December 14, 2012
AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ),
("AuRico" or "the Company") is pleased to announce that it has completed the sale of the
mine and adjacent exploration projects "Venus" and "Los Jarros", located in
, S.A.B. de C.V ("
has also acquired a 50% interest in the Orion advanced exploration project and a joint venture agreement is currently being negotiated.
Total cash consideration paid at closing by
. AuRico will use the net proceeds from the sale to eliminate certain debt obligations, invest in internal growth opportunities, provide sufficient working capital and liquidity for the Company and undertake a significant return of capital to shareholders.
"With our divestment strategy complete, AuRico emerges with a streamlined asset base, growing production and free cash flow profile, and a peer-leading balance sheet. The Company is now in a position to focus on delivering consistent performance from our two low-cost, long-life core assets located in
as well as our commitment to shareholder-friendly initiatives," said
, President and Chief Executive Officer.
About AuRico Gold
AuRico Gold is a leading Canadian gold producer with mines and projects in
that have significant production growth and exploration potential. The Company is focused on its core operations including the
gold mine in northern
which declared commercial production on
September 1, 2012
and the El Chanate mine in Sonora State. AuRico's project pipeline also includes advanced development opportunities in
. AuRico's head office is located in
Toronto, Ontario, Canada