TORONTO, Jan. 9, 2014 /CNW/ - St Andrew Goldfields Ltd. (TSX-SAS) (OTCQX-STADF), ("SAS" or the "Company") is pleased to report annual 2013 production of
99,548 ounces of gold from its Holt, Holloway and Hislop mines
achieving the mid-range level of its 2013 guidance. Fourth quarter
production ("Q4 2013") was in line with expectations, with 24,300
"We are very proud of our team for achieving record production and
within our stated 2013 production guidance of 95,000 - 105,000 ounces",
said Duncan Middlemiss, President and Chief Executive Officer of SAS.
"The Holt Mine continues to increase its production profile on an
annual basis, and we look forward to the continuation of this trend.
All required infrastructure is in place and with the development of
Zone 6, additional production flexibility will be enabled. We look
forward to delivering on our objectives in 2014, with the same vigor as
in previous years."
Q4 and Annual 2013 Production Results
Q4 2013 Production
Annual 2013 Production
Note: Columns may not add due to rounding
Holt Mine ("Holt")
Holt produced 13,579 ounces of gold derived from Zone 4 on the 925m
Level and 1075m Level mining areas and Zone 6 on the 775m Level.
Production was down approximately 20% from the previous quarter due to
scheduled hoist motor and hoist drive upgrades performed during the
quarter. This improvement will provide additional future hoisting
capacity and increased reliability. Head grade during the quarter was
5.42 g/t Au, and mill recoveries were at their expected level of
Holloway Mine ("Holloway")
Holloway produced 5,654 ounces of gold, mostly from the Smoke Deep Zone
with minor contributions from the Lightning Zone. The mill recovery
rate of approximately 89% was slightly below expectations due to
challenging mineralogical conditions in the areas mined during the
quarter. Ongoing development work continues to provide access for
additional areas within the Smoke Deep Zone.
Hislop Mine ("Hislop")
Hislop produced 5,068 ounces of gold in Q4 2013. The head grade averaged
1.96 g/t Au, which was less than the reserve grade for the mine (2.16
g/t Au), primarily due to the transition to the west pit and weaker
grades in the initial benches. Mill recovery for Hislop during the
quarter averaged approximately 82%, due to the processing of a
significant amount of ore containing a fine gold size fraction.
2013 FOURTH QUARTER AND YEAR END FINANCIAL RESULTS CONFERENCE CALL
The Company invites you to participate in the upcoming conference call
to discuss its fourth quarter and year-end financial and operating
results for 2013. The conference call will take place on Friday,
February 14, 2014 at 10:00 AM EST. SAS' fourth quarter and year-end
financial results will be released after market on Thursday, February
Participants may join the call via webcast at www.sasgoldmines.com. A playback will be available via the website and will be posted within
24 hours of the call.
Production at the Holt, Holloway and Hislop mines, processing at the
Holt Mill, and mine development and production activities at the
operations are being conducted under the supervision of Marc-Andre
Pelletier, P. Eng., the Company's General Manager of Operations. Mr.
Pelletier is a qualified person as defined by National Instrument
43-101, and has reviewed and approved this news release.
SAS (operating as "SAS Goldmines"), is a gold mining and exploration
company with an extensive land package in the Timmins mining district,
north-eastern Ontario, which lies within the Abitibi greenstone belt,
the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines. The Company
is also advancing the Taylor Project and is conducting an aggressive
exploration program across 120km of land straddling the
Porcupine-Destor Fault Zone.
For further information about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
This news release contains forward-looking information and
forward-looking statements (collectively, "forward-looking
information") under applicable securities laws, concerning the
Company's business, operations, financial performance, condition and
prospects, as well as management's objectives, strategies, beliefs and
intentions. Forward-looking information is frequently identified by
such words as "may", "will", "plan", "expect", "estimate",
"anticipate", "believe", "intend" and similar words referring to future
events and results, including in respect of additional improvements in
production at the Holt mine, and continued production from the Holloway
and Hislop mines in 2014.
This forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking
information. Factors that may cause actual results to vary materially
include, but are not limited to, unanticipated operational or technical
difficulties which could increase the time necessary to complete the
development initiatives, escalate operating and/or capital costs and
reduce anticipated production levels; uncertainties relating to the
interpretation of the geology, continuity, grade and size estimates of
the mineral reserves and resources; the Company's dependence on key
employees and changes in the availability of qualified personnel;
fluctuations in gold prices and exchange rates; operational hazards and
risks, including the inability to insure against all risks; changes in
laws and regulations; and changes in general economic conditions. Such
forward looking information is based on a number of assumptions,
including in respect of the ability to achieve operating cost
estimates, the level and volatility of the price of gold, the accuracy
of reserve and resource estimates and the assumptions on which such
estimates are based and general business and economic
conditions. Should one or more risks and uncertainties materialize or
should any assumptions prove incorrect, then actual results could vary
materially from those expressed or implied in the forward-looking
information. Accordingly, readers are cautioned not to place undue
reliance on this forward-looking information. SAS does not assume the
obligation to revise or update this forward-looking information after
the date of this release or to revise such information to reflect the
occurrence of future unanticipated events, except as may be required
under applicable securities laws. A further description of the risks
and uncertainties facing the Company may also be found in the Company's
Annual Information Form available on SEDAR at www.sedar.com.
SOURCE: St Andrew Goldfields Ltd.
For further information:
Suzette N Ramcharan
Director, Investor Relations
Duncan Middlemiss, P. Eng.
President & CEO
CFO, VP Finance & Administration