Thor’s Segilola gold mine exceeds third-quarter production guidance
Aim- and TSX-V-listed Thor Explorations produced 26 523 oz of gold at its Segilola gold mine, in Nigeria, for the three months ended September 30, exceeding its guidance for the quarter, which had been set at 23 000 oz to 25 000 oz.
The mine achieved an average grade of 4.43 g/t gold in the September quarter.
"This has been another record quarter of production at Segilola, beating our third-quarter guidance by over 1 500 oz. We are extremely pleased with the performance of all the operational teams who have delivered this outstanding quarter during the rainy season,” Thor president and CEO Segun Lawson said.
Following the good performance in the third quarter, the company has set its production guidance for the fourth quarter at 25 000 oz to 27 000 oz. The full-year production guidance remains at 90 000 oz to 100 000 oz of gold.
"The company also repaid $10.3-million of its senior debt facility in the period and has now reduced the facility by almost 50% in nine months of commercial production. The company now has a reduced debt repayment profile over the next nine months,” Lawson added. Thor now owes $28.9-million on the facility.
Lawson said the company aimed to be at the upper end of its guidance for the year, with its all-in sustaining costs remaining in line with the $850/oz to $950/oz guidance.
"We also look forward to commencing the deeper exploration drilling at Segilola during this fourth quarter of the year. This programme is focussed on potential down dip extensions with the objective of mine life extension,” he said.
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