Minefinders Announces Third Quarter 2011 Production and Sales Results
12 Octubre 2011 - 7:03AM
Marketwired
(All figures are in United States dollars unless otherwise stated)
-
Minefinders Corporation Ltd. ("Minefinders" or "the Company")
(TSX:MFL)(NYSE Amex:MFN) is today reporting its production and
sales results for the quarter ended September 30, 2011. Full
financial and operating results for the quarter will be released
after market close on Monday, November 7, 2011.
Third Quarter 2011 Production and Sales Results
----------------------------------------------------------------------------
Three months ended Nine months ended
September 30 September 30
----------------------------------------------------------------------------
2011 2010 2011 2010
----------------------------------------------------------------------------
Gold ounces produced 16,278 7,447 53,661 40,008
----------------------------------------------------------------------------
Silver ounces produced 692,121 184,887 2,653,620 707,120
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold ounces sold 15,945 8,070 53,708 41,827
----------------------------------------------------------------------------
Silver ounces sold 693,532 202,800 2,665,024 729,597
----------------------------------------------------------------------------
Gold-equivalent ounces
sold(1) 32,222 11,170 118,498 53,076
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sales proceeds
(millions) $ 53.8 $ 13.6 $ 179.2 $ 61.6
----------------------------------------------------------------------------
(1) Gold-equivalent ounces sold includes gold ounces sold and silver ounces
sold converted to a gold-equivalent based on the ratio of actual realized
gold price to actual realized silver price. Gold-equivalent ounces sold in
the third quarter and nine-month period of 2011 were estimated using a 43 to
one silver to gold ratio and a 41 to one silver to gold ratio, respectively
(2010 - 65 to one ratio and 64 to one ratio, respectively).
For the nine months ended September 30, 2011 Minefinders sold
53,708 ounces of gold and 2,665,024 ounces of silver or 118,498
gold-equivalent ounces. The Company is on track to meet its
production guidance for 2011 of 65,000 to 70,000 ounces of gold and
3.3 to 3.5 million ounces of silver.
Production in the third quarter was lower than planned due to a
reduction in cyanide concentration going onto the leach pad and
timing of placing ore under irrigation. As a result of the
Company's primary supplier of cyanide declaring force majeure at
the end of June 2011 it became necessary to conserve cyanide
supplies. Cyanide concentrations going to the pad were reduced with
the resultant slower recovery of gold and particularly silver.
Supplies have now returned to normal levels as has the
concentration level of cyanide being applied to the leach pad and
the levels of gold and silver in solution.
In addition, the west side of the phase 2 leach pad suffered a
crushed collection pipe that prevented collection of solution in
one of two collection pipes. In order to maintain the bulk of
production, the east side of the pad was prepared for stacking,
though metal production was reduced during the changeover while new
patios were prepared for irrigation. This work is now complete and
the area under irrigation has been expanded. The Company expects
production to improve in the fourth quarter. Repair work on the
collapsed pipe is expected to be completed during the course of the
next month.
The calculation of operating and total cash costs for the third
quarter 2011 has not yet been completed. This information will be
included with the results to be released on November 7.
Timing for Release of Third Quarter 2011 Financial and Operating
Results
After market close on Monday, November 7, 2011 Minefinders will
release its third quarter 2011 financial and operating results. An
investor conference call will be held on Tuesday, November 8, 2011
at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the
results. Participants may join the call by dialing 1-877-240-9772
toll-free or 1-416-340-9432 for calls outside Canada and the U.S.
Simultaneously, an audio webcast of the conference call will be
available on the home page of the Company's website,
www.minefinders.com.
An audio replay will be available until November 15, 2011 by
calling 1-800-408-3053 toll-free or 1-905-694-9451 for calls
outside Canada and the U.S. and entering pass code 7573714.
About Minefinders
Minefinders is a precious metals mining and exploration company
and operates the multi-million ounce Dolores gold and silver mine
in Mexico. For more information, please visit our website at
www.minefinders.com.
Forward Looking Statements
This release contains certain "forward-looking statements" and
"forward-looking information" as defined under applicable Canadian
and U.S. securities laws. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as
"may", "will", "expect", "intend", "estimate", "anticipate",
"believe", "continue" or similar terminology. Forward-looking
statements are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Certain of the statements made herein by Minefinders
are forward-looking and subject to important risk factors and
uncertainties, both known and unknown, many of which are beyond the
Company's ability to control or predict. Known and unknown factors
could cause actual results to differ materially from those
projected in the forward-looking statements. Those factors are
described or referred to under the heading "Risk Factors" in
Minefinders' Annual Information Form for the year ended December
31, 2010 and under the heading "Risks and Uncertainties" in
Minefinders' Management's Discussion and Analysis for the quarter
ended June 30, 2011, both of which are incorporated by reference
herein and are available on SEDAR at www.sedar.com. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Minefinders
does not undertake to update any forward looking statements that
are incorporated by reference, except in accordance with applicable
securities laws.
Contacts: Minefinders Corporation Ltd. Jonathan Hackshaw
Director of Corporate Communications Toll Free: (866) 687-6263
Minefinders Corporation Ltd. Mike Wills Investors Relations
Representative Toll Free: (866) 687-6263www.minefinders.com
Minefinders (AMEX:MFN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Minefinders (AMEX:MFN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024