[url=https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aKDX-2564740&symbol=KDX®ion=C]Feb 1[/url]
See link for detailed reults, below is only a portion.
ORIGINAL: Klondex Reports 2017 Production Results and Provides 2018 Guidance; Announces Postponement of Investor Day
2018-02-01 18:45 ET - News Release
VANCOUVER, British Columbia, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Klondex Mines Ltd. (TSX:KDX) (NYSE American:KLDX) (“Klondex” or the “Company”) reported today its preliminary operating results for the fourth quarter and full-year 2017. In addition, the Company reported that its Investor Day, previously scheduled for February 7, 2018, has been postponed as Paul Huet, the President and CEO of the Company, is recovering from pneumonia and is restricted from traveling. An alternate date will be determined in the near future.
2017 Operating Results:
- Mined 222,233 gold equivalent ounces (“GEOs”)
- Produced 189,456 GEOs, an increase of 17% from 161,289 GEOs produced during 2016
- Fire Creek and Midas delivered GEO production in-line with guidance
- Sold 190,865 GEOs, an increase of 20% from 159,118 GEOs sold during 2016
Total GEOs produced were less than the lower end of the most recent guidance range primarily due to results from Hollister and True North. At Hollister, the Company made the prudent decision to defer the processing of a majority of the mined Hollister ore as it continued to optimize recoveries at the Midas mill for this ore. Stockpiles at the end of 2017 contained approximately 15,000 GEOs from 44,000 tons at a GEO grade of 0.40 opt. Mined ounces at Hollister were in line with expectations. In addition, the expected production results were not achieved at True North as a result of aggressive expectations and operational issues.
Mr. Paul Huet, the Company’s President and CEO commented, “2017 was a year of progress and learning for Klondex. The Company produced more ounces than any year in the Company’s history, 28,000 GEOs or 17% more than last year. Our core operations, Fire Creek and Midas, continue to perform well, as expected. However, we were not successful in delivering on our overall Company plan. Integrating our two recently developed assets, Hollister and True North, simultaneously was more challenging than we thought it would be. The processing of Hollister ore through the Midas mill was delayed during the year as we work to improve ore recoveries, which resulted in production delays and a stockpile accumulation. In addition, we were not able to deliver on our plans at True North and had to make a difficult decision there, placing mining operations on care and maintenance.”
Mr. Huet continued, “Looking forward, we expect that Fire Creek and Midas will continue to deliver consistent results from our operations in Nevada. We also expect significant growth in production at Hollister in 2018. The new modifications to the Midas mill are underway and recoveries for the Hollister ore are now approximately 80%, with additional improvements expected. In addition, the changes we have made at True North will result in improved profitability for the Company and provide optionality as we evaluate the district. Overall, we have learned from the challenges of 2017, and I am confident in our team and the plans we have developed for a successful 2018.”