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  • Cerrado Gold (CERT) has released its first-quarter production results from its Minera Don Nicolas Mine in Santa Cruz Province, Argentina
  • Gold production reported at 7,485 ounces for the quarter, a 45 per cent improvement over the fourth quarter of 2020 production of 5,168 gold ounces
  • Monthly gold production has continuously increased since Cerrado acquired Minera Don Nicolas, highlighted with 3,150 ounces produced in March 2021, an 18 per cent improvement from management expectations
  • Minera Don Nicolas has undergone significant continuous operational improvements implemented since the acquisition of the mine in March 2020
  • Cerrado Gold is up 2.01 per cent on the day, with shares of the company trading at $1.52 at 2:14 pm ET

Cerrado Gold (CERT) has released its first-quarter production results from its Minera Don Nicolas Mine in Santa Cruz Province, Argentina.

Gold production reported at 7,485 ounces for the quarter, a 45 per cent improvement over the fourth quarter of 2020 production of 5,168 gold ounces.

Monthly gold production has continuously increased since Cerrado acquired Minera Don Nicolas, highlighted with 3,150 ounces produced in March 2021, an 18 per cent improvement from management expectations.

Minera Don Nicolas has undergone significant continuous operational improvements implemented since the acquisition of the mine in March 2020. The company has seen substantial increases in grade, throughput and recoveries at the mill while seeing a significant reduction in the AISC and cash cost and is well positioned to generate robust operating results and strong free cash flow for the foreseeable future.

"While production is still modest and in the ramp-up mode, we see a clear path to significant production growth and strong free cash flow generation. We are thrilled with the strong operational enhancements that we have achieved in a very challenging COVID environment. This includes the commencement of the first exploration drill program on the property in the last 5 years. Weekly improvements encourage us to believe that we will achieve our production expectations of 45,000 to 55,000 ounces of gold annually while lowering total expected cash costs for the full year 2021 to $900 per ounce of gold and AISC to approximately $1,100 per ounce of gold.

We note that gold production in the first quarter alone of 7,485 ounces of gold exceeds 40 per cent of total gold production during Cerrado's ownership in 2020. The support of the local government and our unions along with the exceptional workforce has enabled the operational enhancement process and affirmed our confidence in the property and the region," said Cerrado Gold CEO and Co-Chairman Mark Brennan.

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100 per cent owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100 per cent of the assets of Minera Mariana in Santa Cruz province, Argentina.

Cerrado Gold is up 2.01 per cent on the day, with shares of the company trading at $1.52 at 2:14 pm ET.

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