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With the replacement of the chain on the bucket elevator in early May, the milling operations were also able to operate consistently at 4,000 tons per day and from mid-May to mid-June averaged 4,112 tons per day.
Highlights for the three-month period ended June 30, 2012 include:
During the quarter the Jerritt Canyon Mill produced 25,249 payable ounces of gold from mining operations, compared with 19,407 ounces of gold produced in the second quarter of 2011.
For the three months ended June 30, 2012 the Company produced 154,893 tons from mining operations at Jerritt Canyon, a significant increase from the 74,534 tons produced in the first quarter of 2012.
The crushing circuit is now operating at well over 300 tons per hour allowing for consistent operation of the roasting and CIL circuits at over 4,000 tons per day.
During the months of April and May, the milling operations experienced significant downtime, approximately eight days in April and ten days in May, in the fine crushing circuit due to repeated chain failures with the bucket elevator that was installed in the January shutdown.
The Company recorded a loss of $8.3 million in the second quarter of 2012 compared to net income of $22.9 million in the second quarter of 2011. The 2011 second quarter net income resulted from a $36.6 million gain in the fair value of warrants recorded as derivative liabilities, where the amount in the second quarter of 2012 was a $1.4 million loss.
Jerritt Canyon
SMD delivered 102,583 tons to the mill, containing an estimated 16,397 ounces, from the Smith mine during the three months ended June 30, 2012, higher than the previous quarter of 74,624 tons containing an estimated 12,652 ounces. The deliveries in the second quarter of 2012 averaged 1,127 tons a day, 94% of the production target of 1,200 tons per day.
At the Company operated SSX-Steer mining complex, the Company continued to ramp up the production rates delivering 52,310 tons containing an estimated 6,681 ounces during the three months ended June 30, 2012; an increase from the previous quarter's delivery of 24,159 tons containing an estimated 3,895 ounces.
For the second quarter of 2012 the mill processed 282,803 tons through the roaster containing 30,425 ounces of gold. This compares to 74,534 tons processed during Q1 2012 containing 8,198 ounces of gold.