Proven and Probable Reserves Increase to 8.6 Million Gold Eq. Ounces Company-wide
TORONTO, March 5, 2012 /CNW/ - AuRico Gold Inc. (TSX:AUQ) (NYSE: AUQ), ("AuRico" or "AuRico Gold" or the "Company") today reported its updated Reserves and Resources, as at December 31st, 2011, which includes a 217% increase to Proven and Probable reserves, and a 758% increase in Measured and Indicated resources. The significant growth in resource inventory has been driven both by the strategic acquisitions of Capital Gold Corporation (April 2011) and Northgate Minerals Corporation (October 2011) as well as additions and discoveries of new mineralization at AuRico's North American properties.
Consolidated Highlights
"Through acquisitions and a focused exploration program in 2011, we have grown our reserves by 5.9 million gold equivalent ounces, or a 217% increase company-wide. Our cornerstone assets, the Young-Davidson and Ocampo mines, contributed the majority of the 2011 reserve increase, with Young-Davidson reporting an addition of over one million gold ounces and Ocampo also discovering over 450 thousand gold equivalent ounces, many of which are high margin, mill-feed ore." stated René Marion, President and Chief Executive Officer. He added, "The updated reserve and resource profile we are reporting today is indicative of the value we have been able to realize through our key acquisitions in 2011 in addition to the ongoing exploration efforts at our mines. In the past twelve months, we have increased our reserve ounces per 1,000 shares from 19.6 to 30.6. Our core asset base in North America has transformed the company into a premier intermediate gold producer with one of the most attractive production growth profiles in the industry. With imminent production from Young-Davidson, we fully expect 2012 to be another transformational year."
AuRico North America Highlights
At year-end 2011, AuRico North America reported:
AuRico Gold North America Proven and Probable Mineral Reserves by Mine (in thousands of gold equivalent ounces) |
|||
December 31 | 2011 | 2010 | Change (%) |
Young-Davidson | 3,831 | 2,819 | 36% |
Ocampo | 2,384 | 2,106 | 13% |
El Chanate | 1,284 | 1,371 | (6%) |
El Cubo | 657 | 620 | 6% |
Total | 8,157 | 6,916 | 18% |
The assumptions incorporated in the 2011 Reserve calculation, as compared with those in 2010, are as follows:
Reserve Assumptions | 2011 | 2010 |
Gold (US$/oz) | $1,250 | $1,025 |
Silver (US$/oz) | $23.00 | $16.60 |
Gold Equivalency Ratio | 54.35 | 61.75 |
Through acquisitions and additions AuRico North America has increased Proven and Probable reserves by 5.43 million gold equivalent ounces, after mining depletion, as reflected in the chart below.
http://files.newswire.ca/975/AuRicoChart.pdf
Young-Davidson
Given the significant increase in gold price since the Young-Davidson Feasibility Study was completed, a re-engineering of the underground mining methods was completed over the last quarter. The Feasibility Study envisaged the use of unconsolidated rock fill and bulk mining methods such as sub-level caving and long-hole shrinkage. The mine has now been re-engineered to utilize paste backfill and longhole stoping, which allows for a significantly higher mining recovery of the in-situ resource. As a result, it is expected that mining recovery will increase from approximately 72% to approximately 92% and, it is expected that dilution will decrease from approximately 15% to below 10%. This, combined with the conversion of the YD West resource into reserves and infill drilling within the Upper Boundary Zone, has resulted in approximately one million Proven and Probable ounces being added to reserves. Drilling in 2012 will focus on extending the YD West Zone and testing additional targets on the east and west flanks of the main Young-Davidson orebodies.
Ocampo
The 2011 underground drilling program at Ocampo was successful in identifying six new underground veins as well as increasing Proven and Probable reserves in 16 of the existing 28 veins. The underground mining cutoff grades have been reduced from 1.80 to 1.50 gold equivalent grams per tonne due to the increased gold price assumptions. The resulting average grade of the underground reserve has dropped by only 9% as significant high grade discoveries mitigated the impact of lower cut-off grades. Reserve increases at the Ocampo open pit operations were as a result of the delineation of a new open pit that will mine the Belen upper vein and the continuation of the PGR pit to the west on the Estrella structure. Drilling in 2012 will continue to focus on extensions to the existing underground vein system, and follow-up drilling on surface showings of potential new veins and on the Estrella structure.
El Chanate
Proven and Probable reserves at El Chanate were depleted by 219 thousand ounces, or 27 months of production, since the last reported reserve by Capital Gold Corporation (October 1st, 2009). Since AuRico acquired the property in April 2011, mining depletion has totaled 113 thousand ounces. The 2011 drilling program successfully identified mineralization below and to the south of the existing reserve pit and in 2012 drilling will focus on infilling these areas in anticipation of expanding the reserve pit towards these areas.
El Cubo
A re-evaluation of dilution assumptions against historical production resulted in increasing cut-and-fill dilution assumptions by 25%, with a resulting corresponding decrease in average grade. Dilution assumptions will be re-visited once the mine has sufficient operating experience with the new long-hole mining method. As a result of the surface drilling program, the Dolores/Capulin structures have grown significantly. 47 thousand gold equivalent ounces were added to underground reserves, and additionally 81 thousand gold equivalent ounces were added to Indicated resources and 381 thousand ounces were added to Inferred resources at the Dolores deposit. The Dolores production ramp has currently advanced to the top of the underground ore horizon. Surface drilling in 2012 will focus on converting additional Inferred material to Measured and Indicated resources, while underground drilling will focus on down dip extensions of existing veins.
AuRico Australia
Fosterville
Stawell
Guadalupe y Calvo Preliminary Economic Assessment
Micon International has completed the Preliminary Economic Assessment (PEA) of AuRico's 100%-owned Guadalupe y Calvo (GyC) project located in Chihuahua, Mexico. The updated resource (calculated using assumed gold and silver prices of $1,023 per ounce and $16.61 per ounce respectively) stands at 264 thousand gold equivalent ounces in the Measured and Indicated categories and another 146 thousand gold equivalent ounces in the Inferred category. The PEA envisions a 9 year mine life of combined open pit and underground operations with higher grade ore feeding a mill and lower grade ore being stacked on a heap leach facility.
The results of the PEA have confirmed that GyC has the potential to produce a meaningful amount of gold and silver averaging 36,000 gold equivalent ounces per year for the first 8 years at a competitive cash cost of $467 per gold equivalent ounce. Upfront capital requirements are estimated at $86 million. The PEA economics highlight GyC's excellent leverage to gold and silver prices with the pre-tax 5% NPV of $126 million at AuRico's resource metal price assumptions of $1,450/oz Au and $26/oz Ag increasing to $211 million at spot prices.
GyC PEA Results - 4 Case Comparison
Case 1 | Case 2 | Case 3 | Case 4 | |
GyC PEA Resource Price Assumptions |
AuRico Reserve Price Assumptions |
AuRico Resource Price Assumptions |
Spot Price Assumptions |
|
Gold Price ($/oz) | $1,023 | $1,250 | $1,450 | $1,770 |
Silver Price ($/oz) | $16.61 | $23.00 | $26.35 | $35.00 |
Au/Ag Ratio | 61.6 | 54.3 | 55.0 | 50.6 |
LOM Production (Koz) | ||||
Gold | 156.7 | |||
Silver | 8,490.4 | |||
Gold Equivalent | 294.5 | 306.1 | 311.0 | 331.5 |
Mine Life (years) | 10 | |||
Average Annual Production (Koz)1 | ||||
Gold | 17.6 | |||
Silver | 968.1 | |||
Gold Equivalent | 34.4 | 35.8 | 36.4 | 38.9 |
Costs (US$ million) | ||||
Up-Front Capex | $85.9 | |||
Sustaining Capital | $22.4 | |||
LOM Cash Costs (US$/Gold-Equivalent oz) | $493 | $474 | $467 | $438 |
Returns | ||||
Pre-Tax Net Free Cash Flow (US$ M) | $40.4 | $120.6 | $188.0 | $298.9 |
Pre-Tax 5% NPV (US$ M) | $13.2 | $74.7 | $126.3 | $211.4 |
Pre-Tax IRR | 8.4% | 22.2% | 32.4% | 47.7% |
Post-Tax Net Free Cash Flow (US$ M) | $34.4 | $93.5 | $142.1 | $222.5 |
Post-Tax 5% NPV (US$ M) | $9.3 | $55.8 | $93.4 | $155.4 |
Post-Tax IRR | 7.5% | 19.3% | 27.9% | 40.9% |
1 First 8 years
Chris Bostwick, Senior Vice President Technical Services, AuRico Gold Inc., a Qualified Person under NI 43-101, has reviewed the technical information in this press release.
(1) | Gold equivalent calculations for reserves metal prices of $1,250/oz for gold and $23.00/oz for silver, for a gold to silver ratio of 54.35:1. Gold equivalent calculations for resources use metal prices of $1,450/oz for gold and $26.35/oz for silver for a gold to silver ratio of 55.03:1. |
About AuRico Gold
AuRico Gold is a leading intermediate Canadian gold and silver producer with a diversified portfolio of high quality mines and projects in Canada, Mexico and Australia. The Company currently has five operating properties including the Ocampo mine in Chihuahua State, the El Chanate mine in Sonora State, the El Cubo mine in Guanajuato State, as well as the Fosterville and Stawell gold mines in Victoria, Australia. The first production from the exciting Young-Davidson gold mine in northern Ontario is expected by the end of Q1 2012 as the mine ramps up to over 200,000 ounces of annual production by 2015. AuRico's strong pipeline of development and exploration stage projects includes advanced development properties in Mexico and British Columbia and several highly prospective exploration properties in Mexico. AuRico's head office is located in Toronto, Ontario, Canada.
Cautionary Statement
Certain statements included herein, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words ''believe'', ''expect'', ''anticipate'', ''target'', ''continue'', ''estimate'', ''may'', and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding anticipated future financial and operational performance, the ability to continue to fund expansion and exploration operations through cash flows, the ability of the Company to optimize and expand its operations and development projects through capital expenditure, the ability of the Company to complete its expansion studies in a timely manner and to achieve positive results therefrom, the ability to realize the perceived benefits of the acquisition of Northgate, the ability of Young-Davidson to commence production by the end of Q1 2012 and to achieve over 200,000 ounces of annual production by 2015 and to meet the timelines for the commencement of mill processing, the ability to accelerate underground production at Young-Davidson, the ability to increase mining rates at Young-Davidson, the ability of the Company to achieve its targets for the continued expansion and development of Ocampo and El Chanate, the ability to improve infrastructure and productivity at El Cubo, Stawell and Fosterville, the future price of gold and silver and the ratio of their prices, the de-risking of operations, future exploration results of the Company's exploration and development programs and the success of the Company's exploration approaches, the Company's ability to delineate additional resources and reserves as a result of such programs, statements regarding the Company's financial exposure to litigation, targets, estimates and assumptions in respect of gold and silver production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades, recovery rates, future financial or operating performance, margins, operating and exploration expenditures, costs and timing of completion of the Ocampo expansion program and improvements to the heap leach pad, costs and timing of the development and commencement of production of new deposits, costs and timing of construction, costs and timing of future exploration and reclamation expenses including, anticipated 2011 and 2012 results, operating performance projections for 2011 and 2012, the Company's ability to fully fund its business model internally, 2011 and 2012 gold and silver production and the cash and operating costs associated therewith, the ability to achieve productivity and operational efficiencies, and the timing of each thereof. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. The operating and financial performance of the Company will be affected by changes in the actual gold equivalency ratio realized in 2011 and 2012. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, known and unknown uncertainties and risks relating to additional funding requirements, reserve and resource estimates, commodity prices, hedging activities, exploration, development and operating risks, illegal miners, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs, restrictions in the Company's loan facility, dependence on key employees, possible variations of ore grade or recovery rates, failure of plant, equipment or process to operate as anticipated, accidents and labour disputes. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Proven Reserves | Probable Reserves | |||||||||||||
|
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equiv (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equiv. (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Ocampo - Open Pit | 23,647 | 0.45 | 18 | 0.78 | 339 | 13,613 | 590 | 45,242 | 0.37 | 15 | 0.64 | 543 | 21,410 | 937 |
Ocampo - Underground | 3,473 | 2.78 | 128 | 5.15 | 311 | 14,347 | 575 | 2,425 | 1.91 | 93 | 3.63 | 149 | 7,268 | 283 |
Total Ocampo | 27,120 | 0.75 | 32 | 1.34 | 650 | 27,960 | 1,164 | 47,666 | 0.45 | 19 | 0.80 | 692 | 28,678 | 1,220 |
Total El Cubo | 2,238 | 1.84 | 114 | 3.89 | 132 | 8,199 | 280 | 3,152 | 1.88 | 102 | 3.72 | 190 | 10,313 | 377 |
Total - El Chanate | 41,783 | 0.63 | - | - | 851 | - | 851 | 19,745 | 0.68 | - | - | 433 | - | 433 |
Young-Davidson - Surface | 4,173 | 1.40 | - | - | 188 | - | 186 | 3,394 | 1.27 | - | - | 139 | - | 139 |
Young-Davidson - Underground | 5,799 | 3.05 | - | - | 568 | - | 568 | 33,259 | 2.75 | - | - | 2,936 | - | 2,936 |
Total Young-Davidson | 9,972 | 2.36 | - | - | 756 | 0 | 754 | 36,653 | 2.61 | - | - | 3,075 | - | 3,075 |
AuRico - North America | 81,113 | 0.92 | 14 | 1.17 | 2,389 | 36,159 | 3,050 | 107,217 | 1.27 | 11 | 1.48 | 4,391 | 38,991 | 5,105 |
Fosterville | 560 | 7.02 | - | - | 126 | - | 126 | 1,851 | 4.00 | - | - | 238 | - | 238 |
Stawell - Surface | - | - | - | - | - | - | - | 120 | 0.80 | - | - | 3 | - | 3 |
Stawell - Underground | 95 | 3.75 | - | - | 11 | - | 11 | 756 | 3.81 | - | - | 93 | - | 93 |
Total - Stawell | 95 | 3.60 | - | - | 11 | - | 11 | 876 | 3.41 | - | - | 96 | - | 96 |
AuRico - Australia | 655 | 6.52 | - | 6.52 | 137 | - | 137 | 2,727 | 3.81 | - | 3.81 | 334 | - | 334 |
AuRico - Total | 81,769 | 0.96 | 14 | 1.21 | 2,527 | 36,159 | 3,187 | 109,944 | 1.34 | 11 | 1.54 | 4,725 | 38,991 | 5,439 |
Total Proven and Probable Reserves | |||||||
|
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equiv. (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Ocampo - Open Pit | 68,889 | 0.40 | 16 | 0.69 | 882 | 35,023 | 1,527 |
Ocampo - Underground | 5,897 | 2.42 | 114 | 4.52 | 460 | 21,615 | 857 |
Total Ocampo | 74,786 | 0.56 | 24 | 0.99 | 1,342 | 56,638 | 2,384 |
Total El Cubo | 5,390 | 1.86 | 107 | 3.79 | 322 | 18,512 | 657 |
Total - El Chanate | 61,528 | 0.65 | - | - | 1,285 | - | 1,285 |
Young-Davidson - Surface | 7,567 | 1.34 | - | - | 327 | - | 327 |
Young-Davidson - Underground | 39,058 | 2.79 | - | - | 3,504 | - | 3,504 |
Total Young-Davidson | 46,625 | 2.56 | - | - | 3,831 | - | 3,831 |
AuRico - North America | 188,330 | 1.12 | 12 | 1.35 | 6,780 | 75,150 | 8,157 |
Fosterville | 2,411 | 4.70 | - | - | 364 | - | 364 |
Stawell - Surface | 120 | 0.80 | - | - | 3 | - | 3 |
Stawell - Underground | 851 | 3.80 | - | - | 104 | - | 104 |
Total - Stawell | 971 | 3.43 | - | - | 107 | - | 107 |
AuRico - Australia | 3,382 | 4.33 | - | 4.33 | 471 | - | 471 |
AuRico - Total | 191,712 | 1.18 | 12 | 1.40 | 7,251 | 75,150 | 8,628 |
Measured Resources | Indicated Resources | |||||||||||||
|
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equivalent (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equivalent (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Ocampo - Open Pit | 9,552 | 0.33 | 20 | 0.69 | 101 | 6,121 | 212 | 20,555 | 0.20 | 8 | 0.35 | 130 | 5,430 | 229 |
Ocampo - Underground | 607 | 1.37 | 64 | 2.53 | 27 | 1,255 | 49 | 495 | 1.07 | 50 | 1.98 | 17 | 801 | 32 |
Total Ocampo | 10,158 | 0.39 | 23 | 0.80 | 128 | 7,376 | 262 | 21,050 | 0.22 | 9 | 0.39 | 147 | 6,231 | 261 |
Total El Cubo | 337 | 1.10 | 65 | 2.27 | 12 | 701 | 25 | 3,874 | 2.07 | 61 | 3.17 | 257 | 7,600 | 395 |
El Chanate | 1,162 | 0.38 | - | - | 14 | - | 14 | 1,652 | 0.44 | - | - | 23 | - | 23 |
Young-Davidson - Surface | 739 | 2.02 | - | - | 48 | - | 48 | 3,499 | 1.26 | - | - | 142 | - | 142 |
Young-Davidson - Underground | 1,527 | 3.01 | - | - | 148 | - | 148 | 8,864 | 2.17 | - | - | 619 | - | 619 |
Total Young-Davidson | 2,266 | 2.69 | - | - | 196 | - | 196 | 12,363 | 1.91 | - | - | 761 | - | 761 |
Orion | - | - | - | - | - | - | 0 | 1,107 | 3.36 | 309 | 9.27 | 130 | 11,006 | 330 |
Kemess Underground | - | - | - | - | - | - | 0 | 136,500 | 0.56 | - | - | 2,610 | - | 2,610 |
Guadalupe y Calvo | - | - | - | - | - | - | 0 | 2,523 | 1.55 | 93 | 3.25 | 126 | 7,585 | 264 |
AuRico - North America | 13,924 | 0.78 | 18 | 1.11 | 349 | 8,076 | 496 | 179,069 | 0.70 | 6 | 0.81 | 4,055 | 32,421 | 4,644 |
Fosterville - Surface | 2,294 | 2.19 | - | - | 162 | - | 162 | 6,468 | 1.41 | - | - | 293 | - | 293 |
Fosterville - Underground | 41 | 6.12 | - | - | 8 | - | 8 | 2,728 | 5.26 | - | - | 461 | - | 461 |
Fosterville - Total | 2,335 | 2.26 | - | - | 170 | - | 170 | 9,195 | 2.55 | - | - | 754 | - | 754 |
Stawell - Surface | - | - | - | - | - | - | 0 | 3,134 | 2.16 | - | - | 218 | - | 218 |
Stawell - Underground | - | - | - | - | - | - | 0 | 598 | 3.86 | - | - | 74 | - | 74 |
Total - Stawell | - | - | - | - | - | - | 0 | 3,732 | 2.43 | - | - | 292 | - | 292 |
AuRico - Australia | 2,335 | 2.26 | - | 2.26 | 170 | - | 170 | 12,927 | 2.52 | - | 2.52 | 1,046 | - | 1,046 |
AuRico - Total | 16,259 | 0.99 | 15 | 1.27 | 519 | 8,076 | 666 | 191,996 | 0.83 | 5 | 0.92 | 5,101 | 32,421 | 5,690 |
Total Measured and Indicated Resources | |||||||
|
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equivalent (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Ocampo - Open Pit | 30,106 | 0.24 | 12 | 0.46 | 231 | 11,551 | 441 |
Ocampo - Underground | 1,102 | 1.23 | 58 | 2.29 | 44 | 2,056 | 81 |
Total Ocampo | 31,208 | 0.27 | 14 | 0.52 | 275 | 13,607 | 522 |
Total El Cubo | 4,211 | 1.99 | 61 | 3.10 | 269 | 8,300 | 420 |
El Chante | 2,814 | 0.42 | - | - | 38 | - | 38 |
Young-Davidson - Surface | 4,238 | 1.39 | - | - | 190 | - | 190 |
Young-Davidson - Underground | 10,391 | 2.30 | - | - | 767 | - | 767 |
Total Young-Davidson | 14,629 | 2.03 | - | - | 956 | - | 956 |
Orion | 1,107 | 3.36 | 309 | 9.27 | 130 | 11,006 | 330 |
Kemess Underground | 136,500 | 0.56 | - | - | 2,610 | - | 2,610 |
Guadalupe y Calvo | 2,523 | 1.55 | 93 | 3.25 | 126 | 7,585 | 264 |
AuRico - North America | 192,993 | 0.71 | 7 | 0.83 | 4,405 | 40,498 | 5,140 |
Fosterville - Surface | 8,761 | 1.41 | - | - | 454 | - | 454 |
Fosterville - Underground | 2,769 | 5.26 | - | - | 469 | - | 469 |
Fosterville - Total | 11,530 | 2.49 | - | - | 924 | - | 924 |
Stawell - Surface | 3,134 | 2.16 | - | - | 218 | - | 218 |
Stawell - Underground | 598 | 3.86 | - | - | 74 | - | 74 |
Total - Stawell | 3,732 | 2.43 | - | - | 292 | - | 292 |
AuRico - Australia | 15,262 | 2.48 | - | 2.48 | 1,216 | - | 1,216 |
AuRico - Total | 208,255 | 0.84 | 6 | 0.95 | 5,620 | 40,498 | 6,356 |
Copper Resources | |||
Tonnes | Copper | Copper | |
(000's) | (%) | Pounds | |
Kemess Underground | (000's) | ||
Indicated | 136,500 | 0.29 | 861,000 |
Inferred | 6,000 | 0.22 | 30,000 |
Inferred Resources | |||||||
|
Tonnes (000's) |
Gold (g/t) |
Silver (g/t) |
Gold Equivalent (g/t) |
Gold Ounces (000's) |
Silver Ounces (000's) |
Gold Equiv. Oz (000's) |
Ocampo - Surface | 27,068 | 0.40 | 20 | 0.77 | 347 | 17,822 | 671 |
Ocampo - Underground | 4,041 | 3.75 | 232 | 7.97 | 488 | 30,116 | 1,035 |
Total Ocampo | 31,109 | 0.83 | 48 | 1.71 | 835 | 47,938 | 1,706 |
Total El Cubo | 7,198 | 2.37 | 115 | 4.46 | 548 | 26,682 | 1,031 |
El Chanate | 549 | 0.46 | - | - | 8 | - | 8 |
Young-Davidson - Surface | 3,515 | 1.26 | - | - | 142 | - | 142 |
Young-Davidson - Underground | 14,784 | 2.71 | - | - | 1,289 | - | 1,289 |
Total Young-Davidson | 18,299 | 2.43 | - | - | 1,431 | - | 1,431 |
Orion | 181 | 3.33 | 95 | 4.98 | 19 | 550 | 29 |
Kemess Underground | 6,000 | 0.42 | - | - | 90 | - | 90 |
Guadalupe y Calvo | 1,832 | 1.13 | 74 | 2.48 | 67 | 4,357 | 146 |
AuRico - North America | 65,168 | 1.43 | 38 | 2.12 | 2,998 | 79,528 | 4,441 |
Fosterville - Surface | 2,554 | 1.51 | - | - | 124 | - | 124 |
Fosterville - Underground | 2,490 | 4.41 | - | - | 353 | - | 353 |
Fosterville - Total | 5,045 | 2.94 | - | - | 477 | - | 477 |
Stawell - Surface | 39 | 1.57 | - | - | 2 | - | 2 |
Stawell - Underground | 916 | 4.85 | - | - | 143 | - | 143 |
Total - Stawell | 955 | 4.72 | - | - | 145 | - | 145 |
AuRico - Australia | 6,000 | 3.22 | - | 3.22 | 622 | - | 622 |
AuRico - Total | 71,168 | 1.58 | 35 | 2.21 | 3,620 | 79,528 | 5,063 |
Notes to Reserves and Resources:
Reserves | Resources | ||||
Au $/oz | Ag $/oz | Au $/oz | Ag $/oz | Cu $/lb | |
Ocampo | $1250 USD | $23.00 USD | $1450 USD | $26.35 USD | - |
El Cubo | $1250 USD | $23.00 USD | $1450 USD | $26.35 USD | - |
El Chanate | $1250 USD | - | $1450 USD | - | - |
Young-Davidson | $1250 USD | - | $1450 USD | - | - |
Fosterville | $1300 AUD | - | $1450 AUD | - | - |
Stawell | $1300 AUD | - | $1450 AUD | - | - |
GyC | - | - | $1023 USD | $16.61 USD | - |
Orion | - | - | $850 USD | $13.00 USD | - |
Kemess Underground | - | - | $1100 USD | $20.00 USD | $2.80 USD |
Resources | Reserves | |
Ocampo | Ramon Luna, P.Geo, Director, Servicios y Proyectos Mineros De Mexico S.A. de C.V | Ramon Luna, P.Geo, Director, Servicios y Proyectos Mineros De Mexico S.A. de C.V |
El Cubo - Excluding Dolores | Glenn R. Clark, P.Eng, Principal, Glenn R. Clark & Associates | Glenn R. Clark, P.Eng, Principal, Glenn R. Clark & Associates |
El Cubo - Dolores | Jeff Volk, CPG, FAusIMM, Principal Resource Geologist, SRK Consulting (US) Inc | Paul Arscott, P.Geo, Technical Service Manager, Minera El Cubo |
El Chanate | Jeff Volk, CPG, FAusIMM, Principal Resource Geologist, SRK Consulting (US) Inc | Joanna Peck, MMSA, Senior Consultant (Mining), SRK Consulting (US) Inc |
Young Davidson | Carl Edmunds, P.Geo, Exploration Manager, AuRico Gold Inc. | Chris Bostwick, FAusIMM, SVP Technical Services, AuRico Gold Inc. |
Fosterville | Simon Hitchman, AIG, Troy Fuller AIG, both of Fosterville Gold Mine Pty Ltd. | Chris Bostwick, FAusIMM, SVP Technical Services, AuRico Gold Inc. |
Stawell | Mark Haydon, AIG, Geology Manager, Stawell Gold Mines | Austin Hemphill, MAusIMM (CP), Chief Engineer, AuRico Gold Inc. |
GyC | Chris Bostwick, FAusIMM, SVP Technical Services, AuRico Gold Inc. | |
Orion | Jeffrey Volk, CPG, FAusIMM, Peter Clarke, P.Eng., Paul Riley, C.Eng, FIMMM, G. Dante Ramírez-Rodríguez, MMSA, all of SRK Consulting (US) Inc. | |
Kemess Underground | Carl Edmunds P.Geo., Exploration Manager, AuRico Gold Inc., Michael Thomas, MAusIMM (CP), Principal Mining Consultant, AMC Consultants Pty Ltd, Ken Major, P.Eng, KWM Consulting Inc. |
PDF with caption: "AuRico North America Proven and Probable Reserves". PDF available at: http://stream1.newswire.ca/media/2012/03/05/20120305_C9650_DOC_EN_10734.pdf
For further information please visit the AuRico Goldwebsite at http://www.auricogold.com or contact:
René Marion
President & Chief Executive Officer
AuRico Gold Inc.
+1.647.260.8880
Anne Day
Director of Investor Relations
AuRico Gold Inc.
+1.647.260.8880
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