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SAS reports ‘above expectations’ first quarter production

11th April 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Ontario miner St Andrew Goldfields on Thursday said first-quarter production of 24 461 oz of gold from its Holt, Holloway and Hislop mines was slightly above expectations, despite being 5% lower than the fourth quarter’s record production.

The company said the quarter, ended March 31, put the company on track to achieve its production guidance of between 95 000 oz and 105 000 oz for the year.

"The operations continue to perform well and grades at both Holt and Hislop were at or above reserve grade for the mines,” president and CEO Jacques Perron said in a statement.

Holt produced 14 806 oz of gold and the head grade during the quarter was 5.4 g/t of gold. Mill recoveries were at the expected level of about 95%.

Holloway produced a total of 5 140 oz of gold. The mill recovery rate was about 92% and exceeded the company's forecast recovery as a result of improved mineralogical conditions in the areas mined during the quarter.

Hislop produced 4 515 oz of gold in the quarter at an average head grade of about 2.14 g/t of gold. Mill recoveries averaged about 82%, which was lower than expected, owing to winter conditions. The company explained that the extreme weather experienced in the area caused freeze-ups in the coarse-ore bins, resulting in inconsistent feed rates affecting the fineness of the grind.

The company’s stock traded 1.18% higher at 43 Canadian cents apiece on Thursday on the TSX.

Edited by Creamer Media Reporter

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