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Cerrado Gold Achieves Strong First Quarter Earnings, Cashflow and Low Operating Costs at Its Minera Don Nicolas Mine in Argentina
Q1 Production of 13,499 Gold Equivalent Ounces at an AISC of $1,123 per ounce of gold Rec...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Achieves Strong First Quarter Earnings, Cashflow and Low Operating Costs at Its Minera Don Nicolas Mine in ArgentinaQ1 Production of 13,499 Gold Equivalent Ounces at an AISC of $1,123 per ounce of goldRecord Q1 operating margin at Minera Don Nicolas of $9.2 millionRecord Q1 Corporate adjusted EBITDA of $9.7 million and Net Income of $3.4 millionToronto, Ontario--(Newsfile Corp. - May 27, 2022) - Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce its operational and financial results for the first quarter of 2022 (\"Q1 2022\"). Q1 2022 represents the second quarter of mine operations post completion of operational restructuring at its Minera Don Nicolas (\"MDN\") Mine in Argentina. The Company's financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).Q1 2022 Minera Don Nicolas Operational Highlights (All numbers reported in US$)Production of 13,007 ounces of gold in Q1 2022 (13,499 Gold Equivalent Ounces), a 74% improvement compared to the first quarter of 2021Second consecutive quarter of gold production in excess of 50,000 ounces per annum production rateThe average gold head grade of 4.68 g/t represents an 81% increase as compared to the average head grade of 2.59 g/t recorded in the first quarter of 2021Cash Cost of $850 and AISC of $1,123 per gold ounce soldStrong operating margin of $9.2 million with operating cash flows of $8.8 million in the first quarterMark Brennan, CEO and Co-Chairman stated: \"We are very pleased with the consistent production the team are delivering at MDN. The strong cashflows we are now generating in Argentina will support our planned expansion to a 90,000 ounce per annum production rate within the next two years. Combined with the development of the Monte do Carmo project in Brazil, Cerrado continues its quest of becoming an intermediate gold producer in the near term.\" First Quarter 2022 Operational and Financial Performance Table 1To view an enhanced version of Table 1, please visit:https://orders.newsfilecorp.com/files/7487/125522_cerradotable1.jpgTable 2To view an enhanced version of Table 2, please visit:https://orders.newsfilecorp.com/files/7487/125522_cerradotable2.jpgThe Company produced 13,007 ounces of gold and 27,107 ounces of silver during the three months ended Marc...