Atna suspends Pinson operations, bosses defer salaries
TORONTO (miningweekly.com) – TSX-listed Atna Resources has placed its Pinson gold mine, in Humbolt county, Nevada, on care and maintenance to cut costs and conserve developed reserves, as gold prices decline.
Ore stockpiles at Pinson were currently being shipped to third-party processing facilities to support the cost of demobilisation and the temporary shutdown of operations.
Atna said it was taking this action until a revised operating plan had been developed and gold prices were sufficient to support positive cash flow from the mine’s operations.
A core team would remain at the mine site to maintain developed infrastructure and to consolidate technical data to use in preparing a revised operating plan.
Since the company announced reduced operations at the mine at the end of May, its shares on the TSX had lost about 70% of its value.
From the time when curtailed operations started, work had focused on testing operating systems to provide information needed to better assess the project. This experience would assist in improving the operating plan developed in the feasibility study, the company said.
Atna would continue to produce gold at its Briggs mine, in California, where waste stripping in the first half of the year had accessed planned ore supplies in the Goldtooth South pit. This higher ore production was increasing the rate of ore deliveries to the leach pad.
The company expected increased gold production and reduced unit costs in the second half of the year as a result of this increased ore supply.
Further, the company announced that members of its executive team had chosen to defer a portion of their salaries for future payment in an effort to conserve cash and to demonstrate confidence in the company. The Atna board had also chosen to take future compensation in restricted stock units, rather than cash.
Atna’s stock slid by 10.71% on Wednesday to close at C$12.50 apiece.
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