TORONTO, January 18, 2013 /PRNewswire/ --
AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announces fourth quarter and annual operational results and also provides operational and capital investment guidance for 2013. All amounts are in U.S. dollars unless otherwise indicated. The Company will host a conference call and webcast on Friday, January 18, 2013 at 9:00 a.m. Eastern Time.
2012 Preliminary Fourth Quarter and Annual Operational Results
Q4 2012 2012 2012 Guidance Young-Davidson Gold Ounces Produced 26,364 56,138 55,000-65,000 Total Cash Costs per ounce,, $725-$745 $690-$710 $550-$650 El Chanate Gold Ounces Produced 14,782 71,145 70,000-75,000 Total Cash Costs per ounce, $460-$480 $425-$445 $430-$460 Consolidated Results Gold Ounces Produced 41,146 127,283 125,000-140,000 Total Cash Costs per ounce, $630-$650 $545-$565 $483-$548
. Prior to commissioning the underground mine, cash costs are calculated on ounces produced from the open pit only. All underground costs are capitalized, and any revenue related to underground ounces sold is credited against capital. . Cash costs are estimates only and are subject to change. . See the Non-GAAP Measures section on page 27 of the Management's Discussion and Analysis for the three and nine months ended September 30, 2012. . Results from the Young-Davidson and El Chanate mines only.
- The Company ended 2012 with a strong cash reserve in excess of $600 million, following the sale of the Ocampo mine on December 14, 2012 for gross proceeds of $750M. Immediately following the closing of the transaction and prior to year-end, the Company fully retired the drawn balance on its corporate loan facility, equal to $128 million, and paid the $87 million tax expense incurred as part of the transaction.
- On December 17, 2012, the Company announced the launch of a $300 million modified Dutch-auction Substantial Issuer Bid, which is expected to close on January 23, 2013.
- On December 13, 2012 the Company announced the appointment of Robert J. Chausse as Executive Vice President and Chief Financial Officer.
"It has been a transformational year for the Company as we re-positioned our portfolio for reliable, consistent and sustainable performance, demonstrating our focus on quality ounces that will drive significant cash flow going forward. We are pleased with the performance of the Young-Davidson and El Chanate mines as both assets reported solid results for the year. We are particularly encouraged by the progress at the newly commissioned Young-Davidson mine," stated Scott Perry, President and Chief Executive Officer. He continued, "The commissioning of Young-Davidson has been one of the most successful in recent years with the mill facility operating consistently at, or above, nameplate. As we gain more experience with operating Young-Davidson, we become more confident in its potential. In 2013 and the coming years we will continue to focus significant efforts on realizing that potential."2013 Operational Guidance