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AuRico Reports Record Revenues And Earnings For Q4 And Full Year 2011

Notes:

(1) In the Company's consolidated financial statements, financial results from the Fosterville and Stawell mines are presented separately as discontinued operations and are excluded from the results from continuing operations. This press release presents all data on a consolidated basis, unless otherwise indicated. 

(2) Gold equivalent ounces produced are presented using the gold equivalency ratio realized in the period, unless otherwise indicated.

(3)Gold equivalent reserves have been calculated using a gold equivalency ratio of 54.35:1.

Recent Highlights
  • Wet commissioning of the Young- Davidson mill commenced on March 8, 2012 with ore processing beginning on March 22, 2012. Mill systems required for initial production are complete and we have stockpiled more than 575,000 open pit tonnes of ore, or 3 months of mill feed, ahead of the mill facility for processing.
  • On March 5, 2012, the Company announced the addition of 1.58 million gold equivalent ounces to proven and probable reserves at the North American operations, prior to depletion of 0.471 million gold equivalent ounces, for a total 8.2 million gold equivalent ounces. Included in this increase is the addition of 1.01 million gold ounces at Young- Davidson, and 456 thousand gold equivalent ounces at Ocampo, prior to mining depletion of 177 thousand gold equivalent ounces.  The drilling discovery cost for all reserve and resource categories at the Company's North American operations was approximately $8.00 per gold equivalent ounce.
  • During the first quarter, underground re-sequencing continued at Ocampo with grades ramping up to previous levels during the quarter. Undergrounds grades returned to targeted levels by the end of March.
  • The Company will host an Analyst Day webcast on March 28, 2012 beginning at 10:00 a.m. Eastern Time. The webcast can be accessed through the following link: http://event.on24.com/r.htm?e=398019&s=1&k=011845E432C604B2DE502CE058045E94
  • On March 27, 2012, the Company entered into a definitive agreement with Crocodile Gold Corp. ("Crocodile Gold") pursuant to which Crocodile Gold will acquire the Company's Stawell and Fosterville mines located in Australia through the acquisition of all of the shares of Northgate Australian Ventures Corporation Pty Ltd, for total consideration of up to CAD $105 million.  Consideration will be comprised of CAD $70 million in cash, CAD $10 million in Crocodile Gold shares, and CAD $25 million in contingent payments to be paid in three installments on each of the first three anniversaries of the closing date.  The contingent payments are conditional upon the simple average gold price exceeding AUD$1,500 per ounce in the preceding twelve month period.  Closing is expected to occur on or about May 1, 2012.

Operational and Financial Results
     
    AuRico Gold North America        Q4 2011(1)   Q4 2010   2011(1)       2010
    Gold ounces produced                 42,261    29,384   157,543    114,064
    Silver ounces produced            1,109,114 1,199,829 4,728,151  4,953,870
    Gold equivalent ounces produced
    (realized)(3)                        62,957    53,030   263,880    195,566
    Gold equivalency ratio(4)                54        50        46         61
    Gold ounces sold                     41,799    28,207   152,407    111,775
    Silver ounces sold                1,174,644 1,170,723 4,516,975  4,970,777
    Gold equivalent ounces sold
    (realized)(3)                        63,741    51,439   253,849    193,429
    Revenue from mining operations     $106,597   $71,017  $401,901   $238,266
    Earnings / (loss) before other
    items                               $77,547   $25,409  $197,701 ($161,398)
    Net earnings / (loss)               $62,389   $29,256  $161,312 ($134,668)
    Operating cash flow                 $20,511   $35,640  $160,258    $97,583
    Total cash costs, per gold
    equivalent ounce
    (realized)(2)(3)                       $600      $407      $461       $474
    Average realized gold price per
    ounce                                $1,672    $1,381    $1,599     $1,229
    Average realized silver price
    per ounce                            $30.98    $27.40    $34.97     $20.30
    Gold equivalent ounces sold
    (55:1)(5)                            63,156    49,493   234,534    202,152
    Gold equivalent ounces produced
    (55:1)(5)                            62,426    51,199   243,509    204,133
    Total cash costs per gold
    equivalent ounce (55:1)(2),(4)         $606      $423      $499       $454
    AuRico Gold
    Consolidated               Q4 2011(1)     Q4 2010     2011(1)         2010

    Gold ounces produced           72,141      29,384     187,423      114,064
    Silver ounces produced      1,109,114   1,199,829   4,728,151    4,953,870
    Gold equivalent ounces 
    produced (realized)(3)         92,837      53,030     293,760      195,566
    Gold equivalency ratio(4)          54          50          46           61
    Gold ounces sold               70,132      28,207     180,740      111,775
    Silver ounces sold          1,174,644   1,170,723   4,516,975    4,970,777
    Gold equivalent ounces sold
    (realized)(3)                  92,074      51,439     282,182      193,429
    Revenue from mining 
    operations                   $154,811     $71,017    $450,115     $238,266
    Earnings / (loss) before
    other items                   $93,121     $25,409    $213,275   ($161,398)
    Net earnings / (loss)         $77,936     $29,256    $176,859   ($134,668)
    Operating cash flow           $42,077     $35,640    $181,824      $97,583
    Total cash costs, per gold
    equivalent ounce (realized)
    (2)(3)                           $681        $407        $501         $474
    Average realized
    gold price per ounce           $1,672      $1,381      $1,599       $1,229
    Average realized silver price 
    per ounce                      $30.98      $27.40      $34.97       $20.30
    Gold equivalent ounces sold
    (55:1)(5)                      91,489      49,493     262,867      202,152
    Gold equivalent ounces 
    produced (55:1)(5)             92,306      51,199     273,389      204,133
    Total cash costs per gold
    equivalent ounce (55:1)(2)(4)    $685        $423        $538         $454

(in thousands, except ounces and total cash costs)

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