TMAC provides fourth quarter operations update and 2018 milestones
16 January 2018
TMAC's 2017 and fourth quarter highlights include:
- Mined 53,500 tonnes of ore at a grade of 9.4 grams per tonne, containing 16,200 ounces of gold in the fourth quarter of 2017, resulting in a total of 150,700 tonnes of ore mined at a grade of 11.5 g/t, containing 55,700 ounces of gold for the year.
- Processed 69,600 tonnes of ore at a grade of 13.7 g/t, containing 30,700 ounces of gold in the fourth quarter of 2017, with 22,220 ounces of gold being produced at an average recovery of 72%. After the installation of the dewatering cone in early November 2017, the recovery for November and December improved to an average of 76%, while the average for the year was 67%.
- Produced 56,630 ounces of gold in 2017, of which approximately 7,600 ounces remain as gold in circuit at December 31, 2017.
- The processing plant achieved 84% of design throughput in December.
- Sold 17,350 ounces of gold in the fourth quarter of 2017 generating $28.1 million (US$22.1 million) of revenue.
- Poured 49,040 ounces of gold, of which 46,990 ounces were sold generating $76.8 million (US$59.7 million) of revenue for the year (including sales of gold pre-commercial production) and 2,050 ounces were doré or refined.
- Realized an average price of US$1,275 per ounce of gold in the fourth quarter of 2017 ($1,622 per ounce at an exchange rate of 1.27) and US$1,270 per ounce for the year ($1,635 per ounce at an exchange rate of 1.30).
- Ore stockpiles at December 31, 2017 were estimated to contain 66,600 tonnes of ore at an average grade of 13.8 g/t, or 29,400 ounces of contained gold.
- Cash balances at December 31, 2017 were $42 million of unrestricted cash, including the $10 million minimum cash balance required under the terms of TMAC’s Debt Facility, and $44 million of restricted cash.
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