GREY:AVGCF - Post by User
Post by
vssmnnon Apr 30, 2012 6:03am
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Post# 19850902
NM
NM https://www.northernminer.com/news/avion-posts-record-march-production-despite-malis-coup-detat/1001109840/?type=HotSectors
“We needed some additional support at site as the company begins to transition from a one-mine operation to a multi-mine operation,” Dudek explains. “We do plan on bringing the Kofi project into production next year. We have the three pits that are in production right now, and we’re adding the two underground operations.”
Avion increased indicated resources at Kofi by 71% earlier this year to 6.9 million tonnes grading 2.25 grams gold for 500,000 contained oz. gold. Inferred resources increased 90% to 12.4 million tonnes carrying 1.77 grams gold for 702,000 contained oz. gold.
During 2011 Avion posted record earnings of US$43 million, or 10¢ per share, with revenues totalling US$144 million on the back of rising gold prices. It produced 91,200 oz. gold at total cash costs of US$746 per oz. and generated cash flow before working capital adjustments of US$67.5 million, with US$21.2 million cash-in-hand to end the year.
Avion anticipates capital expenditures totalling US$120 million for 2012, including upgrades at the Tabakoto-Segala operation and an US$11.4-million exploration program designed to expand the existing resource bases at Tabakoto-Segala and Kofi.
The company is also aiming to complete a preliminary economic assessment on its Hounde gold project in Burkina Faso, scheduled for release in the fourth quarter.