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AuRico Gold Provides Guidance Update And Announces Appointment Of Vice President Operations For Mexico

El Chanate Mine, Mexico

The El Chanate mine continues to perform at targeted levels and the Company expects to achieve current production estimates at the mine in 2012 and 2013. During the first six months of 2012, cash costs have favourably outperformed guidance levels and this trend appears to be continuing into the second half of the year. As a result, the Company is reducing cash cost estimates for 2012.
    2012 Calendar Year           Prior Guidance   Revised Guidance
    Production (Au Oz's)        78,000 to 88,000  78,000 to 88,000
    Cash Costs Per Ounce ($/oz)   $450 to $480      $430 to $460
    Capital Expenditure[1]      Up to $49 million Up to $49 million
    1. Exclusive of exploration.

Financial Foundation

In addition to future cash flow from operations, AuRico's financial foundation has recently been bolstered through:
  • completing the divestment of the Stawell and Fosterville mines, on May 4, 2012, for a cash payment of CAD$55 million, CAD$10 million in equity shares of Crocodile Gold, as well as a potential participation in future free cash flows from the mines;
  • completing the sale of the El Cubo mine and the Guadalupe y Calvo exploration project, on July 13, 2012, for a cash payment of USD$100 million, USD$100 million in equity shares of Endeavour Silver, and up to US$50 million in future contingent payments; and,
  • expanding the Company's revolving credit facility on April 25, 2012, to USD$250 million;

AuRico has adequate financial resources for the foreseeable future following the recent declaration of commercial production at Young-Davidson, and the anticipated year-over-year increases in its gold production profile. The majority of the capital expenditure commitments associated with construction are now complete and accordingly, Young-Davidson is expected to be a key source of future profitability and operational cash flow generation .

CEO Comment

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