel.

Outlook for 2010

Both gold production and grade at Black Fox are expected to progressively increase quarter over quarter throughout 2010, as described in the Company’s March 19, 2010 news release. Gold production for the full year 2010 is estimated at between 90,000 and 100,000 ounces of gold, of which 60% to 65% is expected to be produced in the second half of 2010. Total cash costs per ounce of gold sold are expected to be between $500 and $550 for the full year, with higher ore grade from the open pit, higher ore grade from the underground mine commencing in July, resulting in expected increased production from the mine and lower cash costs in the second half of 2010 compared to the first half of the year.

R. David Russell, President and Chief Executive Officer of Apollo, said, "The Black Fox Mine commenced production in May 2009. During the past year, we have completed the start-up capital expenditures and addressed operational challenges, including grade control issues in the open pit. As a result of actions taken, ore grades and monthly gold production are beginning to increase, and this will directly translate into lower mining costs per ounce and increased production in the quarters ahead."

Pending Business Combination with Linear

Pursuant to a definitive agreement executed by Apollo and Linear Gold Corp. ("Linear"), Apollo and Linear agreed to a business combination (the "Merger") by way of a court approved plan of arrangement to create an emerging Canadian mid-tier gold producer. The Merger is expected to close by the end of June 2010, subject to customary closing conditions, including receipt of all necessary regulatory and respective shareholder approvals.

Contact Information:

Wendy Yang

Phone: 720-886-9656 Ext. 217 Toll Free: 1-877-465-3484

E-mail: ir@apollogold.com Website: www.apollogold.com

About Apollo

Apollo is a growing gold producer that operates the wholly owned Black Fox Mine in Ontario, Canada, which commenced gold production in May 2009. Apollo is also exploring the adjoining Grey Fox and Pike River properties, all in the Timmins gold district in Ontario, Canada, as well as the Huizopa Joint Venture, (80 percent Apollo and 20 percent Minas De Coronado, S. de R.L. de C.V.), an early stage, gold-silver exploration project, approximately 16 kilometers (10 miles) southwest of MineFinders Dolores gold-silver mine, in the Sierra Madres in Chihuahua, Mexico.

About Linear

Linear Gold Corp is a well financed gold exploration and development company committed to maximizing shareholder value through a strategy of mine development, focused exploration, and effective risk management through selective partnerships and acquisitions. Linear's flagship development property located near Uranium City, Saskatchewan, hosts an economic gold deposit and is now in the development stage to become a 70,000 - 90,000 ounce per year gold producer. Linear also holds an extensive and diverse portfolio of mineral projects in the Dominican Republic and Mexico.

; May 5, 2010 – Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG; NYSE Amex: AGT) reports that it sold 15,796 ounces of gold in the first quarter ended March 31, 2010 ("Q1 2010").

During Q1 2010, approximately 2.1 million tonnes, including 190,000 tonnes of ore, was mined from the Black Fox Mine. The Black Fox Mill processed 178,000 tonnes of ore at an average grade of gold of 2.7 grams per tonne ("gpt") for a total gold production of 14,175 ounces. Total cash costs in Q1 2010, which will be reported with the Company’s quarterly financial results on May 10, 2010, are expected to be between US$625 and US$635 per ounce sold.

Commenting on the Black Fox operations, Vice President of Operations Tim G. Smith said, "Mine management and staff have addressed and now better understand the grade control issues, which occurred during 2009 and into January and February 2010. We are now seeing a significant improvement in the grade. The average gold grade at the mill improved to approximately 3.0 gpt in March 2010 and further increased to almost 3.5 gpt in April 2010 and we continue to see the trend of higher grades in May. We are expecting progressively higher gold production for the remainder of 2010. The July start up of underground mining operations is expected to augment production from the open pit with higher grade and higher margin ounces of gold from the underground mine."

New Message

Please login to post a reply

AGORACOM Quick Tips

Testimonials. Members Sure Love AGORACOM! ... Get On The List!

President's D.D.

New feature: Hub Presidents can add important links here.

Stock Quote