St Andrew Goldfields stock rises on declaring commercial production at Taylor
TORONTO (miningweekly.com) – Gold junior St Andrew Goldfields’ TSX-listed stock on Thursday gained more than 9% after the company advised that it would put the Taylor mine, in Northern Ontario, into commercial production.
St Andrew reported that the Ontario Ministry of Northern Development and Mines had accepted the Taylor mine production closure plan, allowing the company to move ahead with production.
"We are pleased to declare Taylor the newest mine in Ontario, one which we anticipate will bolster the company's gold production profile for 2016 by 40 000 oz to 50 000 oz and provide much-needed jobs and economic benefits to the communities of the region,” president and CEO Duncan Middlemiss commented.
The mine was expected to be a significant contributor to future output as it ramped up to full production by year-end.
The company also owned and operated the Holt and Holloway mines, which together with the Taylor operation, was located in the Abitibi greenstone belt of North Eastern Ontario – regarded as the most important host of historical gold production in Canada.
St Andrew said production to the end of the third quarter reached 70 578 oz of gold, placing it on schedule to meet the top end of its previous production guidance of between 85 000 oz and 95 000 oz of gold. As a result, the company had revised its guidance to between 90 000 oz and 95 000 oz of gold for the two mines in 2015.
St Andrew noted that, including Taylor output, its full-year consolidated guidance increased to between 100 000 oz and 110 000 oz of gold, with the Taylor mine contributing 10 000 oz to 15 000 oz of gold for the balance of 2015.
The company’s public equity had gained 37.5% in value during the past 12 months, and on Thursday closed 9.09% higher at C$0.33 apiece.
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