TORONTO, October 15, 2013 /PRNewswire/ --
AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or the "Company") today announces preliminary third quarter operational results. All amounts are in U.S. dollars unless otherwise indicated.
AuRico reported its fifth consecutive quarter of production growth, with the Young- Davidson and El Chanate operations reporting production and cash costs results that were in-line with plan.
Commissioning of the shaft hoisting system at the Young- Davidson underground mine is a key project milestone that will support increased underground productivities and favourable unit cost efficiencies over the life of the mine and will be completed in October, facilitating a scheduled October 31 declaration of commercial production.
Second YTD as Quarter of First Quarter June Third Quarter Sept. March 31/13 30/13 Sept. 30/13 30/13 2013 Guidance Young-Davidson Gold Ounces Produced 28,281 29,252 30,099 87,632 120,000-140,000 Total Cash Costs per oz., $694 $716 $662 $691 $575-$675 El Chanate Gold Ounces Produced 17,889 18,751 18,804 55,444 70,000-80,000 Total Cash Costs per oz. $563 $602 $588 $585 $550-$600 Consolidated Results Gold Ounces Produced 46,170 48,003 48,902 143,075 190,000-220,000 Total Cash Costs per oz., $635 $655 $626 $639 $565-$645Preliminary 2013 Third Quarter Operational Results
[1.] Prior to commissioning the underground mine at Young-Davidson, 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 net realizable value adjustments & reversals, are estimates only and are subject to change. See the Non-GAAP Measures section on page 18 of the Management's Discussion and Analysis for the three months ended June 30, 2013. [3.] Includes pre-production gold ounces from the Young-Davidson underground mine."The October commissioning of the shaft and hoisting system and the subsequent declaration of underground commercial production will represent a major milestone for the Company as this significant achievement will be pivotal in unlocking the potential of the Young- Davidson mine and positioning the Company for the future," stated Scott Perry, CEO of AuRico. He continued, "The Young- Davidson team has delivered one of the smoothest commissioning periods in recent years and we are pleased and encouraged by the steady progress being reported over the past number of quarters. The Company remains well positioned to deliver quarter over quarter productivity improvements going forward and remains on target to meet company-wide production and cash costs guidance for the year." Third Quarter Dividend Declared