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AuRico Gold Announces Preliminary Second Quarter Operational Results

Stocks in this article: AUQ

TORONTO, July 16, 2013 /PRNewswire/ --

AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announces preliminary second quarter operational results. All amounts are in U.S. dollars unless otherwise indicated.

Production and cash costs in the second quarter were in-line with plan at both operations. Productivities at the Young- Davidson mine continue to meet or exceed targeted levels with the shaft crushing and hoisting system on track to be commissioned during September. Once commissioned, the shaft and hoisting system will drive enhanced underground productivities and unit cost efficiencies over the remainder of the year.

Preliminary 2013 Second Quarter Operational Results


                           Three-months ended Six-months ended   2013 Guidance
    Young-Davidson              June 30, 2013    June 30, 2013
    Gold Ounces
    Produced[3]                        29,252           57,533 120,000-140,000
    Total Cash Costs per
    ounce[1],[2]                         $716             $705       $575-$675
    El Chanate
    Gold Ounces Produced               18,751           36,640   70,000-80,000
    Total Cash Costs per
    ounce[2]                             $601             $584       $550-$600
    Consolidated Results
    Gold Ounces
    Produced[3]                        48,003           94,173 190,000-220,000
    Total Cash Costs per
    ounce[2]                             $655             $645       $565-$645
    [1]       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.
    [2]   Cash costs, prior to long-term, low-grade stockpile and heap leach
         inventory adjustments (see Net Realizable Value Adjustment disclosure
          provided below), are estimates only and are subject to change. See
             the Non-GAAP Measures section on page 15 of the Management's
    [3]    Discussion and Analysis for the three months ended March 31, 2013.
              Includes pre-production gold ounces from the Young-Davidson
                                   underground mine.

Recent Highlights

  • On June 11, 2013, AuRico's Board of Directors approved the introduction of a dividend reinvestment plan that will provide shareholders with a cost-effective way to acquire additional common shares by reinvesting cash dividends. Eligible shareholders may elect to participate in the dividend reinvestment plan commencing with the July 2013 dividend. Participation in the dividend reinvestment plan is optional. Further information on the Company's dividend reinvestment plan is available through the following link: http://www.auricogold.com/DRIP.
  • On June 27, 2013, the Company announced the appointment of Mr. Alan Edwards as non-executive Chairman of the Board effective July 1, 2013. Mr. Edwards was appointed as an independent director on May 13, 2010 and has served as Chair of the Sustainability Committee.
  • On July 3, 2013, the Board of Directors declared the Company's quarterly dividend payment of $0.04 per share for the second quarter ended June 30, 2013, payable on July 29, 2013 to shareholders of record at the close of business on July 15, 2013.

Net Realizable Value Adjustment and Impairment Charges

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