Management expects to have the Lupin camp open for the entire year to allow for the above underground work; for minor mill and powerhouse repairs by contractors to facilitate a quicker restart of operations; and for certain health, safety and environmental activities to ensure on-going compliance with key permits.
Management is budgeting approximately $9.5 million in cash expenditures to carry out the above stated 2013 Lupin activities, including capital expenditures.
Patrick Downey, President and CEO, commented, "I am pleased with the Company's many achievements during this past year and would like to thank the Company's employees, contractors, and consultants for their efforts. For 2013, we are focused on executing the operational improvement plans and production increases at the Bjorkdal gold mine, and making further advances at Lupin to de-risk this project for a future restart. By meeting our stated goals, the Company is well-positioned to deliver future returns to our shareholders and other stakeholders, through higher earnings, cashflows, and production."
Conference Call Details
Elgin Mining will host a conference call and a presentation/audio webcast on Wednesday, March 27, 2013 at 9:00 am (Eastern Time).
Live Dial-In Information
Toronto and International: 416-340-2216
North America (Toll Free): 866-226-1792
Participant Audio Webcast: www.elginmining.com
Replay Call Information
Toronto and International: 905-694-9451 passcode 3692421
North America (Toll Free): 800-408-3053 passcode 3692421
The conference call replay will be available from 2 pm (Eastern Time) on March 27, 2013, until 11:59 pm (Eastern Time) on April 10, 2013.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal gold mine in Sweden, which surpassed its first millionth ounce of gold production in 2010, and on the exploration and development of the Lupin gold mine located in Nunavut, Canada. In addition, Elgin Mining's portfolio includes the Ulu gold project located approximately 155 kilometers north of the Lupin gold mine in Nunavut, Canada, a 29.5% interest in Auracle Resources Ltd., which is exploring the Mexican Hat property in Arizona, an exclusive right and option to earn a 60% interest in Lincoln Mining Corporation's Oro Cruz (California) and La Bufa (Mexico) gold projects and an option to earn a 60% interest in North Arrow Minerals Inc.'s Contwoyto gold project located adjacent to the Lupin gold mine in Nunavut, Canada. Elgin Mining also selectively reviews opportunities to add advanced stage development projects to its portfolio. The Company has a strong balance sheet, generates cash flow from gold sales, and remains un-hedged.
For further information, please visit the Company's web site at www.elginmining.com.
Cautionary Note Regarding Forward-Looking Information
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this report or as of the effective date of information described in this report, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) the amount of future production over any period; (iii) the amount of waste tonnes mined; (iv) the amount of mining and haulage costs; (v) cash costs; (vi) operating costs; (vii) strip ratios and mining rates; (viii) expected grades and ounces of metals and minerals; (ix) expected processing recoveries; (x) expected time frames; (xi) prices of metals and minerals; (xii) mine life and mine plans; (xiii) capital expenditures; and (xiv) success of exploration activities. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
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