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AuRico Reports 2012 Reserve & Resource Update And Kemess Feasibility Study Results

Stocks in this article: AUQ

TORONTO, March 26, 2013 /PRNewswire/ --

 

AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today reported its updated Reserves and Resources, as at December 31, 2012.

Mineral Reserves and Resources (as at December 31, 2012)

(Detailed Mineral Reserve and Resource tables can be found at the end of this press release)

Highlights

As at December 31, 2012, the Company is reporting:

  • Proven and Probable Mineral Gold Reserves of 6.8 million gold ounces, a 1.69 million ounce increase over 2011, primarily driven through reserve additions reported from the Kemess Underground Project.
  • Reserves were essentially unchanged at the Young- Davidson mine with grades increasing by 1.6%.
  • Reserves decreased by 6% at the El Chanate mine, however reserve grades increased by 3.1%.

Gold Reserves by asset are summarized in the table below:

                              Proven and Probable Mineral Reserves[1]
                           Gold ounces (000's)[1]                       g/t
                                                Change                            Change
    December 31        2012         2011         (%)          2012      2011       (%)
    Young-Davidson    3,804        3,831        (0.7%)        2.60      2.56       1.6%
    El Chanate        1,204        1,284        (6.2%)        0.67      0.65       3.1%
    Kemess
    Underground       1,805          -           100%         0.56       -         100%
    Total             6,813        5,115         33%          1.05      1.47      (29%)
    [1] Detailed mineral reserve and mineral resource tables follow at the end of this
    press release.

In addition to gold reserves, the Company has also reported copper reserves of:

  • 619 million pounds at the Kemess Underground Project at a reserve grade of 0.28%, using a copper price of $3.00 per pound.

"The Company's efforts have been focused on improving the quality of our asset base and this focus extended to improving the quality of our reserve base as well. We have adopted a conservative approach by holding cutoff grades constant, which has resulted in higher grade and higher margin reserve ounces," stated Scott Perry, President and Chief Executive Officer. He continued, "The Company will continue to adopt this conservative view going forward and will balance exploration efforts with mine life to ensure we optimize value for those additional ounces, particularly at the long-life Young- Davidson mine."

As at December 31, 2012 the Company is also reporting the following mineral resources:

  • Measured and Indicated gold resources of 1.8 million gold ounces,at a grade of 0.71 g/t; and
  • Inferred gold resources of 1.4 million gold ounces,at grades of 1.78 g/t.

Gold mineral resources by asset are summarized in the table below:

                    Gold Resources (in thousands of gold ounces)[1]
    December 31, 2012             Measured & Indicated             Inferred
    Young-Davidson                        855                       1,260
    El Chanate                             41                           6
    Kemess Underground                    854                         125
    Orion (50%)                            65                          10
    Total                               1,815                       1,400
     [1] Detailed mineral reserve and mineral resource tables follow at the end of
         this press release.

The Company is also reporting by-product mineral resources:

  • Indicated by-product resources including:
    • 5.5 million silver ounces from the Orion Project (50% basis) at a grade of 309 g/t; and
    • 346 million pounds of copper from the Kemess Underground Project at a grade of 0.24%.
  • Inferred by-product resources including:
    • 275,000 ounces of silver from the Orion Project (50% basis) at a grade of 95 g/t; and
    • 46 million pounds of copper from the Kemess Underground Project at a grade of 0.21%.

Kemess Underground Feasibility Study

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