September 5, 2012
- All dollar values are US$
AuRico Gold Inc. (TSX:AUQ) (NYSE: AUQ),
("AuRico" or "the Company") is providing an update on operational guidance.
The Company is also pleased to announce the appointment of Mr.
as Vice President Operations,
. Mr. Gignac brings over 30 years of global mining experience, where he has held increasingly senior operational roles, most recently with Newmont Mining Corporation. Mr. Gignac will report to
, Chief Operating Officer,
, and his appointment will further strengthen the current operational team at the Company's Mexican assets. Mr. Gignac will focus on supporting the accelerated underground development initiatives at the
mine and further optimizing operational enhancements at both the El Chanate and
As part of the accelerated underground development reinvestment program recently launched at the
mine, the Company has revised the short term mine plan to place greater emphasis on underground mine development for the next six-to-nine months. The program is designed to provide the operations team with sufficient time to advance underground mine development to increase the number of working faces and developed underground inventory to optimal levels. The targeted increase in working faces and developed underground inventory will provide greater flexibility in mine sequencing and will position the mine for sustainable production at the higher underground production tonnages achieved throughout 2011. Correspondingly, a lesser emphasis will be placed on underground production mining during this period. As a result, the Company is adjusting its operational estimates for the
mine for 2012 and 2013.
The Company has also elected to make modest adjustments to 2012 operational estimates for the Young-Davidson mine and has lowered cash cost estimates for the El Chanate mine as provided below.