Primero Reports Fourth Quarter and Full-Year 2015 ResultsBlack Fox produced 17,785 ounces of gold during the fourth quarter at total cash costs of $834 per ounce and AISC of $1,104 per ounce. This resulted in 2015 production of 69,705 ounces of gold at cash costs of $850 per ounce and AISC of $1,163 per ounce. The 19% reduction in AISC in 2015 versus 2014 was largely attributable to significantly less development capital spent and less equipment replacements required in 2015. The weaker Canadian dollar relative to the U.S. dollar also had a positive impact on costs at Black Fox during 2015. Average mill throughput increased by 4% in 2015 averaging a record 2,400 TPD (based on 365 day availability).
Gold produced at Black Fox is subject to a gold purchase agreement8 and as a result 1,015 ounces were sold to Sandstorm Gold Ltd. ("Sandstorm") at a fixed price of $518 per ounce in Q4 2015.