Apollo Gold Corporation (“Apollo” or the “Company”) (TSX: APG)
(NYSE Amex: AGT) reports that it sold 15,796 ounces of gold in the
first quarter ended March 31, 2010 (“Q1 2010”).
During Q1 2010, approximately 2.1 million tonnes, including
190,000 tonnes of ore, was mined from the Black Fox Mine. The Black
Fox Mill processed 178,000 tonnes of ore at an average grade of
gold of 2.7 grams per tonne (“gpt”) for a total gold production of
14,175 ounces. Total cash costs in Q1 2010, which will be reported
with the Company’s quarterly financial results on May 10, 2010, are
expected to be between US$625 and US$635 per ounce sold.
Commenting on the Black Fox operations, Vice President of
Operations Tim G. Smith said, “Mine management and staff have
addressed and now better understand the grade control issues, which
occurred during 2009 and into January and February 2010. We are now
seeing a significant improvement in the grade. The average gold
grade at the mill improved to approximately 3.0 gpt in March 2010
and further increased to almost 3.5 gpt in April 2010 and we
continue to see the trend of higher grades in May. We are expecting
progressively higher gold production for the remainder of 2010. The
July start up of underground mining operations is expected to
augment production from the open pit with higher grade and higher
margin ounces of gold from the underground mine.”
Table One: Black Fox Mine Q1
2010 Production and Sales Highlights
Q1 2010 Ore tonnes mined
190,000 Total tonnes mined
2,062,000
Tonnes milled
178,000 Tonnes per day milled
1,978 Head grade of ore (gpt)
2.7 Recovery(%)
93 Gold produced (oz) 14,175
Gold sold (oz) 15,796 Notes: 1. Tonnes
above are rounded to the thousand. 2. Recovery is rounded to the
whole number.
Underground Development
Apollo reports that underground development is commencing on
schedule this week at Black Fox. Apollo has awarded the Black Fox
underground development contract to Cementation Inc., which is
mobilizing its crews and equipment from its regional base in North
Bay, Ontario to Black Fox. Initial ore production from the
underground mine is expected to commence in July of 2010, starting
at approximately 100 tonnes per day (“tpd”) and rising to
approximately 300 tpd by the end of the third quarter of 2010 and
to 750 tpd by the end of 2010.
Mining of underground ore will be handled by the Company’s own
employees while Cementation’s crews will focus on the development
work and drifts. The Company has begun hiring experienced
underground mine personnel.
Outlook for 2010
Both gold production and grade at Black Fox are expected to
progressively increase quarter over quarter throughout 2010, as
described in the Company’s March 19, 2010 news release. Gold
production for the full year 2010 is estimated at between 90,000
and 100,000 ounces of gold, of which 60% to 65% is expected to be
produced in the second half of 2010. Total cash costs per ounce of
gold sold are expected to be between $500 and $550 for the full
year, with higher ore grade from the open pit, higher ore grade
from the underground mine commencing in July, resulting in expected
increased production from the mine and lower cash costs in the
second half of 2010 compared to the first half of the year.
R. David Russell, President and Chief Executive Officer of
Apollo, said, “The Black Fox Mine commenced production in May 2009.
During the past year, we have completed the start-up capital
expenditures and addressed operational challenges, including grade
control issues in the open pit. As a result of actions taken, ore
grades and monthly gold production are beginning to increase, and
this will directly translate into lower mining costs per ounce and
increased production in the quarters ahead.”
Pending Business Combination with Linear
Pursuant to a definitive agreement executed by Apollo and Linear
Gold Corp. (“Linear”), Apollo and Linear agreed to a business
combination (the “Merger”) by way of a court approved plan of
arrangement to create an emerging Canadian mid-tier gold producer.
The Merger is expected to close by the end of June 2010, subject to
customary closing conditions, including receipt of all necessary
regulatory and respective shareholder approvals.
About Apollo
Apollo is a growing gold producer that operates the wholly owned
Black Fox Mine in Ontario, Canada, which commenced gold production
in May 2009. Apollo is also exploring the adjoining Grey Fox and
Pike River properties, all in the Timmins gold district in Ontario,
Canada, as well as the Huizopa Joint Venture, (80 percent Apollo
and 20 percent Minas De Coronado, S. de R.L. de C.V.), an early
stage, gold-silver exploration project, approximately 16 kilometers
(10 miles) southwest of MineFinders Dolores gold-silver mine, in
the Sierra Madres in Chihuahua, Mexico.
About Linear
Linear Gold Corp is a well financed gold exploration and
development company committed to maximizing shareholder value
through a strategy of mine development, focused exploration, and
effective risk management through selective partnerships and
acquisitions. Linear's flagship development property located near
Uranium City, Saskatchewan, hosts an economic gold deposit and is
now in the development stage to become a 70,000 - 90,000 ounce per
year gold producer. Linear also holds an extensive and diverse
portfolio of mineral projects in the Dominican Republic and
Mexico.
Forward-looking Statements
Certain statements in this press release relating to the
proposed Merger and Apollo’s exploration activities, project
expenditures and business plans are “forward-looking statements”
within the meaning of securities legislation. These statements
include statements regarding future production by Apollo, the
commencement of underground mining at the Black Fox Mine and
production and capital estimates in connection therewith, future
ore grades at the Black Fox Mine, estimates of cash costs, grades
and future development at the Black Fox Mine. Apollo does not
intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable
securities legislation. These forward-looking statements represent
management's best judgment based on current facts and assumptions
that management considers reasonable, including that the required
approval will be obtained from the shareholders of Apollo or
Linear, that all third party regulatory and governmental approvals
to the Merger will be obtained and all other conditions to
completion of the Merger will be satisfied or waived, that
operating and capital plans will not be disrupted by issues such as
mechanical failure, unavailability of parts, labor disturbances,
interruption in transportation or utilities, or adverse weather
conditions, that there are no material unanticipated variations in
budgeted costs, that contractors will complete projects according
to schedule, and that actual mineralization on properties will not
be less than identified mineral reserves. Apollo makes no
representation that reasonable business people in possession of the
same information would reach the same conclusions. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the companies to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. In particular, fluctuations in the
price of gold or in currency markets could prevent the companies
from achieving their targets. Other factors are disclosed under the
heading “Risk Factors” and elsewhere in Apollo documents filed from
time to time with the Toronto Stock Exchange and the NYSE Amex
Equities Exchange and, on SEDAR and with other regulatory
authorities, including the United States Securities and Exchange
Commission.
Non-GAAP Financial Measures
The term “total cash cost” is a non-GAAP financial measure and
is used on a per ounce of gold basis. Total cash cost is equivalent
to direct operating cost as found on the Consolidated Statements of
Operations and includes by-product credits for payable silver
production. We have included total cash cost information to provide
investors with information about the cost structure of our mining
operations. This information differs from measures of performance
determined in accordance with GAAP in Canada and in the United
States and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP. This
measure is not necessarily indicative of operating profit or cash
flow from operations as determined under GAAP and may not be
comparable to similarly titled measures of other companies.
Cautionary Note to U.S. Investors Concerning Estimates of
Mineral Resources
The term “mineral resources” or “resources” is recognized and
required by Canadian regulations. However, the SEC does not
recognize it and U.S. investors are cautioned not to assume that
any part or all of a mineral deposit in this category will ever be
converted into mineral reserves.
Additional Information and Where to Find It
In connection with Apollo’s and Linear’s solicitation of proxies
with respect to the meeting of shareholders of each of Apollo and
Linear to be called with respect to the proposed plan of
arrangement, Apollo will file a proxy statement with the SEC and
with regulatory authorities in Canada and Linear will file an
information circular with regulatory authorities in Canada.
SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/INFORMATION
CIRCULAR WHEN IT IS FINALIZED AND DISTRIBUTED TO SHAREHOLDERS
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be
able to obtain a free-of-charge copy of Apollo’s proxy statement
(when available) and other relevant documents filed with the SEC
and with regulatory authorities in Canada from the SEC’s website at
http://www.sec.gov and from SEDAR at http://www.sedar.com, as
applicable. Shareholders will be able to obtain a free-of-charge
copy of Linear’s information circular (when available) and other
relevant documents filed with regulatory authorities in Canada on
SEDAR at http://www.sedar.com. Shareholders of Apollo will also be
able to obtain a free-of-charge copy of the proxy statement and
other relevant documents (when available) by directing a request by
mail or telephone to Apollo Gold Corporation, 5655 South Yosemite
St., Suite 200, Greenwood Village, Colorado 80111-3220 or (720)
886-9656, extension 217, or from Apollo’s website at
http://www.apollogold.com. Shareholders of Linear will also be able
to obtain a free-of-charge copy of the information circular and
other relevant documents (when available) by directing a request by
mail or telephone to Linear Gold Corp., Suite 502, 2000 Barrington
Street, Halifax, Nova Scotia B3J 3K1 or (902) 422-1421, or from
Linear’s website at http://www.lineargoldcorp.com.
Interests of Participants in the Solicitation of
Proxies
Apollo and certain of its directors, executive officers and
other members of its management and employees may, under the rules
of the SEC, be deemed to be “participants” in the solicitation of
proxies from its shareholders in connection with the proposed
Merger. Information concerning the interests of the persons who may
be considered “participants” in the solicitation is set forth in
Apollo’s proxy statements and Annual Reports on Form 10-K
(including any amendments thereto), previously filed with the SEC,
and in the proxy statement relating to the plan of arrangement when
it becomes available. Copies of these documents can be obtained,
without charge, at the SEC’s Internet website at www.sec.gov or by
directing a request to Apollo at the address above.
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