From the explosives manufacturing, ore extraction and metal and mineral recovery to effluents treatment and final product finishing, our solutions have helped our clients to save energy and consumables while keeping high operational safety and low cost of ownership.
Our qualified equipment for mining and metal and mineral processing allows us to comply with all requirements in these industries. We offer EPC companies, operators, and end-users our complete portfolio of high-end metering, process and centrifugal pumps and pumping systems.
When developing our solutions we take industry standards as well as your requirements and circumstances into consideration. Wide range of pressures and flows, hermetically sealed units, high efficiency design and extreme safety are a matter of course for LEWA. We offer you a safe tool for ore extraction, treatment and finishing in the form of our pumps and systems. For example, with features as sandwich PTFE diaphragm for maximum pumping safety of cyanides and sulfuric acids, ensuring maximum cost-efficiency! Our many years of experience mean that we are able to offer international engineering and project expertise to assist you in all phases of your project.
Usually from an orebody, lode, vein, seam, and reef or placer deposit. This ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay.
LEWA ecoflow is the innovative and universal metering pump with DPS diaphragm protection system in a tried-and-tested modular system. Suitable for numerous applications, the ecoflow is our real all-around talent, relied on by customers from all industries.
LEWA ecosmart is an innovative, compact and multiplexing diaphragm metering pump at a smart price. With it, we of course guarantee our renowned LEWA quality and offer you our expertise derived from 60 years in the market.
LEWA ecodos is an absolutely reliable, economical and highly adaptable metering pump, especially where diaphragm actuation is not wanted. Here, we also rely on our tried-and-tested modular system in designing the perfect pump for you.
The innovative ecoflow diaphragm process pump shows its strengths in high-pressure applications in the oil and gas, refinery and petrochemical industries as well as in the sensitive areas of pharmaceuticals, biotechnology, food and beverage production.
The LEWA triplex process diaphragm pump is among the world's most compact high-pressure pumps and can even be set up in the tightest spaces when space is at a premium. The power package has proven its strength in numerous high-pressure processes in a variety of industries. Oil and Gas icon Gas odor icon gray Refinery icon Petrochemicals icon Chemicals icon Plastics icon gray Cleaning icon Cosmetics icon Pharma icon Food icon Energy icon Other icon
The LEWA high-pressure plunger pump meets the conditions for onshore and offshore applications in accordance with API 674. Its small space requirements and light weight make the high-pressure pump ideal for use specifically in the oil and gas industry, refineries and the petrochemical industry.
Turnkey metering system in closed loop control with monitoring and plausibility testing equipment. Your individually configured metering system with an optimally designed pump for fluid metering in automated processes.
VANCOUVER, Jan. 13, 2020 /CNW/ - GREAT PANTHER MINING LIMITED (NYSE American: GPL; TSX: GPR) ("Great Panther", the "Company") announces its fourth quarter ("Q4") and annual 2019 production results from its Tucano Gold Mine ("Tucano") in Brazil, and two Mexican mining operations: the Topia Mine ("Topia") and the Guanajuato Mine Complex ("GMC"), which includes the San Ignacio Mine. All currency amounts are in USD unless otherwise indicated.
"We ended 2019 on a stronger note at Tucano, exceeding the high end of our most recent guidance range for the fourth quarter," stated Jeffrey Mason, Interim President & CEO. "Reflecting on 2019 as a whole, the acquisition of Tucano has transformed Great Panther, nearly tripling our gold equivalent production. As we begin 2020, we look forward to another year of production growth while continuing to execute on key operational initiatives in Brazil and Mexico, including expanded exploration programs. Together with our recent key management additions and $21 million in non-equity funding, we are well positioned to execute on our 2020 plans."
It is noted that operational results are preliminary and subject to final adjustment. Final operational and cost results for 2019 and operational and cost guidance for 2020, will be published with the Company's financial results for the fourth quarter and the full year 2019.
Great Panther's 2019 gold equivalent production of 146,853 ounces is above the mid-point of its most recent annual consolidated production guidance of 142,000 149,000 ounces. Q4 2019 production for Tucano exceeds the Company's most recent Q4 guidance for the mine.
Gold equivalent ounces were calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.0007950 and 1:0.0010225 for the price/ounce of gold to price/pound of lead and zinc, respectively.Refer to Topia and GMC production tables below.
(1)The Tucano operational results presented in the above table includes production for the full quarter in Q4 2018, full year 2018, and Q1 2019 up until March 5, 2019, as reported by the previous owner of the Tucano Gold Mine. From March 5, 2019 to December 31, 2019, the Tucano Mine, while owned and operated by Great Panther, produced 105,561 gold ounces.
Tucano achieved key improvements in mine productivities, ore grade, and metallurgical recoveries over 2018, reflecting plant improvements and upgrades completed following the acquisition by Great Panther.
Gold production in 2019 remained relatively consistent at approximately 124,000 gold ounces, as compared to 2018, notwithstanding lower than planned production in Q4 2019 as a result of removing the Urucum Central South open pit ("UCS") from production (see further discussion in Corporate Update and Outlook section).
Topia achieved a new record for annual production at approximately 1.8 million silver equivalent ounces during 2019 as a result of an increase in mill capacity, grade and advancing development of various mines in the Topia area. The Company also performed exploration drilling to better define existing mineral resources, and to extend the mineral resources into new areas, along presently mined veins and along new veins.
In Q4 2019 production for GMC was sourced from both the San Ignacio Mine and limited areas of the Guanajuato Mine for which mining had been suspended for the previous three quarters to allow for a focussed exploration program.This explains the lower year-over-year production levels, as planned by the Company.The exploration program at the Guanajuato Mine advanced with three drill rigs in operation with the objective of outlining in-situ blocks of higher-grade mineralization and increased mill feed from the Guanajuato Mine in 2020. The Company expects to release an updated NI 43-101 Mineral Resource estimate before the end of March 2020 for the San Ignacio and Guanajuato mines.The Topia Mineral Resource update is targeted to be completed in July 2020.
As noted in October 2019 Company press releases, a geotechnical issue in the west wall of UCS was discovered on October 6, 2019. As a result of this issue, UCS was removed from the fourth quarter 2019 production plan to secure and monitor the pit. Great Panther has carried out a structural review and identified a combination of structures that are somewhat unique to UCS in the zone of the failure. This combination of structures was not observed, nor evident elsewhere in other Urucum pits or Tap pits. Prior to the restart of drilling and blasting operations at UCS in mid-2020, a more extensive geotechnical investigation is planned that includes core drilling and structural mapping to identify the critical structure in the UCS pit so that appropriate steps can be taken. To partly compensate for the loss of UCS production in the fourth quarter of 2019, production from the Urucum North and Urucum South pits was accelerated.
As previously reported in the October 30, 2019 press release, the Company has engaged consultants to advise on conventional measures required to bring UCS safely back into production. Unloading and pre-stripping of free-diggable failed material from the top of the open pit has currently commenced under strict geotechnical controls. Pre-stripping that requires drilling and blasting is scheduled to commence in mid-2020 following the rainy season, while ore mining is targeted for 2021, as originally planned.
The Company has engaged Roscoe Postle & Associates Inc. ("RPA") as its independent mining and geological consultants in connection with the preparation of an updated Mineral Resource and Mineral Reserve estimate for Tucano with an effective date of September 30, 2019. The completion and announcement of the updated Mineral Resource and Mineral Reserve ("MRMR") estimate is expected before the end of March 2020 for Tucano, as are updates for the Guanajuato and San Ignacio mines. An update of the MRMR for Topia is planned for July 2020.
Expanded exploration activity at Tucano and GMC is a strategic priority for the Company in 2020. At Tucano, Great Panther has planned approximately 55,000 metres of drilling as an initial program to be completed during the year, with an emphasis on the first half of the year. Most of this drilling will be focussed on targets contiguous to mining areas in the existing north-south trending mine corridor, designed to discover resources and reserves that can be added to the existing mine plan. Approximately 3,500 drilling metres are currently scheduled to target extensions from the open pit resources to potential underground deposits.
At GMC, the 2020 drilling program calls for 8,500 metres at the San Ignacio mine and approximately 14,400 metres at the Guanajuato mine. The 2019 drilling program has already delivered returns in terms of resource blocks that are being engineered into the short term mine plan. The 2020 GMC program is similarly focussed on adding resources that can augment the existing near and medium term mine plan, and further increase the output from the Guanajuato mine to complement San Ignacio planned ore feed for 2020.
In July 2019 Great Panther reported completion of a Bulk Sample Program wherein the Company had milled 5,100 tonnes of newly mined ore from the Constancia and Escondida veins, confirming key operating assumptions, including productivities, grades, and mill operation contained in its Preliminary Economic Assessment ("PEA") announced in May 2018. In October 2019, an ore processing campaign commenced to mill approximately 28,000 tonnes of additional old ore stockpiles that were determined to be economically viable. This milling campaign to generate incremental net revenue is expected to be completed in the first quarter of 2020, after which time, the mine will return to care and maintenance while the Company conducts additional engineering and operational planning to further optimize and de-risk the project.
On October 30, 2019, Board Chair, Jeffrey Mason, assumed the additional role of Interim President & CEO. Mr. Mason was actively involved in overseeing the Company's operations since his appointment as Board Chair in July 2019. Mr. Mason first joined Great Panther's Board in May 2014 and has played an active role on various committees developing the strategic direction of the Company along with assisting in financings. A formal CEO search process has commenced.
On October 31, 2019, Neil Hepworth, a Chartered Engineer, UK, was appointed as Chief Operating Officer. Neil is a Mining Engineer with over 30 years of experience in underground mining operations and technical and operational experience in open pit mines. He has strong technical knowledge of geology and geotechnics. Mr. Hepworth has operational experience throughout Latin America, Africa and Europe, with extensive experience in Brazil and Mexico. He holds an M.Sc. Engineering (Mining) and a B.Sc. Honours (Geology) from the University of Witwatersrand, South Africa, and speaks Portuguese and some Spanish.
On November 4, 2019, Alan Hitchborn was appointed as Vice President, Exploration. He is a Professional Geologist with over 40 years of global mineral exploration and mine operations experience, including 18 years with major mining companies and 20 years in senior management positions. He has successfully assembled and led exploration teams and campaigns in the development and expansion of mineral resources throughout the Americas, including Mexico and Brazil. Mr. Hitchborn holds a Bachelor of Science in Geology from the University of Nevada-Reno and is a Registered Professional Geologist with Engineers and Geoscientists British Columbia. He also has a strong working knowledge of Spanish.
On September 9, 2019, David Wiens was appointed as Vice President, Corporate Finance & Treasury. He is a versatile financial professional with over 16 years of experience in progressive investment banking and corporate roles in Canada and the United Kingdom, focussing on the metals and mining sector. He has a depth of leadership and experience in corporate finance, treasury, business development, financial planning and analysis, investor relations, and marketing. Mr. Wiens holds a Bachelor of Commerce from the University of British Columbia and is a CFA charterholder.
On November 4, 2019, Lucie Gagnon was appointed as Vice President, People & Culture. She joined Great Panther in April 2019 as Director of Human Resources and brings over 15 years of human resources experience focused in the finance and mining industry. Ms. Gagnon is responsible for the Company's people strategy and providing leadership in the areas of organizational design, talent acquisition and management, learning and development, and workforce planning. Ms. Gagnon holds a Bachelor of Arts (Honours) in Psychology from York University in Toronto.
Great Panther Mining Limited is an intermediate gold and silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panther operates three mines including the Tucano Gold Mine in Amap State, Brazil, and two primary silver mines in Mexico: the Guanajuato Mine Complex and the Topia Mine. Great Panther also owns the Coricancha Mine Complex in Peru and has executed a successful 2019 bulk sample mining program in accordance with the May 2018 PEA.
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, "forward-looking statements"). Such forward-looking statements may include, but are not limited to, statements regarding the Company's production guidance and ability to meet its production guidance, expectations of cash cost and AISC, the exploration potential of Tucano, Topia, and GMC, the timing for an updated resource estimate for Tucano, Topia, and GMC, and the timing or ability to restart operations for the Coricancha Mine.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political and social risks involving Great Panther's operations in a foreign jurisdiction, the potential for unexpected costs and expenses, fluctuations in metal prices, fluctuations in currency exchange rates, physical risks inherent in mining operations, operating or technical difficulties in mineral exploration, changes in project parameters as plans continue to be refined, and other risks and uncertainties, including those described in respect of Great Panther, in its annual information form for the year ended December 31, 2018 and material change reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.
There is no assurance that such forward looking statements will prove accurate; results may vary materially from such forward-looking statements; and there is no assurance that the Company will be able to identify and acquire additional projects or that any projects acquired will be successfully developed. Readers are cautioned not to place undue reliance on forward looking statements. The Company has no intention to update forward looking statements except as required by law.
South Africa is the world's second largest vermiculite ore producer, only after the United States. South African vermiculite total reserve is about 73 million tons, accounting for 35.9 percent of the world's reserves. In addition, South Africa is the world's largest exporter of vermiculite. South African vermiculite annual export volume accounts for nearly 90% of world trade. In South Africa, among the domestic production of non-metallic minerals, vermiculite is a major foreign exchange mineral. The major producer of vermiculite is Palabora region, accounting for over 90% of vermiculite total reserve in South Africa.
According to different production requirements, product specifications of vermiculite are as follows:8-12MM ,4-8MM ,2-4MM ,1-2MM ,0.3-1MM ,40-60 mesh,60-80 mesh,80-100 mesh, 100 mesh, 150 mesh, 200 mesh, 325 mesh, etc.
With the development of vermiculites applications, South African abundant vermiculite resource has been extensively developed. And many vermiculite processing plants are built in recent years. In general, we need jaw crusher, impact crusher and vibrating feeder, vibrating screen as well as belt conveyor. After being transported from the mining site, the raw vermiculite mine needs store and select at first, to ensure the vermiculite continuous and stable quality fed into the follow process. In the primary crushing process, we usually choose jaw crusher to crush vermiculite ore into small size within 8 mm. Use vibrating screen to screen the crushed vermiculite into different sizes, and send suitable particles into the next step, while the other part returned for re-crushing. We recommend impact crusher as secondary crusher to crush vermiculite into small size less than 2 mm. At last, send crushed vermiculite to the mill for grinding.Customers can choose different kinds of grinding mill according to different requirements, such as vertical mill, trapezium mill, ball mill, and so on.
And you can choose the mobile vermiculite crusher, which gathers all the machines above together. Compared with traditional and fixed vermiculite processing line, mobile vermiculite crusher has many unmatchable features. It is designed with more reasonable and compact structure, which greatly reduces the occupying area. And compared with fixed crushing plant, mobile vermiculitecrusher can work without disassembly, transportation and installation, soit can greatly reduce the investment. The crusher can move to vermiculite mining area without any environment limit to reduce transportation cost and foundation building cost. It is more flexible and adaptable. And it is easy for installation and maintenance. Our efficient mobile vermiculite crusher adopts advanced manufacturing technique and high-end materials. So it has higher carrying capacity and more reliability. It is easy to adjust the size of the final products. And the crushed materials are in good particle shape. According to different production requirement, it can match with other equipment easily.
According to a series of processing, vermiculite has a wide application. Its main purpose is still to make building materials. In the U.S. consumption structure, vermiculite accounts for 52% used as mortar and cement mixing materials and lightweight concrete aggregate. In English, 40% of vermiculite is used asconcrete, plastering mud, and cement coagulant.It can also be used as adsorbents, fireproof insulation materials, machinery lubricants, soil improvers, and so on.
SBMis professional vermiculite processing equipment manufacturer. We have more than 20 years experience. Our products are welcomed by South African vermiculite miners. All of our products adopt the advanced technology from the world, and made by high quality materials. We can also design a complete vermiculite processing plant according to customers requirement. It is with the features of large capacity, low production cost, long service life and so on.
The pulp and paper industry is in many ways similar to the cement industry, as both face challenges with productivity as well as high energy consumption. We are the leading supplier of rotary kilns for the pulp and paper industry, having provided approximately 50 percent of the current global kiln capacity.
As lime is vital for the production of pulp and paper, most businesses in the industry process their own lime powder. This calls for efficient pyro processing and grinding equipment, and our extensive experience in designing and manufacturing rotary kilns and mills is your assurance that you always get premium products and solutions from FLSmidth.
Our high-density stock cleaners (hydro cyclones) ensure the best possible quality in liquid/solid and liquid/liquid separation. They are designed to withstand corrosion, high temperatures, and heavy loads of abrasive materials such as glass, staples, and wire. This provides benefits such as stable and smooth operations, high efficiency, and maximum up-time.
Pyro processing must be thoroughly monitored and optimised to ensure sustainable productivity throughout the flow sheet. Our gas analysis and reporting solutions provide valuable process insight for real-time process control, kiln stop prevention, detailed reporting, optimal fuel consumption, emission reduction, safety for equipment and personnel, and control of volatiles.
To reduce emissions, we utilise electrostatic precipitators (ESP), fabric filters and filter bags in our solutions. This helps you reduce your operations impact on the environment and help make a better world for all.
FLSmidth provides sustainable productivity to the global mining and cement industries. We deliver market-leading engineering, equipment and service solutions that enable our customers to improve performance, drive down costs and reduce environmental impact. Our operations span the globe and we are close to 10,200 employees, present in more than 60 countries. In 2020, FLSmidth generated revenue of DKK 16.4 billion. MissionZero is our sustainability ambition towards zero emissions in mining and cement by 2030.
Its not often you hear people get REALLY excited about a gold mining product,but thats whats happening. After refining the design, redesigning, and testing, Doc has released thenew Raptor Flare (2.0). In his words I believe for the money, its the finest unit on the market period!
The original Raptor Flare has been one of our top selling units. Now Doc has decided to put the unit into the high end production line. It requires a huge investment on our behalf, but the result for the customer is a HIGH quality piece of equipment, at a VERY low price.
QUALITY: The new process / production used for the Raptor Flare requires us to run large amounts of units. Its very automated, but at the same time has a great deal of human touch and quality control. Laser cutting, forming, and welding are all part of it.
Click the image to the left and youll see what we mean. instead of end caps, and pop rivets, the trays and boxes are now welded. This high end production line gives the customer one of the finest made highbankers on the market today. More pics HERE
Production / Efficiency: The Raptor flare 2.0 can easily run a 5 gallon bucket every 30 seconds. Thats about 120 buckets and hour, or about 2.5 tons or 3 yards. Time and time again we have tested this unit with VERY controlled tests and it always runs at 98% capture rate down to 100 mesh gold. See more HERE.
The shift towards lower grade ore deposits, sustainable energy and volatile market conditions pushes the mining industry towards predictive, sustainable and agile analytical solutions to improve safety, increase operational efficiency and develop new services and business models.
Our mining customers value Malvern Panalyticals complete offerings of smart technologies. More than 50 years of experience in creating value to all different segments of the mining industry are essential to develop tailored solutions for an optimal and efficient prediction during all steps of your mining process - from mineral exploration to the analysis of final products.
Either direct analysis in the field, on-line sensors to predict ore grades, laboratory equipement or complete automation solutions, our specialists develop together with you the optimal solution tailored to your specific needs.
The focus of the mining industry is shifting towards potential new resources in remote areas as a result of decreasing ore grades. Remote sensing technology is an effective and widely established analytical method for geology and mineral exploration and has proven extremely beneficial by providing access to dangerous or previously inaccessible mineral deposits. Aerial imagery acquired from hyperspectral and multispectral imaging sensors is applied to geological surveys, alteration zones mapping, and geomorphology applications. Important aspects of these studies are supported by collecting ground truthing data with portable spectrometers. Data from highly portable field instruments is compatible with popular image analysis software, allowing the creation of spectral libraries tailored to a specific application.
Portable mineralogical and elemental analyzers enable exploration geologists to safely obtain immediate information in the field or mine and to define geological boundaries in real-time. Rock chip and core analysis directly on the drilling rig allows on-the-spot decisions for optimal grade block definition, mine planning and efficient use of your drilling budget.
Malvern Panalyticals cross-belt analyzers allow direct and safe detection of ore variations as well as fast counteractions on changing ore composition. Early and accurate ore blending and sorting saves millions during downstream processing. It ensures a homogenous output towards the beneficiation plant and avoids the processing of low grade ore or waste.
Our solutions can be employed for continuous, non-contact monitoring of elemental and mineralogical composition as well as the prediction of process relevant parameters in a large range of mining applications such as iron, bauxite, copper, nickel or coal.
Reducing the cost of mineral extraction and energy consumption, milling your product to the correct grade size and frequent monitoring of the mineralogical and elemental composition are areas where we can partner with mining companies during ore processing. Tailored to the specific need of your process we offer real-time monitoring equipment as well as bespoke laboratory automation solutions. Together with our customers, we develop predictive models ensuring fast counteractions to enable constant and optimal mineral processing conditions.
Reuse, recycling and recovery of mine rejects is an important factor for operating a mining business in a sustainable way and to protect against the environmental impact of mining. Dedicated analytical solutions for elemental analysis, particle size and shape characterization, monitoring zeta potential and characterization of clay minerals can help to reduce the negative effects of mining on the environment.
VANCOUVER, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (Calibre or the Company) announces financial and operational results for the three months and year ended December 31, 2020 (Q4 2020 and 2020, respectively). Annual Consolidated Financial Statements and the corresponding Management Discussion & Analysis for the year ended December 31, 2020 can be found at www.sedar.com and the Companys website, www.calibremining.com . All figures are expressed in U.S. dollars.
Russell Ball, CEO of Calibre stated: I am extremely pleased with what the team accomplished during a difficult year which saw us change the way we do business to protect employees, contractors and communities from the COVID-19 pandemic.
The most notable milestone saw our shift in operating philosophy from running each asset independently to a hub-and-spoke approach, allowing us to take advantage of excess processing capacity at the Libertad complex, extending mine life and generating significant shareholder value in the process.
Total mine production consisted of 219,428 ore tonnes at an average grade of 4.28 g/t gold. The majority of the mine production originated from the Limon Central (173,651 tonnes at an average grade of 4.51 g/t gold), the Santa Pancha underground mine (29,559 tonnes at an average grade of 3.11 g/t gold), with the remaining tonnes mined from Veta Nueva. Effective June 1, 2020, the Company considers Limon Central Phase 2 to be in commercial production and defers stripping waste material above the average life of mine waste : ore strip ratio.
Limon produced 19,006 ounces driven by an average mill grade of 5.48 g/t gold and recovery of 89.5% from 120,109 tonnes of ore milled. Gold production in Q4 2019 was 15,440 ounces, slightly lower when compared to Q4 2020, as a result of higher tonnes processed from operating for 3 months (in Q4 2020) compared to 2 months in Q4 2019. AISC 1 was $1,025 in the Q4 2020 period compared to $928 in Q4 2019, due to lower grade ore mined from Limon Central open pit related to the mine sequence.
Capital expenditures were $8.9 million, including $1.7 million of capitalized stripping of Limon Central Phase 2, $1.6 million for the advancement of the Veta Nueva underground mine, and $3.2 million for development of the Panteon underground mine. In addition, the Company incurred $1.5 million of exploration costs on exploration and in-fill drilling. In Q4 2020, in-fill drilling was completed at Limon Central, Limon Norte and Veta Nueva. Exploration drilling occurred at Panteon, Tigra-Chaparral and Atravesada.
Total mine production consisted of 644,492 ore tonnes at an average grade of 4.46 g/t gold. The majority of the mine production originated from the Limon Central open-pit, totaling 522,962 tonnes at an average grade of 4.63 g/t gold, the Santa Pancha underground mine totaling 90,489 tonnes at an average grade of 3.59 g/t gold, with the remaining tonnes mined from Veta Nueva.
Capital expenditures were $26.8 million, including $13.2 million of capitalized stripping of Limon Central Phase 2, $3.3 million for the development of the Veta Nueva mine, $3.2 million for development of Panteon and $1.7 million of sustaining capital for the San Jose Tailings storage facility expansion. In addition, the Company incurred $4.3 million of exploration costs for resource infill and exploration drilling.
The majority of Libertads mine production consisted of 100,434 tonnes of ore from the Jabali Antena open-pit grading 3.31 g/t and 172,159 tonnes grading 0.68 g/t from spent ore stockpiles. Mined production includes 8,534 tonnes of ore purchased from artisanal miners at Pavon at an average grade of 20.41 g/t.
The Companys operating philosophy of hub-and-spoke resulted in 100,898 tonnes of ore grading 2.86 g/t being shipped from Limon and included in Libertads mill production (an increase of 26% in tonnes when compared to Q3 2020). Libertad reported gold production of 23,567 ounces from an average mill grade of 1.97 g/t and recovery of 92.2% from 381,118 tonnes of ore milled.
Gold production in 2020 was 23,567 ounces compared to 18,066 in the 2019 period from higher grade ores processed. AISC 1 in 2020 was $1,003 compared to $889 in 2019 from higher underground mining costs during the ramp up of Jabali underground from the resumption of operations.
Capital expenditures totaled $3.4 million, including $2.5 million for advancement at Pavon, which included road construction. Exploration drilling of $2.8 million was spent at Jabali, Rosario, Socorro, Pavon and El Carmen.
The Libertad mine had limited operations during Q2 2020 as a result of the temporary suspension in April 2020 related to COVID-19 and the phased in restart during June 2020. The mine reached steady-state operations in early July 2020.
The majority of Libertads mine production consisted of 367,543 tonnes of ore from the Jabali open-pit grading 3.27 g/t and 697,169 tonnes grading 0.75 g/t from previously processed spent ore stockpiles. Mined production includes 31,932 tonnes of ore purchased from artisanal miners at Pavon at an average grade of 17.74 g/t. The mill feed included 220,623 tonnes of ore grading 2.80 g/t shipped from Limon, in accordance with our hub-and-spoke operating philosophy. Libertad reported gold production of 71,451 ounces from an average mill grade of 1.88 g/t and recovery of 92.9% from 1,301,076 tonnes of ore milled.
On August 5, 2020, the Company announced that blasting and mining activities recommenced at the Jabali underground mine, below the Jabali Antena open pit. Jabali underground represents an important long-term source of high-grade ore for the Libertad mill and is a focus of our expanded drilling program. The Company currently maintains three drill rigs completing resource infill and step-out drilling at Jabali, which as at December 31, 2019, hosted an inferred mineral resource of 1.24 million tonnes at an average grade of 7.87 g/t containing 315,000 ounces of gold. Through our expanded drilling program, Calibre sees excellent potential to upgrade inferred to indicated resources while expanding the resource inventory along strike and down plunge to the west. During Q3 and Q4 2020, the Jabali underground mine was being reconditioned and ramping up from the restart of operations and mined 2,648 and 25,252 tonnes of ore, respectively.
During Q4 2020, mining the current phase of the Jabali Antena open-pit was completed and Libertad will transition to ore processed mainly from Jabali underground, the commencement of mining from Pavon Norte which occurred in January 2021 and ore deliveries from Limon.
Capital expenditures totaled $8.7 million, including $4.7 million for advancement at Pavon, sustaining capital of $1.0 million for the resettlement of households at Bario Jabali and sustaining capital of $0.9 million for Jabali underground development. Expenditures of $8.7 million for combined infill and exploration drilling programs were incurred at Jabali, Tranca, Rosario, Amalia, Socorro, Nancite, Pavon, El Carmen and San Antonio.
During Q4 2020, the Company sold 42,335 ounces of gold, at an average realized price 1 of $1,882/oz, for revenue of $79.7 million. This compares to Q4 2019 revenue of $57.8 million from selling 38,993 ounces at an average realized price 1 of $1,481/oz. The $21.9 million increase in revenue is from $4.9 million volume variance and $17.0 million from higher realized gold prices.
Gold sold of 42,335 ounces in Q4 2020 was an increase of 3,342 ounces over 2019 from higher tonnes processed (3 months of operation in 2020 vs 2 months in 2019 and higher-grade ores processed at Libertad in 2020 from ore deliveries from Limon which did not occur in 2019).
Total cost of sales for Q4 2020 was $45.1 million which included production costs of $36.0 million, royalties and production taxes of $3.6 million, refinery and transportation of $0.3 million, and depreciation of $5.3 million.
For 2020, total cost of sales included $133.1 million which included $107.9 million of production costs, $10.1 million in royalties and production taxes, $0.8 million in refinery and transportation costs, and $14.3 million in depreciation. The expenditures for 2020 incurred for nearly a full quarter of operations in Q1 2020, very limited Q2 2020 operations (as a result of the previously discussed COVID-19 pandemic temporary suspension) and nearly a full quarter for Q3 2020 and a full quarter of operations in Q4 2020.
Total production costs were $36.0 million in Q4 2020 compared to $39.2 million in Q4 2019. Q4 2019 was negatively impacted by a purchase price adjustment of $8.4 million related to the valuation of metal inventory acquired on the purchase of the Nicaragua Assets on October 15, 2019.
Total Cash Costs 1 for 2020 of $878 and AISC 1 of $1,043 per ounce are in line with guidance issued November 4, 2020 of Total Cash Costs 1 of $870 to $890 and AISC of $1,050 to $1,070. For the period October 15, 2019 through December 31, 2019, Total Cash Costs 1 were $866 and AISC 1 were $959 per ounce. The higher costs in 2020 relates to lower-grade ore mined from Limon Central related to mine sequencing and restart costs of Jabali underground.
G&A of $1.6 million in Q4 2020 compared to $1.4 million in Q4 2019; G&A for 2020 was $7.7 million compared to $3.5 million for 2019. The increase is the result of increased salaries and wages associated with higher staffing levels including enhancements to the senior management team and compensation plans required for Calibres transition from exploration to gold producer. The increase is also related to higher levels of overall corporate activity including regulatory costs associated with Calibres transition from the TSX Venture Exchange to the TSX Stock Exchange and higher professional fees. G&A expenses of $7.7 million compare favorably with the $8 to $9 million guidance issued on November 4, 2020.
2020 share-based compensation was $5.5 million compared to $1.3 million in 2019. The increase in 2020 relates to the granting of options and RSUs in Q4 2019 and Q1 2020 as the Company enhanced its management team and increased staffing levels in connection with the acquisition of the Nicaragua Assets from B2Gold.
Current and deferred income tax expense was $6.0 million during Q4 2020 and $22.8 million for 2020 ($3.2 million for Q4 2019 and 2019). Current and deferred tax expense includes alternative minimum taxes and ad valorem taxes paid by the Company. The income tax rate in 2020 was 26% (total taxes divided by net income before taxes) compared to 78% in 2019. 2020 benefited from higher utilization of previously unrecognized tax assets (mainly utilization of loss carry-forwards). Additionally, 2019 was impacted by low pre-tax income which had one of the mines paying the alternative minimum tax.
As a result, net income per share was $0.07 (basic) and $0.06 (diluted) for Q4 2020 (Q4 2019: $0.01 for both basic and diluted) and income of $0.19 (basic) and $0.18 (diluted) for 2020 (2019: $(0.01 basic and diluted)).
The Companys initial guidance for 2021 represents a production increase of approximately 30% from 2020 gold production at a marginally higher AISC 1 (an increase of approximately 5% using the mid-point of guidance).
2021 gold production is forecast to be relatively constant quarter over quarter; however, the Company expects lower Total Cash Costs 1 and AISC 1 during the second half of the year by approximately 8%. Growth Capital is also expected to be lower during the second half of the year by approximately 30%.
Growth capital outside AISC 1 includes underground development at Panteon to bring on a second, high-grade ore shoot, Pavon for the start-up of the mine and Limon stripping in excess of the planned life-of-mine stripping rate, land acquisition and advancing our Eastern Borosi Project, which is expected to be the next spoke for the Libertad complex.
The live webcast can be accessed here or at www.calibremining.com under the Events and Media section under the Investors tab. The live audio webcast will be archived and made available for replay at www.calibremining.com . Presentation slides which will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations, prior to the conference call.
Darren Hall, MAusIMM, SVP & Chief Operating Officer of Calibre Mining Corp. is a qualified person as set out under NI 43-101 has reviewed and approved the scientific and technical information in this news release.
Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a hub-and-spoke operating philosophy whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.
Calibre has included certain non-IFRS measures in this news release, as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provides investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Total Cash Costs include mine site operating costs such as mining, processing, and local administrative costs (including stock-based compensation related to mine operations), royalties, production taxes, mine standby costs and current inventory write-downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital, and exploration costs. Total Cash Costs are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.
AISC is a performance measure that reflects the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Companys definition is derived from the definition, as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018, respectively. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating performance and the ability to generate free cash flow from operations.
Calibre defines AISC as the sum of Total Cash Costs (per above), sustaining capital (capital required to maintain current operations at existing production levels), capital lease repayments, corporate general and administrative expenses, exploration expenditures designed to increase resource confidence at producing mines, amortization of asset retirement costs and rehabilitation accretion related to current operations. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure.
Average realized price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales.
Consolidated financial and operational results for Q4 2019 and 2019 includes the results from the Nicaragua Assets acquired form B2Gold and discussed in the section Corporate Development, since their acquisition, from the period of October 15, 2019 to December 31, 2019 only. Prior to October 15, 2019, Calibre was an exploration stage company with no operations in production.
This news release includes certain forward-looking information and forward-looking statements (collectively forward-looking statements) within the meaning of applicable Canadian securities legislation, including: the Company's projected gold production from Limon (the "Limon Production); the Company's projected gold production from Libertad (the "Libertad Production"); and outlook, guidance, forecasts, or estimates relating to the Limon Production or the Libertad Production. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibres control. For a listing of risk factors applicable to the Company, please refer to the Companys Annual Information Form for the year ended December 31, 2019, available on www.sedar.com. This list is not exhaustive of the factors that may affect Calibres forward-looking statements.
Calibres forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or managements beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
TORONTO, Jan. 16, 2018 /PRNewswire/ -New Gold Inc. ("New Gold" or the "Company") (TSX:NGD) (NYSE American:NGD) today announces its 2017 fourth quarter and full-year production results, provides 2018 guidance, and presents an update on the Company's growth projects. The preliminary figures provided for 2017 fourth quarter and full-year production and sales are approximate and may differ from the final results in the 2017 annual audited consolidated financial statements and management's discussion and analysis.
As the Company expects the sale of Peak Mines to close in the first quarter of 2018, Peak Mines has been classified as a discontinued operation. The below results are disclosed on a total basis and thus include Peak Mines for 2017 (unless otherwise noted).
"We are proud that our team delivered on the Company's key objectives in 2017," stated Hannes Portmann, President and Chief Executive Officer. "Rainy River successfully achieved commercial production, the balance of our operating mines generated very strong results and we simplified our portfolio with the sale of Peak. I thank the teams at all of our operations and projects for their dedication and contributions to these accomplishments."
"As we look forward to 2018, New Gold is transitioning from a period of investing in the Company's future to now benefitting from Rainy River's first full year of production," added Mr. Portmann. "With our solid production growth and streamlined asset base, our focus will continue to be on further optimizing the performance of all of our operations and maximizing free cash flow to enhance our financial flexibility."
In the fourth quarter of 2017, the Company delivered record quarterly gold production of 154,446 ounces (including Peak Mines), resulting in full-year gold production of 430,864 ounces. The combination of Rainy River's start-up, Mesquite's very strong year, and solid operating results at New Afton and Peak Mines, enabled the Company to achieve its guidance range of 380,000 to 430,000 ounces. Full-year production was higher than 2016 primarily due to additional ounces from Rainy River, which transitioned to commercial production during the fourth quarter of 2017. From an accounting perspective, the Company recognized commercial production at Rainy River effective November 1, 2017.
New Gold's fourth quarter copper production of 28 million pounds was slightly higher than the first three quarters of 2017 and the prior-year quarter. Full-year copper production of 104 million pounds was higher than prior-year production and achieved the Company's 2017 guidance range of 100 to 110 million pounds.
The Rainy River Mine commenced processing ore on September 14, 2017 and completed its first gold pour on October 5, 2017. Commercial production was achieved ahead of plan in mid-October. From an accounting perspective, the Company recognized commercial production effective November 1, 2017.
Mining and milling activities at Rainy River continued to progress well during the fourth quarter. Rainy River produced 37,047 ounces during the fourth quarter, with an additional 8,607 ounces of gold inventory in circuit at the end of the period. The milling rate for December averaged 21,000 tonnes per day, which is the nameplate capacity for the facility. Gold production for 2017, including gold inventory in circuit, totalled 45,654 ounces.This was slightly lower than the guidance range of 50,000 to 60,000 ounces, as the mill ramp-up began hitting nameplate throughput slightly later in the fourth quarter than planned, resulting in lower total tonnes milled. Consistent with the Company's plans, during the two-month commercial production period, the gold grade averaged approximately 1.0 gram per tonne with recoveries of 86%. With the mill operating at nameplate capacity, Rainy River is well positioned to deliver strong production in 2018.
Project spending at Rainy River in October totalled $29 million. Subsequent to the start of commercial production, the Company paid $52 million in payables associated with the project development in the fourth quarter, with approximately $15 million in payables remaining at the end of 2017, bringing the 2017 full-year development capital spend to $511 million.
New Afton's gold production decreased relative to the fourth quarter of 2016 due to an expected decrease in gold grade and gold recovery. Copper production was higher than the prior-year quarter due to higher copper grades.
Full-year 2017 gold production was below 2016 due to an expected decrease in gold grade and gold recovery. New Afton's full-year gold production exceeded the guidance range of 70,000 to 80,000 ounces by 8%.
Full-year 2017 copper production was higher than the prior year due to higher throughput and higher copper grades. New Afton's full-year copper production achieved the guidance range of 85 to 95 million pounds.
2017 all-in sustaining costs are expected to be below the guidance range of ($520) to ($480) per ounce, primarily due to an increase in the realized copper price relative to the assumption used when setting 2017 guidance.
Mesquite's very strong fourth quarter gold production relative to the fourth quarter of 2016 was due to higher ore tonnes mined as well as the accelerated drawdown of leach pad inventory due to the increase of process solution flow on the leach pad.
Mesquite's full-year 2017 gold production increased by 52% relative to the prior year due to increased ore tonnes mined and accelerated inventory drawdown. Mesquite's full-year production significantly exceeded the 2017 guidance range of 140,000 to 150,000 ounces.
Cerro San Pedro finished active mining and transitioned to residual leaching late in the second quarter of 2016. As a result, and consistent with expectations, the mine's fourth quarter and full-year 2017 gold and silver production decreased compared to the prior year. 2017 full-year gold production was slightly below the guidance range of 35,000 to 45,000 ounces.
The significant increase in gold production at Peak Mines relative to the fourth quarter of 2016 was due to an increase in gold grade and gold recovery. Quarterly copper production decreased compared to the fourth quarter of 2016 due to a decrease in copper grade and tonnes processed.
Peak Mines' full-year gold production was in line with the prior year. Full-year 2017 gold production exceeded the guidance range of 85,000 to 95,000 ounces and copper production was in line with the guidance range of approximately 15 million pounds.
As previously disclosed, New Gold entered into a binding agreement with Aurelia Metals Limited ("Aurelia") to sell the Peak Mines for cash consideration of $58 million. Aurelia intends to fund the transaction through a combination of debt and proceeds from a recently completed equity placement. New Gold continues to expect the transaction to close in the first quarter of 2018.
New Gold's cash and cash equivalents as at December 31, 2017 were $216 million. During the quarter, the Company drew an additional $30 million from its $400 million revolving credit facility. At December 31, 2017, a total of $230 million had been drawn and $139 million had been used to issue letters of credit for closure obligations at the Company's producing mines and development projects, leaving $31 million undrawn.
At December 31, 2017, the face value of the Company's long-term debt was $1,030 million (book value $1,008 million). The components of the long-term debt include: $500 million of 6.25% face value senior unsecured notes due in November of 2022; $300 million of 6.375% face value senior unsecured notes due in May of 2025; and $230 million drawn from the revolving credit facility. The Company currently has approximately 578 million shares outstanding.
On October 18, 2017, New Gold entered into copper price option contracts covering approximately 60 million pounds, or 75% of its targeted 2018 copper production, with put options at a strike price of $3.00 per pound and call options at a strike price of $3.37 per pound.
New Gold's 2018 consolidated gold production is expected to increase by approximately 30% relative to the prior year due to the benefit of the first full year of operations at Rainy River more than offsetting the planned decreases in gold production at New Afton, Mesquite and Cerro San Pedro, and the sale of Peak Mines. 2018 consolidated copper production is expected to decrease relative to the prior year primarily due to the sale of Peak Mines and planned lower mill throughput at New Afton. Consolidated silver production is scheduled to remain in line with 2017 at approximately 0.9 million ounces.
Consistent with previous years, New Gold's 2018 full-year gold production is not scheduled to be evenly distributed across the four quarters. Approximately 60% of the Company's consolidated gold production is expected to occur evenly in the second and fourth quarters.
New Gold's by-product pricing assumptions for 2018 are $3.20 per copper pound, which is in line with spot prices and approximates the mid-point of the Company's copper collar pricing, and $17.00 per silver ounce which is in line with spot prices. The 2018 assumptions for the Canadian dollar and Mexican peso exchange rates of $1.25 and $18.00 to the U.S. dollar are also in line with spot exchange rates.
The Company's operating expense per gold ounce is expected to decrease in 2018 as a higher proportion of gold sales will be from the lower operating expense per ounce Rainy River Mine. 2018 operating expense per copper pound is expected to increase relative to the prior year due to lower mill throughput and copper grades at New Afton.
New Gold's 2018 all-in sustaining costs are expected to increase relative to the prior year. The Company's 2018 consolidated total cash costs, which form a component of all-in sustaining costs, are expected to be $360 to $400 per ounce. 2018 sustaining costs, including sustaining capital, exploration, general and administrative and amortization or reclamation expenditures, are expected to increase by approximately $145 million relative to the prior year primarily due to an increase in sustaining capital expenditures during Rainy River's first full year of operation. This increase is expected to be partially offset by lower capital and exploration expenditures at New Afton, Mesquite and Cerro San Pedro, as well as a sustainable reduction in corporate general and administration expenditures.
As Rainy River enters its first full year of operations, gold and silver production are expected to increase significantly relative to the partial operating year in 2017. The focus for 2018 will be on optimizing throughput at the mill, which has a 21,000 tonne per day nameplate capacity, as well as advancing initiatives to potentially increase production.
2018 operating expenses and all-in sustaining costs are expected to decrease relative to 2017 due to higher gold sales volumes. As previously noted, Rainy River's 2018 sustaining capital expenditures will be higher than the life of mine average as the mine completes construction of the full tailings dam footprint. In addition, approximately $45 million of 2018 waste stripping is scheduled to be capitalized. The remainder of the sustaining capital expenditures are related to open pit sustaining costs as well as property and equipment. The $20 million of growth capital expenditures are related to underground development which is scheduled to begin in the second half of 2018.
As the mine is now fully operational, the Company is currently completing an update of the life-of-mine plan for Rainy River. The update will incorporate the insights and refinements in expectation gained from both the successful commissioning and production experience over the first few months of operation. Based on the Company's current estimates, annual gold production for the first nine years of the mine life (including 2018) should average between 275,000 to 375,000 ounces. At the same time, based on current input cost estimates, silver prices and foreign exchange rates, all-in sustaining costs over Rainy River's first nine years of operation (including 2018) are expected to average approximately $875 per ounce. Costs are expected to be higher than this average in the next three years as a result of sustaining capital expenditures associated with completion of the full tailings dam footprint in 2018 as well as the construction of the first tailings lift later in 2018 into 2019.
New Gold currently estimates that approximately 21,500 ounces of gold and 185,000 ounces of silver will be delivered to RGLD Gold AG ("Royal Gold") in 2018, in accordance with a streaming agreement, and will be accounted for as financing activities in the Company's cash flow statement. In mid-2015, New Gold entered into a streaming agreement with Royal Gold that provided New Gold with $175 million in exchange for 6.5% of the project's annual gold production up to a total of 230,000 ounces of gold and 60% of the project's annual silver production up to a total of 3.1 million ounces of silver. After these respective ounce thresholds are met, the percentages drop to 3.25% of gold production and 30% of silver production. In addition to the $175 million, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or silver is delivered.
Gold production at New Afton is expected to decrease relative to 2017 due to a scheduled decrease in gold grade, and a planned decrease in mill throughput from approximately 16,400 tonnes per day in 2017 to 14,400 tonnes per day in 2018. The Company had previously increased the throughput rate at New Afton in order to support the development of Rainy River. New Gold has elected to decrease New Afton's throughput from prior levels in order to achieve higher copper recoveries. Copper production is expected to decrease as the impact of lower throughput is only partially offset by higher recoveries.
New Afton's 2018 operating expense per gold ounce is expected to increase relative to 2017 due to lower grades. At the same time,all-in sustaining costs are expected to decreasedue to an increase in by-product revenues resulting from the 2018 copper price assumption of $3.20 per pound being higher than the 2017 realized price.
Consistent with the Company's commitment to maximizing free cash flow, New Gold has elected to defer development of the C-zone in 2018. While the 2016 Feasibility Study for the project includes solid project economics at spot prices, the Company intends to defer the commencement of capital spending while evaluating opportunities that have the potential to further optimize the C-zone project. Some of the opportunities identified, and not included in the original feasibility study, that are being investigated include different tailings options (such as dry stack or thickened/amendedtailings), as well as mining approaches based on operating experience in the B-zone (including reassessing the amount of required underground development in the cave as well as optimizing draw bell and pillar designs).
As Cerro San Pedro enters its second full year of residual leaching in 2018, gold and silver production are expected to decline while costs should remain in line with 2017. As the Company is drawing down leach pad inventory during the residual leach period, approximately $380 per ounce of the estimated all-in sustaining costs for 2018 are related to mining costs that were incurred in prior periods.
Activities at the Company's Blackwater project, located in south-central British Columbia, continued to focus on obtaining approval of the Environmental Assessment ("EA"). The coordinated Federal and Provincial EA technical review is in progress. Technical review comments have now been received from the Federal government, Provincial agencies and local Indigenous communities, and New Gold has responded to the review comments. The Company anticipates approval of the Blackwater EA in mid-2018.
The Company is currently working on internal trade-off studies for the Blackwater project. The objective of these studies is to further enhance project economics and maximize free cash flow by reducing the project strip ratio, maximizing the feed grade and lowering both development capital and operating costs. Aspects of the project being evaluated include the scale of the operation, ore sorting and flowsheet configurations. The internal studies are expected to be completed in the second halfof 2018.
Blackwater's 2018 non-sustaining capital expenditures are expected to be approximately $10 million and relate to the continued advancement of the Environmental Assessment process and completion of the internal trade-off studies.
In light of previously noted copper collars, at prices above $3.37 per pound, or below $3.00 per pound, only approximately 20 million pounds of the Company's estimated copper production would be impacted by further copper price movements, thus significantly reducing the impacton New Afton and consolidated all-in sustaining costs.
New Gold is an intermediate gold mining company with a portfolio of five producing assets in top-rated jurisdictions. The New Afton and Rainy River Mines in Canada, the Mesquite Mine in the United States, the Peak Mines in Australia and the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 2016), provide the Company with its current production base. In addition, New Gold owns 100% of the Blackwater project located in Canada. New Gold's objective is to be the leading intermediate gold producer, focused on the environment and social responsibility. For further information on the Company, please visit www.newgold.com.
Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include the statements made under "2018 Guidance", as well as other statements elsewhere in this news release, including, among others, statements with respect to: guidance for production, operating expense, all-in sustaining costs and total cash costs, and the factors contributing to those expected results, including mill throughput and metal recoveries, as well as expected capital and other expenditures; planned development activities and timing for 2018 and future years at the Rainy River Mine, including the completion of the full tailings damn footprint and the construction of the first tailings lift, the waste stripping program and underground development; the expected production and costs of the Rainy River Mine over its first nine years of operation; targeted timing for permits, including the Blackwater EA; expected timing for Blackwater development activities, including the completion of internal trade-off studies; and expecting timing for closing of the Peak Mines sale transaction.
All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's annual and quarterly management's discussion and analysis ("MD&A"), its Annual Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates; (4) the exchange rate between the Canadian dollar,Mexican peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Aboriginal groups being consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; and (8) in the case of production, cost and expenditure outlooks at the operating mines for 2018 and future years, commodity prices and exchange rates being consistent with those estimated for the purposes for 2018.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and Mexico; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and Mexico or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" used in this news release are Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in National Instrument 43-101.While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such, certain information contained in this news release concerning descriptions of mineralization and mineral resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.
An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility.Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies.It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher confidence category. Readers are cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists or is economically or legally mineable.
Under United States standards, mineralization may not be classified as a "Reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve estimation is made.Readers are cautioned not to assume that all or any part of the measured or indicated mineral resources will ever be converted into mineral reserves. In addition, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the United States Securities and Exchange Commission.
The scientific and technical information relating to the operation of New Gold's operating mines contained herein has been reviewed and approved by Mr. Nicholas Kwong, Director, Business Improvement of New Gold. All other scientific and technical information contained herein has been reviewed and approved by Mr. Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Kwong is a Professional Engineer and a member of the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Petersen is a SME Registered Member and AIPG Certified Professional Geologist. Mr. Kwong and Mr. Petersen and are "Qualified Persons" for the purposes of Canadian NI 43-101.
For additional technical information on New Gold's material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions, parameters and risks, refer to New Gold's Annual Information Form for the year ended December 31, 2016 filed on www.sedar.com.
"All-in sustaining costs" per ounce is a non-GAAP financial measure. Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from around the world of which New Gold is a member, New Gold defines "all-in sustaining costs" per ounce as the sum of total cash costs, capital expenditures that are sustaining in nature (as presented in the cash flow statement), corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature and environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes this non-GAAP financial measure provides further transparency into costs associated with producing gold and assists analysts, investors and other stakeholders of the Company in assessing the Company's operating performance, its ability to generate free cash flow from current operations and its overall value. This data is furnished to provide additional information and is a non-GAAP financial measure. All-in sustaining costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. Further details regarding historical all-in sustaining costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold's financial statements filed from time to time on www.sedar.com.
"Sustaining costs" is a non-GAAP financial measure. New Gold defines sustaining costs as the difference between all-in sustaining costs and total cash costs, being the sum of net capital expenditures that are sustaining in nature, corporate general and administrative costs, capitalized and expensed exploration that is sustaining in nature, and environmental reclamation costs.Management uses sustaining costs to understand the aggregate net result of the drivers of all-in sustaining costs other than total cash costs.The line items between cash costs and all in sustaining costs in the tables below break down the components of sustaining costs. Sustaining costs is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
"Total cash costs" per ounce is a non-GAAP financial measure which is calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. New Gold reports total cash costs on a sales basis. The Company believes that certain investors use this information to evaluate the Company's performance and ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. This measure, along with sales, is considered to be a key indicator of the Company's ability to generate operating earnings and cash flow from its mining operations. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties, production taxes, and realized gains and losses on fuel contracts, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product sales. Total cash costs are then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs remove the impact of other metal sales that are produced as a by-product of gold production and apportion the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total ounces of gold or silver or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless otherwise indicated, all total cash cost information in this news release is net of by-product sales. This data is furnished to provide additional information and is a non-GAAP financial measure. Total cash costs and co-product cash costs presented do not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under GAAP. Further details regarding historical total cash costs and a reconciliation to the nearest IFRS measures are provided in the MD&A accompanying New Gold's financial statements filed from time to time on www.sedar.com.
TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (Alamos or the Company) today reported new results from surface and underground exploration drilling at the Island Gold mine, further extending high-grade gold mineralization in Island East and West. All reported drill widths are true width of the mineralized zones, unless otherwise stated.
Island East: high-grade gold mineralization extended 20 metres (m) east from the nearest Inferred Mineral Resource block, over significantly greater widths. This included the best hole drilled to date, 45 m down-plunge from the previous best surface directional hole MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m). MH25-08 and the previously reported MH25-04 have true widths approximately four times greater than the average width of the large high-grade Inferred Resource block up-plunge, demonstrating the zone has widened in this area. New highlights include:
Island West: underground directional drilling extended high-grade gold mineralization 50 m below the nearest Inferred Mineral Resource block and partially closed the 185 m gap between two high-grade Inferred Mineral Resource blocks. New highlights include:
Over the past year, ongoing exploration success has driven another one million ounce increase in Mineral Reserves and Resources at Island Gold and returned the two best intersections to date. We expect these new results to drive further Mineral Resource growth in one of the highest grade portions of the ore body. This already large Mineral Resource block in Island East is in proximity to the planned shaft and remains open laterally and down-plunge demonstrating further significant upside to the Phase III Expansion, said John A. McCluskey, President and Chief Executive Officer.
A total of $25 million is budgeted in 2021 for surface and underground exploration at Island Gold, up from $13 million spent in 2020. The focus remains on continuing to define new near mine Mineral Resources across the two-kilometre long Island Gold Main Zone, as well as advancing and evaluating several regional targets. The 2021 exploration budget includes 27,500 m of surface directional drilling, 24,000 m of underground directional drilling, 28,000 m of underground exploration drilling, and 900 m of underground exploration development to extend drill platforms on the 620, 790, and 840-levels. A 25,000 m regional exploration drill program is also planned in 2021, significantly larger than in previous years.
A total of 6,683 m of surface directional diamond drilling, 3,233 m of underground directional drilling and 8,948 m of standard underground exploration diamond drilling has been completed as of May 31, 2021. Assays remain pending on a significant portion of this drilling; however, the turnaround time from assay laboratories has improved over the past several weeks.
Surface directional drilling continues to extend high-grade gold mineralization beyond Mineral Resource blocks in the lower portions of Island East with drill hole spacing ranging from 50 m to 100 m (Figures 1 and 2).
Drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) intersected significantly wider, high-grade mineralization 45 m and 80 m from previously reported drillholes MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m) and MH25-05 (54.18 g/t Au (33.12 g/t cut) over 6.54 m), respectively.
In addition, drillhole MH25-08 extended high-grade mineralization 20 m east of the existing Inferred Mineral Resource block which contained 1,309,700 ounces, grading 18.26 g/t Au (2.23 million tonnes) as of December 31, 2020. Using the cut weighted gold grade for metal factor calculation, drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) is the best hole drilled to date at Island Gold in terms of gold content for a drill hole intersect. Drillhole MH25-07 (34.87 g/t Au (34.87 g/t cut) over 5.98 m) also further extended high-grade mineralization at Island East, intersecting high-grade mineralization 60 m above MH25-04, and 40 m from the nearest Inferred Mineral Resource block.
Underground drilling from the 840-level exploration drift continues to extend high-grade mineralization and close the gap between Mineral Reserves and Resources in the upper and middle portions of Island East (between depths of 850 m and 1,100 m). New highlights include (E1E-Zone) (Table 2):
Underground directional drilling extended high-grade mineralization 50 m beyond existing Mineral Resources and partially closed the 185 m gap between Inferred Mineral Resource blocks in Island West which contained 454,300 ounces, grading 15.83 g/t Au (0.9 million tonnes) as of December 31, 2020. New highlights include (Table 1 and Figure 1):
Chris Bostwick, FAusIMM, Alamos Golds Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
Access to the Island Gold Mine is controlled by security personnel. Drill core is logged and sampled at the core logging facility within the mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis, and sample intervals, sample numbers, standards and blanks are entered into the database. The core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large heavy-duty nylon reinforced Fabrene bags, which are identified and sealed before being placed on pallets. The core samples are picked up at the mine site and delivered to Laboratoire Expert Inc. in Rouyn-Noranda, Qubec or to AGAT Laboratories in Thunder Bay, Ontario.
Gold is analyzed by a one assay-ton fire assay (29.16 grams) with an Atomic Absorption (AA) finish. Samples greater than 6.8 g/t are re-analyzed using gravimetric finish methods. Laboratoire Expert Inc. has internal quality control (QC) programs that include insertion of reagent blanks, reference materials, and pulp duplicates.
The Corporation inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance. Cross check assays are completed on a regular basis in a secondary accredited laboratory. The QA/QC procedures are more completely described in the Technical Report filed on SEDAR August 31, 2020.
Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The Companys shares are traded on the TSX and NYSE under the symbol AGI.
This news release includes certain statements that constitute forward-looking information within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements"). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Alamos expects to occur are forward-looking statements. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as continue, focus, "estimate", or potential or variations of such words and phrases and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or the negative connotation of such terms. In particular, this news release contains forward-looking statements including, without limitation, with respect to the 2021 surface exploration drilling program at the Island Gold mine, the estimation of Mineral Resources, exploration results, potential mineralization, changes in Mineral Resources and Mineral Reserves, Island Golds Phase III expansion and other information that is based on forecasts and projections of future operational, geological or financial results, estimates of amounts not yet determinable and assumptions of management.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as "Inferred" or "Indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "Indicated Mineral Resource" or "Inferred Mineral Resource" will ever be upgraded to a higher category of Mineral Resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Proven and Probable Mineral Reserves.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.
Such factors and assumptions underlying the forward-looking statements in this news release include: the actual results of current exploration activities, conclusions of economic and geological evaluations, changes in project parameters as plans continue to be refined, operations may be exposed to widespread pandemic; the impact of the COVID-19 pandemic on the broader market; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for our operations) in Canada, Mexico, the United States and Turkey; the duration of regulatory responses to the COVID-19 pandemic; changes in national and local government legislation, controls or regulations, failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance; changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar, Mexican peso and Turkish Lira); the impact of inflation; employee and community relations; litigation and administrative proceedings; disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays with the Phase III Expansion Project at the Island Gold mine; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; the risk that the Companys mines may not perform as planned; uncertainty with the Company's ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, risks in obtaining and maintaining necessary licenses, permits and authorizations, contests over title to properties; expropriation or nationalization of property; political or economic developments in Canada, Mexico, the United States, Turkey and other jurisdictions in which the Company may carry on business in the future; increased costs and risks related to the potential impact of climate change; the costs and timing of construction and development of new deposits; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; and business opportunities that may be pursued by the Company.
For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the Companys latest 40-F/Annual Information Form and Managements Discussion and Analysis, each under the heading Risk Factors available on the SEDAR website at www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information found in this news release.
The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law.
All resource and reserve estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM) CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the CIM Standards). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms Mineral Reserve, Proven Mineral Reserve and Probable Mineral Reserve are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. Inferred Mineral Resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of contained ounces in a Mineral Resource is permitted disclosure under Canadian regulations.
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