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Newmarket Gold Inc. (TSX:NMI) announced its production results for Q2 2015, as well as the first half of the year, noting that during Q2 it recorded consolidated gold production of 55,998 ounces.
Newmarket Gold Inc. (TSX:NMI) announced its production results for Q2 2015, as well as the first half of the year, noting that during Q2 it recorded consolidated gold production of 55,998 ounces. That’s up 3.7 percent from the year-ago period.
Other highlights are as follows:
- Average consolidated mill grade of 3.31 g/t, up 8.5% compared to 3.05 g/t in Q2 2014.
- Significant improvement in consolidated mill recovery at 88.0% on strong recoveries at the Fosterville and Cosmo Gold Mines.
- Reaffirm top end of full year 2015 gold production guidance of 220,000 ounces and lower end of 2015 cash cost guidance of $780 to $860 per ounce and all-in sustaining cash costs guidance of $1,020 to $1,100 per ounce.
- Successfully completed merger with Crocodile Gold and began trading on the TSX under ticker symbol “NMI”.
- As of June 30, 2015, pro-forma cash and gold bullion balance (at fair market value) was approximately $39.4 million, before proceeds from the subscription receipt financing and most transaction costs associated with the merger with Crocodile Gold. Preliminary unaudited pro-forma working capital was approximately $24.0 million at June 30, 2015.
Douglas Forster, president and CEO of Newmarket, commented:
We achieved a solid performance in the first half of 2015 producing 115,674 ounces of gold driven by a 15.1% improvement in our consolidated grade profile from H1 2014 and a strong increase in recovery across all three operations year-to-date. Newmarket’s second quarter production of 55,998 ounces represents two full years of quarterly gold production above 53,000 ounces and gives us the confidence to reaffirm our full-year 2015 production outlook of 220,000 ounces. With these results, we are also reaffirming our 2015 cost guidance and expect to achieve the lower end of both our cash cost guidance of $780 to $860 per ounce and all-in sustaining cost guidance of $1,020 to $1,100 per ounce. Furthermore, we are extremely pleased to have completed our merger with Crocodile Gold in early July. Moving forward, we are a unified company focused on continued sustainable operating performance from our three existing mines, maintaining a large resource base and generating significant free cash flow that supports the execution of our ongoing gold asset consolidation strategy.
Click here to read the full Newmarket Gold Inc. (TSX:NMI) press release.