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Roxgold Inc (2)
Symbol ROXG
Shares Issued 370,029,295
Close 2019-07-17 C$ 1.06
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Roxgold's Yaramoko produces 34,354 oz Au in Q2

2019-07-17 17:06 ET - News Release

Mr. John Dorward reports

ROXGOLD REPORTS 2019 SECOND QUARTER PRODUCTION RESULTS

Roxgold Inc. has released its 2019 second-quarter (Q2) and first-half (H1) production results from the company's Yaramoko gold mine located in Burkina Faso.

Highlights:

  • Produced 34,354 ounces of gold in Q2 for a total of 68,006 ounces in H1 2019;
  • Realized record quarterly plant throughput of 113,866 tonnes which exceeded increased nameplate capacity of 1,100 tonnes per day by approximately 14 per cent;
  • Continued ramp-up of production from Bagassi South with first production stopes established in Q2.

John Dorward, president and chief executive officer, commented: "The first half saw a solid operating performance at Yaramoko with gold production of 68,006 ounces, and we continue to remain on track to achieve our annual production guidance of between 145,000 and 155,000 ounces. The processing plant continued to outperform, achieving record throughput and operating approximately 14 per cent above nameplate capacity during the quarter. Stoping operations at Bagassi South commenced during the quarter, positioning production from Yaramoko to be stronger during the second half of 2019."

Operating summary

At the 55 zone, 83,829 tonnes of ore were mined at 9.3 grams per tonne and 1,509 metres of development were completed. During the quarter, approximately 76 per cent of ore mined came from stoping activities with five open stopes available at the end of the quarter. During the quarter, decline development reached the 4862 level, approximately 460 m below surface. At Bagassi South, ramp-up activities continued to progress with 26,011 tonnes of ore mined during the quarter and 1,417 m of development completed. Consistent with the company's production guidance, Yaramoko is expected to produce stronger quarters in Q3 and Q4 due to increased stoping operations mining higher-grade ore at Bagassi South.

The plant processed a record 113,866 tonnes at an average head grade of 9.0 g/t Au for the quarter. Plant availability was 97.6 per cent and overall recovery remained high at 98.2 per cent. The unit throughput rate through the plant has consistently increased since the completion of the Bagassi South expansion, resulting in throughput rates exceeding nameplate capacity by approximately 14 per cent.

                       YARAMOKO PRODUCTION METRICS

                            Q2 2019  Q1 2019  Q4 2018  Q3 2018  Q2 2018

Total development (metres)    2,926    2,264    1,785    1,479    1,124    
Ore mined (tonnes)          109,840   98,140   88,277   87,975   86,831   
Ore processed (tonnes)      113,866  106,816   82,241   78,357   75,417   
Head grade (g/t)                9.0     10.0     10.8     12.3     14.4     
Recovery (%)                   98.2     98.3     98.2     98.5     98.8     
Gold ounces produced         34,354   33,652   25,844   30,532   35,828

Upcoming catalysts:

Q3:  Seguela development update

Q3:  Further exploration results from Seguela

Q4:  Yaramoko regional exploration results

Q4:  Results of Seguela preliminary economic assessment (PEA)

Qualified persons

Iain Cox, FAusIMM, interim chief operating officer for Roxgold, a qualified person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this news release.

About Roxgold Inc.

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The company owns and operates the high-grade Yaramoko gold mine located on the Hounde greenstone belt in Burkina Faso, and is also advancing the development and exploration of the Seguela gold project located in Cote d'Ivoire.

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