10.08.2018 23:01
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Lundin Gold Reports Second Quarter 2018 Results

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Lundin Gold Reports Second Quarter 2018 ResultsCanada NewsWireVANCOUVER, Aug. 10, 2018VANCOUVER, Aug. 10, 2018 /CNW/ - Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX:LUG, Nasdaq Stockholm: LUG)) is pleased to announce its results for the three and six months ended June 30, 2018. All amounts are in U.S. dollars unless otherwise indicated.Please view PDF version of News Release."During the quarter, we continued to de-risk the Project. Site earthworks are nearly complete and we began work on the powerline. Underground development rates exceeded our target advance rates and today we are more than half-way to the orebody and remain on track for first gold production in the fourth quarter of next year," said Ron Hochstein, Lundin Gold's President and CEO. "In addition, we signed an offtake agreement with Boliden for a significant portion of our gold concentrate earlier this month. Combined with the Orion offtake agreement, we have now secured contracts for about 80% of our anticipated production. Most importantly, in July we closed the $350 million senior debt package which completes funding for Fruta del Norte."Highlights Fruta del Norte Gold Project ("Fruta del Norte" or the "Project")Overall engineering was 48% complete and construction 21% complete.Cumulative advance in the K'isa and Kuri declines was 2.2 kilometres ("km").Process plant excavation is nearly complete.Process plant ball mill piers were poured.Grinding building foundations and carbon-in-leach tank foundations were well underway.North Access road was 70% complete.Tailings storage facility access road construction was completed, and polishing pond and diversion ditch construction began.Clearing of the powerline route from site began.New camp kitchen and dining facility was completed.FinancingClosed a $350 million senior secured project finance debt facility (the "Facility") with a syndicate of seven lenders. In addition, the Company executed a gold concentrate offtake agreement with Boliden.ExplorationScout drilling of the El Puma target, located in the southern Suarez Basin, was completed with a total of 6,245 metres ("m") in six drill holes.Mapping, geochemical sampling and the permitting required for future drilling continues on a number of epithermal gold-silver targets around the Suarez Basin.CorporateIstvan Zollei of Orion Mine Finance Group and Michael Nossal and Craig Jones of Newcrest Mining Limited joined the board of the Company following the closing of the equity financing.Fruta del Norte Gold ProjectMine DevelopmentAs at June 30, a total of 2.2 km of underground mine development had been achieved, with 1,030 m and 1,167 m in the Kuri and K'isa declines, respectively. The daily advance rates improved steadily throughout the quarter achieving an average advance rate of 5.9 m per day in Kuri and 6.6 m per day in K'isa in June, versus a target of 5.16 m per day.The Company also awarded the mine service fleet in May. With this award, nearly all of the mining equipment purchase orders have been placed.  Process Plant ConstructionProcess plant and main substation excavation progressed and was nearly complete at the end of the quarter. Construction moved ahead with the ball mill piers and grinding building foundations being poured and were 84% complete. In addition, the carbon-in-leach tank bases were 20% complete. Process plant equipment fabrication is on track and the first equipment (thickeners and the primary jaw crusher) is expected to arrive on site in the third quarter.Major Site EarthworksThe North Access road was an estimated 70% complete with less than 2 km remaining until it is done. The remaining section of the North Access road includes a steep escarpment which requires careful attention for technical and safety reasons. Road construction through this section is progressing well, and the Company remains on track to finish the road by the end of the third quarter of 2018. The tailings storage facility, polishing pond and east diversion ditch access roads were completed, and work commenced on clearing and grubbing in the polishing pond area. PowerlineThe regulatory process of formalizing all easements required for the powerline from the Bomboiza substation to the Project is near complete. The contractor has mobilized and started clearing the powerline route from site in June.Anciliary FacilitiesWork started on the permanent mine maintenance shop, mine substation and mine compressor station. The fuel storage station is almost finished and is in the final commissioning stages.Financial Results(in thousands, except per share amounts)Three months endedJune 30,Six months ended June 30,2018201720182017Results of Operations:Net income (loss) for the period$19,741$785$(5,847)$(5,602)Income (loss) per shareFull story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga"
Quelle: Benzinga

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