![]() Process logic upgrades to reduce nuisance trips and improve start-up times.ĭust suppression in secondary/tertiary crusher building Improved design to reduce maintenance requirements and increase productivity.Įnhanced liner design and product selection to significantly increase wear life, reduce maintenance requirements and down time. Tertiary stockpile feeders and crusher feed chutes Optimization activities in Q3 included: Optimization Activity These corrective measures are significantly improving reliability and, in turn, will improve ore stacking and gold production going forward. Importantly, both gold grade and metallurgical recoveries are reconciling well against the Eagle reserve model and a significant gold inventory is building on the heap leach pad.Ī number of improvements related to material handling within the process circuit were completed, or are in progress, during the quarter. Tonnes stacked on the heap leach pad increased during Q3 2020, however, total tonnes stacked and resultant gold production was lower than forecast. The throughput rate was 20.8 k tonnes per day. This allowed the mine to utilize available resources to advance waste stripping to ease future ore release requirements.ĭuring the three months ended September 30, 2020, a total of 1.9 million tonnes of ore was stacked on the heap leach pad at an average head grade of 0.85 g/t Au. Total tonnes mined were above forecast while ore mined was lower than forecast due to bottlenecks being resolved within the processing circuit. Mining and processing activities continued to ramp up toward full production during the third quarter of 2020. During the three months ended September 30, 2020, the Company sold 32,029 ounces of gold.ĭuring the three months ended September 30, 2020, a total of 2.1 million tonnes of ore were mined, at a strip ratio of 2.1:1 with a total 6.5 million tonnes material mined. (1) Note the disclosure of operating results and supporting discussion in this news release does not present comparative statistics for the prior year as the Eagle Gold Mine commenced Commercial Production effective July 1, 2020.ĭuring the three months ended September 30, 2020, the Eagle Gold Mine produced 35,312 ounces of gold. Cash and cash equivalents were $40 million at Septemafter repaying $35.6 million of principal payments against the Company’s debt facilities for the nine months ended September 30, 2020.ġ Refer to “Non-IFRS Performance Measures” section.Cash costs 1 of $1,071 (US$804) per oz and all-in sustaining costs (“AISC”) 1 of $1,752 (US$1,315) per oz of gold sold for the quarter.Operating Earnings were $31.6 million for the quarter.Recognized revenue of $80.5 million, based on sales of 32,029 ounces of gold in the quarter.Gold sold in the quarter was 32,029 ounces, at an average realized price 1 of $2,512 (US$1,886) per oz.Gold production was 35,312 ounces in the quarter.įinancial Highlights (Commercial Production).Ore stacked on the heap leach pad in the quarter was 1.9 million tonnes at an average grade of 0.85 grams per tonne (g/t).Mine production in the quarter was 2.1 million tonnes of ore.Achieved Commercial Production at Eagle Gold Mine on July 1, 2020. ![]() This release should be read in conjunction with the Company’s SeptemFinancial Statements and Management’s Discussion and Analysis (“MD&A”) available on the Company’s website or on SEDAR. Aside from the usual teething issues and learning curve experiences common to all start-ups, we are very pleased with our progress as we have moved in to and beyond Commercial Production and remain highly confident the best is yet to come over a very long mine life.” These transformative efforts have set Victoria Gold and its stakeholders up to begin reaping great benefit from all of the past and continuing efforts. John McConnell, President and CEO commented, “These inaugural financial statements under Commercial Production show the very early returns from many years, of dedicated work, conviction and investment. All amounts are in Canadian dollars unless otherwise indicated. This is the Company’s first quarter of Commercial Production (see press release dated July 1, 2020). (TSX-VGCX) (“Victoria” or the “Company”) is pleased to announce its results for the third quarter ended September 30, 2020. 13, 2020 (GLOBE NEWSWIRE) - Victoria Gold Corp.
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