GOLD: Eight consecutive quarterly records during Young-Davidson ramp-up

ONTARIO – AuRico Gold of Toronto reports that as its Young-Davidson gold mine continues to ramp-up 60 km west of Kirkland Lake produced a record 40,166 oz of gold during Q2 2014 – the consecutive eighth quarter that the mine has...

ONTARIO – AuRico Gold of Toronto reports that as its Young-Davidson gold mine continues to ramp-up 60 km west of Kirkland Lake produced a record 40,166 oz of gold during Q2 2014 – the consecutive eighth quarter that the mine has broken the previous record. Total cash costs per ounce were US$871 when both under (US$803/oz) and open pit (US$974/oz) costs were averaged.

It has been a busy first half of 2014 at Young-Davidson. Underground development rates have exceeded planned levels, and it seems the mine is on track to reach 4,000-t/d of ore. Throughput at the mill has grown to 8,000 t/d from 7,000 t/d with the addition of two additional leach tanks and a pebble recycle conveyor system. Sinking of the historical MCM shaft is three months ahead of schedule, and the paste fill system is operating with excess capacity used to accelerate backfilling and allow earlier access to secondary stopes.

AuRico recorded Q2 revenues of US$75.53 million in 2014 for the Young-Davidson and El Chanate mines, compared to US$57.66 million in 2013. The net loss for Q2 year was US$16.78 million. A year earlier, the company recorded a net loss of US$103.49 million.

More detail is available at AuRicoGold.com.

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