Mr. John McCluskey reports
ALAMOS GOLD REPORTS THIRD QUARTER 2011 FINANCIAL RESULTS AND PROVIDES DEVELOPMENT AND EXPLORATION UPDATES
Alamos Gold Inc. has released its financial results for the third quarter of 2011, and has provided an update of development and exploration activities. All amounts are expressed in U.S. dollars, unless stated otherwise.
This press release should be read in conjunction with the company's condensed interim consolidated financial statements for the three- and nine-month periods ended Sept. 30, 2011, and Sept. 30, 2010, and associated management's discussion and analysis (MD&A), which are available on the company's website in the investor centre tab in the reports and financial statements section, and on SEDAR.
Third quarter 2011 highlights
In the third quarter of 2011, the company:
- Produced 33,000 ounces of gold, including 17,300 ounces in the month of
September;
- Sold 28,790 ounces of gold for $47.2-million, generating operating
revenues of $45-million and preproduction revenues from the Escondida
zone of $2.2-million;
- Reported cash operating costs of $382 per ounce of gold sold (total cash
costs inclusive of royalties were $459 per ounce of gold sold), in line
with annual guidance for cash operating costs of $365 to $390 per ounce;
- Generated cash from operating activities before changes in non-cash
working capital of $20.7-million (18 cents per basic share), compared with
$16.4-million (14 cents per basic share) in the third quarter of 2010;
- Recognized earnings before income taxes of $19.7-million and earnings of
$5.4-million (five cents per basic share);
- Earnings were impacted by a 72-per-cent
effective tax rate resulting from a $7-million (six cents per basic share)
non-cash deferred tax charge associated with the weakening of the
Mexican peso in the quarter;
- Reported a 19-per-cent increase in measured and indicated resources at Agi Dagi
and Kirazli compared with the 2010 year-end reserve and resource
statement;
- Announced a 40-per-cent increase in the company's semi-annual dividend to seven cents
per share, from five cents per share;
- Appointed Kenneth Stowe to the company's board of directors.
Subsequent to the end of the quarter, the company:
-
Achieved record monthly crusher throughput of 500,000 tonnes (average
16,100 tonnes per day) and produced 15,000 ounces of gold in the month
of October, bringing total year-to-date production to 121,500 ounces;
- Announced the appointment of Han Ilhan to the role of vice-president of
projects, with primary responsibility for overseeing permitting and
development of the company's Turkish assets;
- Herve Thiboutot, the company's vice-president of exploration, provided
notice that he will resign from the company effective Nov. 13, 2011;
- The company's vice-president of corporate development, Charles Tarnocai,
will work with Mr. Thiboutot to transition responsibilities, and will assume the
duties of the vice-president of exploration on an interim basis.
Review of financial results
The company reported strong financial results in the third quarter of 2011, generating cash flows from operating activities before changes in non-cash working capital of $20.7-million (18 cents per basic share), a 35-per-cent increase from $16.4-million (14 cents per basic share) in the third quarter of 2010. After changes in non-cash working capital, the company generated $13.7-million (12 cents per basic share) in the third quarter of 2011, 22 per cent higher than $11.2-million (10 cents per basic share) generated in the same period of 2010.
Earnings before income taxes in the third quarter of 2011 were $19.8-million or 17 cents per share, compared with $24.4-million or 21 cents per share in the same period last year. In the third quarter of 2010, earnings included a $12-million (11 cents per share) gain on completion of the settlement agreement with Primero Mining Corp.
After-tax earnings of $5.4-million or five cents per share in the third quarter of 2011 were impacted by the following:
-
The company recorded a $7-million (six cents per basic share) non-cash
deferred tax charge resulting from significant local currency foreign
exchange rate fluctuations. Under international financial reporting
standards (IFRS), changes in foreign exchange rates calculated on the
company's non-monetary assets and liabilities create temporary
differences that are recorded as a deferred tax expense or recovery.
- The strengthening of the U.S. dollar against the company's
operating currencies in the third quarter contributed to a non-cash
unrealized foreign exchange loss equivalent to $1.2-million (one cent per
share).
- While developing the Escondida zone, the company encountered ore-grade
material that was classified as waste in the development plan. IFRS
requires that revenues and earnings generated from the sale of these
ounces be accounted for as preproduction cash flows, and be capitalized
and offset against Escondida development costs. As a result, revenues of
$2.2-million and cash operating costs of $600,000 were capitalized.
Had these revenues and corresponding earnings been recorded as income,
the company would have reported additional earnings before tax of
approximately $1.6-million (one cent per share) in the third quarter.
For the nine months ended Sept. 30, 2011, earnings of $38.8-million were 15 per cent lower than earnings of $45.5-million reported in the comparable period of 2010. After adjusting for the $12-million Primero settlement gain in the third quarter of 2010, year-to-date 2011 earnings were 18 per cent higher than in the nine months ended Sept. 30, 2010.
Capital expenditures in the third quarter of 2011 totalled $15.2-million, net of $1.6-million of capitalized operating earnings related to ounces sold from the Escondida zone. Investments in operating capital and development activities for the company's Mexican operations were $4.8-million and $7.3-million, respectively. In addition, the company capitalized $3.1-million in exploration and development activities for its Turkish projects.
Key financial highlights for the third quarter and year to date in 2011 compared with the third quarter and year to date in 2010 are presented in the table at the end of this release.
Third quarter 2011 operating results
In the third quarter of 2011, the Mulatos mine produced 33,000 ounces of gold, a 9-per-cent increase compared with production of 30,200 ounces of gold in the third quarter of 2010. The higher gold production in the third quarter of 2011 relative to the same period in 2010 was attributable to a 17-per-cent increase in the ratio of ounces produced to contained ounces stacked (recovery ratio, defined as the ratio of gold ounces produced divided by the number of contained ounces stacked over a specific period), and a 13-per-cent increase in crusher throughput, offset by a 17-per-cent decrease in the grade of ore stacked on the leach pad.
Cash operating costs, exclusive of the 5-per-cent royalty, were $382 per ounce of gold sold in the third quarter of 2011. Including the royalty, total cash costs were $462 per ounce of gold sold. On a year-to-date basis, cash operating costs per ounce of $360 are below the low end of the annual guidance range of $365 to $390 per ounce.
The recovery ratio in the third quarter of 2011 was 61 per cent, a 17-per-cent increase over the comparable period of 2010, but below the company's budgeted recovery ratio of 70 per cent. On a year-to-date basis, the recovery ratio of 70 per cent is at the budgeted level. The lower-than-budgeted recovery ratio in the third quarter was attributable to low concentrations of cyanide in solution as a result of a reduction in cyanide shipments from the company's primary supplier. Normal cyanide shipments resumed in the third quarter, and cyanide concentration levels in the leach pad were increased, contributing to production of 17,300 ounces in the month of September.
Crusher throughput in the third quarter averaged 13,500 tonnes of ore per day, 12 per cent higher than 12,100 tonnes per day in the same period of last year. Crusher throughput increased sharply in the last half of September, averaging 16,000 tonnes per day. Higher crusher throughput has resulted from generally improved operating and maintenance practices, and has been achieved without sacrificing size quality. The size of crushed ore stacked on the leach pad was 86 per cent passing three-eighths of an inch in the third quarter of 2011.
The grade of ore crushed in the third quarter of 2011 of 1.35 grams per tonne gold was higher than the budgeted grade of 1.24 g/t Au, but below the grade in the third quarter of 2010 of 1.63 g/t Au. Applying higher gold price assumptions to the mine model has resulted in material previously classified as waste becoming economic to mine and therefore classified as low-grade ore. This has the effect of lowering the average grade mined. On a year-to-date basis, the grade of ore crushed is 1.29 g/t Au, slightly above the company's budgeted grade for 2011. The reconciliation of mined blocks to the block model for the nine months ended Sept. 30, 2011, was plus 7.1 per cent, plus 5.8 per cent and 13.3 per cent for tonnes, grade and ounces, respectively. Since the start of mining activities in 2005, the project-to-date reconciliation is plus 0.6 per cent, plus 7.5 per cent and plus 8.1 per cent for tonnes, grade and ounces, respectively. Positive reconciliation variances indicate that the company is mining more gold than what was indicated in the reserve model.
Key operational metrics and production statistics for the third quarter and year to date in 2011 compared with the same periods of 2010 are presented in the table at the end of this press release.
Third quarter 2011 exploration update
Mexico
Exploration drilling in the Mulatos district during the third quarter was focused on the El Victor North area, with all four available drill rigs active during the quarter. The El Victor North area was not drilled during the definition drilling of the El Victor reserve due to a surface access conflict. The El Victor North area contains silica alteration identical to the El Victor deposit, and is believed to be the untested northern extension of mineralization optimizing as a reserve in the proposed El Victor pit. As a result, El Victor North has been identified as an area with the potential to expand reserves in an area previously classified as waste. All holes drilled to date have encountered significant intervals of favourable silicic or advanced argillic alteration, and should extend the El Victor pit north and west of the present pit limits.
In total, 10,000 metres in 82 holes were drilled in the El Victor area in the third quarter. Drill results are encouraging, and the results received to date have confirmed the continuity and extension of the El Victor mineralized body, with results typical of those reported in the past.
New intercepts from recent drilling include:
-
1.29 g/t Au over 68 metres (11EV058);
-
1.12 g/t Au over 50.8 metres (11EV079);
- 4.05 g/t Au over 15.3 metres (11EV079);
- 1.68 g/t Au over 33.5 metres (11EV083).
Relevant assay results are presented in the table at the end of this press release.
An updated reserve and resource estimate at El Victor will be completed as part of the year-end global reserve and resource statement to be published in the first quarter of 2012.
Exploration -- Turkey
To date in 2011, the company has completed over 22,400 metres of drilling in Turkey, operating with up to six core drill rigs. Since the company acquired its Turkish projects, 45,000 metres of drilling has been completed. The drilling in 2011 has been focused on infill and extension drilling of known zones of mineralization at Agi Dagi, Kirazli and Camyurt. The company provided an updated mineral resource estimate for the Agi Dagi and Kirazli deposits during the third quarter of 2011 which demonstrated significant growth in measured and indicated resources to 1.96 million ounces of gold and 15.4 million ounces of silver in oxides.
Camyurt
The Camyurt project is located approximately three kilometres southeast of the company's development-stage Agi Dagi project. To date in 2011, the company has drilled 7,300 metres of a planned 10,000-metre drill program. In the third quarter of 2011, the company continued to report encouraging drill results from Camyurt which validate its potential to develop into a stand-alone mining project.
Notable assay results include:
-
0.82 g/t Au over 152.4 metres (11-CYD-024);
- 3.17 g/t Au over 36.5 metres (11-CYD-028);
- 1.25 g/t Au over 140.5 metres (11-CYD-032);
- 1.76 g/t Au over 89.6 metres (11-CYD-035);
- 1.62 g/t Au over 151.42 metres (11-CYD-039) (including minor waste
intervals).
Relevant assay results are presented in the table at the end of this press release.
Drilling at Camyurt has defined a mineralized zone that is continuous for at least 1,100 metres along strike, with additional potential to extend mineralization to the northeast. The steeply dipping oxidized body starts at surface, has been vertically defined to a minimum of 150 metres, remains open at depth and can reach up to 150 metres in thickness. Definition drilling will continue in the fourth quarter, and an initial resource estimate at Camyurt is planned to be included as part of the company's year-end global reserve and resource statement in the first quarter of 2012.
Resignation of vice-president of exploration
In October, 2011, the company's vice-president of exploration, Mr. Thiboutot, submitted his resignation notice, effective Nov. 13, 2011. Mr. Thiboutot has been with the company since March, 2009. The company's vice-president of corporate development, Mr. Tarnocai, will work with Mr. Thiboutot to transition responsibilities, and will assume the duties of vice-president of exploration on an interim basis. The company wishes to thank Mr. Thiboutot for his contributions to the company over the past 2-1/2 years.
Outlook
Operations
The company is on track to achieve its full year 2011 production guidance of between 145,000 and 160,000 ounces of production at a cash operating cost (exclusive of the 5-per-cent royalty) of between $365 and $390 per ounce. Mining operations are currently achieving or exceeding budgeted levels. Crusher throughput in the month of October, 2011, reached record levels of 500,000 tonnes crushed (average 16,100 tonnes per day). In addition, the company produced 15,000 ounces of gold in the month of October, bringing year-to-date production to 121,500 ounces.
Development -- Mulatos mine
Development of the high-grade Escondida zone and construction of the gravity plant to process high-grade ore are on schedule, with planned production in the first quarter of 2012. Gold production in 2012 is expected to exceed 200,000 ounces with the addition of high-grade production from Escondida. Metallurgical testing conducted in 2011 has demonstrated that high-grade ore at San Carlos is amenable to gravity processing, potentially doubling the amount of feed available for the gravity plant. As a result, the company anticipates that it will be able to extend the processing life of the gravity plant beyond the current three-year reserve life of Escondida. Further optimization and metallurgical studies are under way in order to continue to increase the amount of high-grade ore that can be processed through the gravity plant.
Development -- Agi Dagi and Kirazli
The company has demonstrated exploration success at its Agi Dagi and Kirazli projects in northwestern Turkey, with measured and indicated resources more than doubling since the company acquired the projects in early 2010. In addition, the Camyurt exploration project has the potential to increase resources further and to materially contribute to the company's production profile growth in Turkey.
Given the significant increase to measured and indicated resources at Agi Dagi and Kirazli, and in consideration of the development potential of the Camyurt project, the company has postponed the release of its preliminary feasibility study to the second quarter of 2012, in order to incorporate the additional resources and accommodate the revised scope of the projects. The company believes that the revised combined production profile of Agi Dagi and Kirazli could result in annual production rates in Turkey that are substantially higher than initially reported in the scoping study of 135,000 ounces per year over an expected eight-year mine life.
The environmental impact assessment (EIA) approval process has commenced for the company's projects in Turkey, with the submission of a draft EIA application file for the Agi Dagi project in August, 2011. The relevant authorities responded to the draft EIA on Sept. 30, 2011, with the terms of reference that are required to be addressed in the final EIA. The company has up to one year to submit the final EIA, at which point the Turkish government has approximately one month to provide a definitive response. The company expects to complete and submit the final EIA for Agi Dagi in the second quarter of 2012, and that permitting will commence in the third quarter of 2012. Permitting and construction for Agi Dagi are now expected to take up to 18 months. The draft EIA application file for Kirazli is complete and is expected to be submitted in the fourth quarter of 2011. In addition, the company is in the process of completing a draft EIA application file for the Camyurt project.
Reminder of third quarter 2011 financial results conference call
The company's senior management will host a conference call on Thursday, Nov. 3, 2011, at 12:30 p.m. ET to discuss the 2011 third quarter financial results, and to provide an update of the company's operating, exploration and development activities.
Participants may join the conference call by dialling 1-800-225-0198 or 1-416-340-8061 for outside Canada and the United States.
A recorded playback of the conference call can be accessed after the event until Nov. 17, 2011, by dialling 1-800-408-3053 or 1-905-694-9451 for participants outside Canada and the United States. The pass code for the conference call playback is 4835742 followed by the pound sign. A live and archived audio webcast will also be available on the company's website.
Quality assurance/quality control programs
Agi Dagi, Kirazli and Camyurt exploration programs are conducted under the supervision of Dominique Fournier, BSc geology, PhD geology, registered professional geologist and the company's Turkey exploration manager. Mr. Fournier is a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Strict sampling and quality assurance/quality control protocols are followed, including the insertion of standards, blanks and duplicates on a regular basis. Sample intervals are usually one metre to 1.5 metres. Agi Dagi, Kirazli and Camyurt samples are sent to Acme Analytical Laboratories in Ankara, Turkey, for sample preparation, and then to Vancouver, B.C., Canada, or Santiago, Chile, for analysis. Analytical method is fire assay with atomic adsorption finish and gravimetric finish for individual samples with a gold concentration greater than three g/t Au. Composites presented in the assay results tables include intervals at greater than 0.2 g/t Au over a three-metre minimum width. No assays are cut unless indicated.
Mulatos exploration programs are conducted under the supervision of Ken Balleweg, BSc geological engineering, MSc geology, registered professional geologist and the company's Mexico exploration manager. Mr. Balleweg is a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Strict sampling and quality assurance/quality control protocols are followed, including the insertion of standards, blanks and duplicates on a regular basis. Sample intervals are usually 0.5 metre to 1.5 metres. Mulatos samples are sent to ALS Chemex Inc. in Hermosillo, Mexico, for sample preparation, and then to Vancouver, B.C., Canada, for analysis. Analytical method is fire assay with atomic adsorption finish and gravimetric finish for individual samples with a gold concentration greater than five g/t Au. Composites presented in the assay results tables include intervals at greater than 0.35 g/t over a three-metre minimum width with no assays cut, unless indicated.
FINANCIAL HIGHLIGHTS
Q3 Q3 YTD YTD
2011 2010 2011 2010
Cash provided by
operating
activities before
changes in non-cash
working capital
(000s)(1) $ 20,672 $ 16,357 $ 75,425 $ 59,824
Changes in non-cash
working capital
(000s) $ (8,546) $ (5,136) $ (6,166) $ (4,178)
Cash provided by
operating
activities (000s) $ 12,126 $ 11,221 $ 69,259 $ 55,646
Earnings before
income taxes (000s) $ 19,746 $ 24,392 $ 68,797 $ 63,198
Earnings (000s) $ 5,436 $ 20,478 $ 38,787 $ 45,476
Earnings per share
Basic $ 0.05 $ 0.18 $ 0.33 $ 0.40
Diluted $ 0.05 $ 0.17 $ 0.33 $ 0.39
Comprehensive income
(000s) $ 8,249 $ 21,547 $ 38,630 $ 46,545
Assets (000s)(2) $ 577,316 $ 506,436
(1) A non-GAAP (generally accepted accounting principles) measure calculated
as cash provided by operating activities as presented on the consolidated
statements of cash flows and adding back changes in non-cash working
capital.
(2) Assets are shown as at Sept. 30, 2011, and Dec. 31, 2010.
PRODUCTION SUMMARY AND STATISTICS
Production summary Q3 2011 Q3 2010 YTD 2011 YTD 2010
Ounces produced(1) 33,000 30,200 106,500 110,200
Ore crushed (tonnes) 1,255,000 1,112,000 3,697,000 3,504,000
Grade (g/t Au) 1.35 1.63 1.29 1.68
Contained ounces stacked 54,500 58,400 153,300 189,100
Ratio of ounces produced to
contained ounces stacked 61% 52% 70% 58%
Ore mined (tonnes) 1,360,000 1,120,000 3,853,000 3,518,000
Waste mined (tonnes) 1,385,000 1,090,000 2,875,000 2,950,000
Total mined (tonnes) 2,745,000 2,210,000 6,728,000 6,468,000
Waste-to-ore ratio 1.02 0.97 0.75 0.84
Ore crushed per day (tonnes) 13,500 12,100 13,500 12,800
(1) Reported gold production for the third quarter of 2010 and year to date
for 2010 has been adjusted to reflect final refinery settlement. Reported
gold production for the third quarter of 2011 year to date for 2011 is
subject to final refinery settlement and may be adjusted.
EL VICTOR -- SELECT COMPOSITE INTERVALS(1)
(including intervals at greater than 0.35 g/t Au over
a three-metre minimum width, no assay cut)
Drill hole From To Interval Assay
No. (m) (m) (m) (g/t Au)
11EV054 175.30 185.98 10.68 1.25
11EV055 211.89 219.51 7.62 0.72
237.80 246.95 9.15 0.86
250.00 254.57 4.57 0.63
11EV056 3.05 7.62 4.57 0.80
12.20 15.24 3.04 0.43
11EV057 4.57 16.77 12.20 1.99
59.45 70.12 10.67 0.66
79.27 83.84 4.57 0.67
144.82 152.44 7.62 0.46
11EV058 4.57 24.39 19.82 0.72
51.83 59.45 7.62 1.04
62.50 74.70 12.20 0.82
92.99 97.56 4.57 2.09
114.33 117.38 3.05 0.92
129.57 140.24 10.67 0.72
11EV059 1.52 16.77 15.25 0.79
27.44 96.04 68.60 1.29
11EV060 19.82 22.87 3.05 0.47
60.98 70.12 9.14 0.54
11EV061 No intervals
11EV062 45.73 60.98 15.25 0.64
11EV063 19.82 22.87 3.05 0.45
39.63 42.68 3.05 0.69
59.45 68.60 9.15 0.47
11EV064 9.15 22.87 13.72 0.73
30.49 39.63 9.14 0.46
45.73 71.65 25.92 0.84
11EV065 7.62 10.67 3.05 0.41
13.72 27.44 13.72 0.63
38.11 45.73 7.62 0.52
57.93 64.02 6.09 0.36
11EV066 21.34 25.91 4.57 0.42
105.18 112.80 7.62 0.49
11EV067 13.72 22.87 9.15 0.52
25.91 45.73 19.82 0.65
48.78 65.55 16.77 0.50
68.60 88.41 19.81 0.50
11EV068 15.24 19.82 4.58 0.73
38.11 51.83 13.72 0.69
59.45 65.55 6.10 0.46
70.12 73.17 3.05 0.51
80.79 86.89 6.10 0.64
109.76 121.95 12.19 0.49
126.52 129.57 3.05 0.70
11EV069 28.96 32.01 3.05 0.45
41.16 45.73 4.57 0.50
11EV070 1.52 6.10 4.58 4.13
15.24 18.29 3.05 0.72
21.34 91.46 70.12 0.65
94.51 105.18 10.67 1.29
109.76 123.48 13.72 1.08
126.52 134.15 7.63 0.51
11EV071 15.24 19.82 4.58 0.59
24.39 30.49 6.10 1.29
11EV072 79.27 82.32 3.05 0.48
11EV073 92.99 96.04 3.05 0.40
120.43 123.48 3.05 1.37
11EV074 No intervals
11EV075 89.94 103.66 13.72 0.48
11EV076 36.59 76.22 39.63 0.60
83.84 86.89 3.05 0.41
161.59 166.16 4.57 0.40
172.26 175.30 3.04 0.44
11EV077 0.00 9.15 9.15 2.18
13.72 51.83 38.11 0.78
65.55 70.12 4.57 0.34
11EV078 28.96 32.01 3.05 0.41
35.06 45.73 10.67 0.56
48.78 56.40 7.62 0.50
11EV079 0.00 50.30 50.30 1.12
53.35 60.98 7.63 0.82
77.74 92.99 15.25 4.05
11EV081 1.52 54.88 53.36 0.86
164.63 175.30 10.67 1.56
11EV082 36.59 45.73 9.14 0.47
51.83 65.55 13.72 0.52
80.79 89.94 9.15 0.53
11EV085 16.77 41.16 24.39 1.14
51.83 85.37 33.54 1.68
88.41 91.46 3.05 1.01
128.05 134.15 6.10 0.56
11EV086 3.05 9.15 6.10 0.71
11EV087 No intervals
11EV088 13.72 21.34 7.62 0.47
25.91 35.06 9.15 3.16
96.04 109.76 13.72 1.90
11EV089 21.34 30.49 9.15 2.53
65.55 77.74 12.19 1.00
11EV090 No intervals
11EV092 59.45 71.65 12.20 0.62
77.74 91.46 13.72 0.69
99.09 102.13 3.04 0.48
11EV093 No intervals
11EV094 3.05 7.62 4.57 0.44
11EV095 39.63 47.26 7.63 1.05
76.22 82.32 6.10 0.44
11EV096 No intervals
11EV097 56.40 60.98 4.58 0.40
11EV099 No intervals
11EV100 No intervals
11EV101 No intervals
11EV102 No intervals
11EV104 76.22 79.27 3.05 0.47
89.94 94.51 4.57 0.38
99.09 103.66 4.57 0.47
11EV105 No intervals
11EV106 91.46 97.56 6.10 0.42
102.13 111.28 9.15 0.50
114.33 117.38 3.05 0.70
11EV108 22.87 27.44 4.57 1.07
44.21 67.07 22.86 1.04
76.22 83.84 7.62 0.61
11EV109 109.76 132.62 22.86 0.47
146.34 153.96 7.62 0.43
11EV110 97.56 100.61 3.05 0.59
11EV111 115.85 118.90 3.05 0.99
11VT032 0.00 19.60 19.60 0.75
27.80 38.11 10.31 0.66
41.05 47.26 6.21 0.63
59.30 68.00 8.70 0.60
134.85 140.05 5.20 0.39
184.55 193.70 9.15 0.42
205.65 217.60 11.95 0.68
220.60 226.85 6.25 0.42
11VT034 1.30 30.30 29.00 0.75
34.80 37.80 3.00 0.49
178.60 181.60 3.00 0.37
11VT036 1.30 23.85 22.55 0.70
(1) Due to the exploratory nature of this program
and the variable orientations of the mineralized
zones, the intersections presented herein may
not necessarily represent the true width of
mineralization.
CAMYURT -- SELECTED COMPOSITE INTERVALS(1)
(including intervals at greater than 0.2 g/t Au over
a three-metre minimum width, no assay cut
unless indicated)
Drill hole From To Interval Assay
No. (m) (m) (m) (g/t Au)
11-CYD-14A 130.10 189.10 59.00 1.25
202.00 208.00 6.00 0.52
219.70 281.20 61.50 2.29
11-CYD-21 No intervals
11-CYD-22 15.80 19.90 4.10 0.65
29.50 67.00 37.50 0.62
71.30 118.00 46.70 2.66
153.30 165.50 12.20 0.35
215.50 218.60 3.10 0.36
230.60 236.70 6.10 6.31
11-CYD-23 0.00 11.50 11.50 0.80
66.50 69.50 3.00 0.25
11-CYD-24 0.00 38.10 38.10 0.93
51.60 63.60 12.00 0.24
69.20 110.40 41.20 0.81
114.90 152.40 37.50 1.38
11-CYD-25 0.00 12.00 12.00 0.35
16.50 25.80 9.30 0.25
46.20 49.20 3.00 0.45
61.50 70.50 9.00 0.47
76.50 79.50 3.00 0.46
108.00 121.80 13.80 1.15
171.50 179.60 8.10 0.36
11-CYD-26 244.60 259.60 15.00 0.36
11-CYD-27 0.00 3.10 3.10 0.55
11-CYD-28 32.90 58.60 25.70 0.44
124.00 160.50 36.50 3.17
11-CYD-29 0.00 6.60 6.60 0.82
17.60 49.00 31.40 0.53
94.70 97.70 3.00 1.12
166.60 194.40 28.30 0.59
199.40 236.50 37.10 0.75
11-CYD-30 110.50 115.00 4.50 0.91
131.40 167.80 36.40 1.41
11-CYD-31 1.00 24.10 23.10 0.44
59.50 66.00 6.50 0.68
11-CYD-32 12.60 17.70 5.10 0.41
31.10 45.50 14.40 0.20
53.20 57.70 4.50 0.36
71.70 212.20 140.50 1.25
11-CYD-33 100.00 105.50 5.50 1.37
113.00 116.20 3.20 0.38
120.80 134.00 13.20 1.34
11-CYD-34 0.00 12.00 12.00 0.36
20.10 101.30 81.20 1.25
11-CYD-35 29.50 34.00 4.50 0.60
44.50 52.00 7.50 0.51
62.50 152.10 89.60 1.76
162.60 213.60 51.00 0.87
11-CYD-36 No intervals
11-CYD-37 80.20 83.20 3.00 0.79
110.60 141.80 31.20 1.10
11-CYD-38 152.80 158.00 5.20 0.74
186.10 189.10 3.00 0.31
11-CYD-39 0.00 117.00 117.00 1.58
123.00 151.20 28.20 2.11
166.20 220.50 54.30 1.82
223.50 247.00 23.50 0.68
251.20 261.70 10.50 0.90
266.20 272.50 6.30 0.69
277.20 280.20 3.00 2.52
288.90 303.40 14.50 0.83
11-CYD-40 13.50 31.00 17.50 1.35
41.50 53.50 12.00 0.39
56.50 62.50 6.00 0.53
85.50 93.00 7.50 0.22
104.90 116.20 11.30 0.52
(1) Due to the exploratory nature of this program
and the variable orientations of the high-grade
mineralized zones, the intersections presented
herein may not necessarily represent the true
width of mineralization.
We seek Safe Harbor.
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