(Please see our website (www.argonautgold.com) for full Magino drill results).
To view the image associated with this press release, "Figure 1 Drill Map," please visit the following link: http://media3.marketwire.com/docs/AR2502_Figure1.jpg.
To view the image associated with this press release, "Magino Block Model Mineralization," please visit the following link: http://media3.marketwire.com/docs/Magino_Block_Model_Mineralization.jpg.
Conceptually Argonaut Gold anticipates that a constrained pit would look at a 1 g/t cut-off of the delineated resource.
Tom Burkhart, Argonaut Gold's VP Exploration, noted "We are pleased with the progress of our exploration efforts at Magino. The exploration team has advanced the project and a new pre-feasibility report is expected to be issued later this year. The drilling also provided noteworthy drill intercepts in the PD Zone. Our latest drilling continues to demonstrate the robust nature of the Magino deposit and the potential to expand mineralization on the property. The optimum 25 meter drill spacing has given us increased confidence in our geologic interpretations and resource estimates. We look forward to continuing our evaluations of the property including further assessment of the new PD discovery."
About Argonaut Gold
Argonaut Gold is a Canadian gold Company engaged in exploration, mine development and production activities. Its primary assets are the El Castillo Mine in Durango, Mexico, and the La Colorada Mine in Sonora, Mexico (both in the production stage), the advanced exploration stage San Antonio project in Mexico, the recently acquired advanced exploration stage Magino project in Ontario, Canada and several exploration stage projects, all of which are located in North America.
Creating Value Beyond Gold
The Company included the non-IFRS measure "Cash cost of production per ounce of gold" and "Cash cost per gold ounce" in this press release to supplement its information which is periodically presented in accordance with International Financial Reporting Standards ("IFRS"). "Cash cost of production per ounce of gold" and "Cash cost per gold ounce" is equal to cost of sales less silver sales divided by gold ounces sold. Silver credits are included at $30 per ounce of silver. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS measures.
Cautionary Note Regarding Forward-looking Statements
This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of Argonaut; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.
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