Business
Cerrado Gold Reports Q3 Operating Results
Q3 Production of 10,082Gold Equivalent Ounces("GEO") Q3 results impacted by severe weather c...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Reports Q3 Operating ResultsQ3 Production of 10,082Gold Equivalent Ounces(\"GEO\")Q3 results impacted by severe weather conditionsOperations back on track in October and November with shipments of approximately 5,600 and 5,470 GEO, respectivelyMinera Don Nicolas (\"MDN\") Expansion Capital Expenditure program now largely complete(All numbers reported in US dollars)TORONTO, ON / ACCESSWIRE / November 29, 2023 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") announces the operational and financial results for the third quarter 2023 (\"Q3/23\") at its Minera Don Nicolas (\"MDN\") gold project in Santa Cruz Province, Argentina and reports on its ongoing activities at the Monte Do Carmo gold project (\"MDC\") in Brazil. Production results at MDN were previously released on October 24, 2023. The Company's quarterly financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).Q3 2023 MineraDon Nicolas (\"MDN\")Financial Highlights:Gold production of 10,082 GEO in Q3/23, an 11% decrease year-on-year (\"yoy\").AISC of $1,703 per ounce duringQ3/23 due to difficult operating conditions seen in the quarter resulting in lower production rates.Operating performance has returned to normal in October and November, with sales of approximately 5,600 and 5,470 GEO, respectively.MDN capital program now largely complete, $34.3m invested in Expansion Capital year to date to develop heap leach facility (US$23.9m), pre-stripping of Calandrias Norte (US$5.0m) and exploration (US$5.4m).Expansion program largely funded via short term notes in Argentina to be rolled over to longer maturity.Production expected to ramp up into 2024, generating significant cash flows to rapidly reduce debt levels.Significant opportunity to see a reduction in operating costs and increased cashflow in US dollar terms going forward should depreciation in applicable exchange rate continue post-election.Mark Brennan, CEO and Chairman, stated: \"While these results reflect very severe winter weather conditions resulting in lower production in Argentina, the team at MDN has rapidly enabled us to ramp up production while completing our capital projects and expansion plans from October. With our initial heap leach project operating and Calandrias Norte now in production, we now look to reap t...