Business
Cerrado Gold Announces Q4 and Annual 2023 Gold Production Results for Its Minera Don Nicolas Mine in Argentina
TORONTO, ON / ACCESSWIRE / January 24, 2024 / Cerrado Gold Inc. (TSX.V:CERT) (OTCQX:CRDOF) ("Cerrado" or the "Company") announces production results for the fou
About this update from Cerrado Gold Inc
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / January 24, 2024 / Cerrado Gold Inc. (TSX.V:CERT) (OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") announces production results for the fourth quarter of 2023 (\"Q4 2023\") from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina (\"MDN\"). Full financial results are expected to be released in late April 2024. Q4 Operating Highlights Q4 2023 GEO production of 15,202 ounces and annual GEO production of 51,688 ounces for 2023. Ramp-up of production from the Las Calandrias heap leap project continues; commercial production delayed to end of Q1 2024. Pre-strip at Calandrias Norte largely complete and higher-grade ore beginning to feed the mill. Major capital programs at MDN complete, with current focus on delivering cashflow, rebuilding the balance sheet and longer-term exploration and mine life extension. Operational results presented for Q4 2023 continued to be impacted by the slower than expected ramp-up of the Calandrias Heap Leach project during the quarter while a new crushing system was installed. The crushing unit is now operational, and mining rates are reaching planned capacity. Production is set to ramp-up over the first quarter of 2024 and achieve nameplate production rates from April thereafter. At Calandrias Norte, stripping activities were largely completed during the quarter and the pit is now beginning to deliver ore to the CIL plant at Martinetas. Ore is expected to fill the mill by mid-February onward. Head grades from Calandrias Norte are reconciling well with the model and grades are expected to increase as early benches are mined and deeper, higher grade levels accessed. While production levels have begun to improve, the delay in the ramp up of the heap leach operations, the costs associated with stripping at Calandrias Norte and debt repayment associated with capital projects have had an impact on the financial performance at MDN. Newly introduced fiscal policies that have resulted in hyper-inflation have also had a significant impact on the operations of the business particularly as suppliers react to the new fiscal regime in Argentina. Mark Brennan, CEO and Chairman commented, \"While the second half of the year has been challenging starting with unusually harsh winter conditions in August resulting in a slower ramp up at the heap leach, we see operations at MDN positioned...