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14.10.2021 07:00
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Magna Gold Reports Q3 2021 Production Results - Quarterly Production of 19,102 oz Gold
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PR Newswire
TORONTO, Oct. 14, 2021
TORONTO, Oct. 14, 2021 /PRNewswire/ - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), is pleased to report Q3 2021 production of 19,102 oz gold at an estimated cash cost of $1,134, from its San Francisco Mine in Sonora, Mexico. This represents a quarter over quarter production increase of 63%. Additionally, the strip ratio during the quarter was 2.62 which continues to trend towards the life of mine average of 2.5. Gold sold during the quarter was 18,276 ounces at an average realized gold price of $1,776 per ounce (1). The Company has produced 40,600 ounces of gold through the third quarter, its first complete quarter operating at full-scale commercial production. The Company reiterates full year gold production guidance of 55,000 to 65,000 ounces.
TABLE 1: Q3 2021 OPERATIONAL HIGHLIGHTS
| | Three months ended | | Change | Change % | |
| | Sep-21 | Jun-21 ARIVA.DE Börsen-GeflüsterKurse | | | |
| MINING | | | | | |
| Ore mined (dry kt) | 1,725 | 1,231 | | 494 | 40% |
| Ore mined grade (g/t Au) | 0.46 | 0.43 | | 0.03 | 8% |
| Waste mined (kt) | 4,522 | 4,880 | | (358) | (7%) |
| Total mined (kt) | 6,247 | 6,111 | | 136 | 2% |
| Strip ratio | 2.62 | 3.96 | | (1.34) | (34%) |
| Avg. total mined (t/d) | 67,907 | 67,153 | | 754 | 1% |
| | | | | | |
| CRUSHING AND PROCESSING | | | | | |
| Ore processed (kt) - From open pit | 1,754 | 1,221 | | 533 | 44% |
| Ore processed grade (g/t Au) - From open pit | 0.45 | 0.44 | | 0.01 | 3% |
| Ore processed (kt) - All sources | 1,759 | 1,347 | | 412 | 31% |
| Ore processed grade (g/t Au) - All sources | 0.45 | 0.49 | | (0.04) | (7%) |
| Gold placed on pads (ozs) - All sources | 25,663 | 21,094 | | 4,569 | 22% |
| | | | | | |
| PRODUCTION | | | | | |
| Gold ounces produced (ozs) | 19,102 | 11,713 | | 7,389 | 63% |
| Silver ounces produced (ozs) | 7,115 | 7,742 | | (627) | (8%) |
| Gold ounces sold (ozs) | 18,276 | 11,777 | | 6,499 | 55% |
| Silver ounces sold (ozs) | 8,061 | 8,422 | | (361) | 4% |
| | | | | | |
| Realized gold price (USD) | 1,776 | 1,783 | | (7) | (0.4%) |
Magna plans to release its full third quarter 2021 financial and operational results on or around November 29, 2021. Operating metrics will be reported with the quarterly results.
Arturo Bonillas, President & CEO of Magna, stated:
"I am beyond pleased with all the progress the team has made. During the month of August 2021, the San Francisco Mine produced ~7,000 oz of gold. Having been involved with the mine since its inception, I can confirm that August 2021 ranks amongst the best months in the history of the mine. Q3 2021 was the first full quarter of commercial production since Magna acquired the mine and the team continues to optimize and improve operations daily. As production continues to ramp up, we look to exit the year with monthly production of >7,000 oz/month."
| (1) | Realized gold price for Q3 2021 includes gains and losses on derivatives. |
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