- Minera Alamos Inc. (MAI) provided a progress update on the Santana gold mine
- July gold recovery was approximately 2,275 oz, almost twice that of any previous month this year
- As of July, a total of 21,000 oz has been stacked on the leach pads of which around 10,000 oz have been recovered to date
- Minera Alamos Inc. (MAI) is up 11.36 per cent, trading at C$0.49 as of 3pm ET
Minera Alamos Inc. (MAI) provided a progress update on its Santana gold mine and a financial update.
July gold recovery was approximately 2,275 oz, almost twice that of any previous month this year.
As of July, a total of 21,000 oz has been stacked on the leach pads of which around 10,000 oz have been recovered to date – only 5,687 oz of which had been sold as of June 30, 2022. Gold recoveries from areas under leach more than 30 days have consistently trended towards 75 per cent or greater. This was record monthly gold production, as water availability continued to improve.
The Santana project site assay lab is now complete and operational.
Minera Alamos’ CEO, Darren Koningen commented that despite the impact of severe drought conditions throughout the US and Mexico’s Sonora desert region, the company was able to see cash and working capital increases in Q2.
“Equally encouraging has been our stable cost profile through this period with direct production costs in line with those experienced in the first quarter.”
He added that the company continues to strengthen its balance sheet as the team finalizes the ramp-up of operations at Santana and begins to advance the Cerro de Oro project through permitting activities.
The company maintained a positive cash flow with gold sales of 3,100 oz in the second full quarter of pre-commercial production ramp-up. Monthly mine production rates were consistently maintained at initial commercial production targets of 300,000 tonnes.
Following the opening of the Nicho Main Zone during Q2, the company is now able to ramp up production levels further as soon as local water conditions return to traditional levels.
The company added that Q2 revenues totalled $7,269,242 (3128.58 oz of gold) with cost of goods sold amounting to $3,258,791. Revenues through the first half of the year totalled $12,429,268 (5,286.27 oz of gold) with costs of goods sold amounting to $5,514,096.
Minera Alamos is a gold development company with a portfolio of Mexican assets, including the 100 per cent-owned Santana open-pit project in Sonora currently under construction. The La Fortuna open pit gold project in Durango is nearing the end of the permitting process.
Minera Alamos Inc. (MAI) is up 11.36 per cent, trading at C$0.49 as of 3pm ET.
