Thanks to improved operations at its half-owned Sleeping Giant and Beaufor gold mines in Quebec’s Abitibi region, Aurizon Mines (ARZ-T) has posted record gold production for the first three quarters of 1998.
For the nine months ended Sept. 30, 1998, Aurizon’s share of production totalled 41,118 oz., exceeding its annual gold production record of 39,668 oz. set in 1997.
Gold production for 1998 is now expected to exceed 55,000 oz., 39% higher than 1997 and 17% higher than the originally forecast 47,000 oz.
At 16,006 oz., Aurizon’s third-quarter gold production was also a record, exceeding the previous record of 13,088 oz., set in the previous quarter.
This year’s third-quarter cash-operating costs are expected to fall below US$200 per oz. at both mines, while the costs for 1998 are expected to be less than US$210 per oz., generating an operating cash flow of about $6 million (or 16 cents per share) for the year.
At Aurizon’s Casa Berardi project, a 50,000-metre drilling campaign is under way. Six rigs are in operation: three at surface and three underground in the West Mine area. Drilling is expected to continue until the first quarter of 1999.
The objective of the exploration program at Casa Berardi is to define sufficient resources to resume commercial production at historic levels of 80,000-100,000 oz. gold annually.
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