Business
Cerrado Gold Reports Second Quarter Earnings, Cashflow and Operating Costs at Its Minera Don Nicolas Mine in Argentina
Q2 Production of 11,640 Gold Equivalent Ounces AISC of $1,409 per ounce of gold Q2 adj...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Reports Second Quarter Earnings, Cashflow and Operating Costs at Its Minera Don Nicolas Mine in ArgentinaQ2 Production of 11,640 Gold Equivalent OuncesAISC of $1,409 per ounce of goldQ2 adjusted EBITDA of $3.0 million3rd consecutive quarter of \"normalized\" operations despite continued challengesInfill drilling and Feasibility Study Activities continued at Monte Do CarmoToronto, Ontario--(Newsfile Corp. - August 26, 2022) - Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) (\"Cerrado\" or the \"Company\") is pleased to announce its operational and financial results for the second quarter of 2022 (\"Q2 2022\"). Q2 2022 represents the third quarter of mine operations post completion of operational restructuring at its Minera Don Nicolas (\"MDN\") Mine in Argentina. The Company's financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).Q2 2022 Financial and Operational Highlights (All numbers reported in US$)Production of 11,296 ounces of gold in Q2 2022 (11,640 Gold Equivalent Ounces (\"GEO\"), in-line with annual guidance of 45,000 - 55,000 ounces of productionThe average gold head grade of 3.44 g/t represented a decrease over the previous quarter due to the integration of new mining areas but is expected to improve in the second half of the yearAISC of $1,409 per ounce of gold sold due to lower head grades and throughput during the quarterMark Brennan, CEO and Co-Chairman, stated: \"Despite some challenges associated with the new pits being mined and the consequences of a difficult inflationary environment in Argentina, we are pleased that production rates are consistently within our range of guidance for 2022. As we look to the remainder of the year, we expect to see grades gradually improving as we fully incorporate new mining pits into the production plan. In Brazil work continues to upgrade the resources at Monte Do Carmo and feasibility works are progressing as planned.\" Second Quarter 2022 Operational and Financial Performance Table 1To view an enhanced version of Table 1, please visit:https://images.newsfilecorp.com/files/7487/134926_fcd35fe834204882_002full.jpgTable 2To view an enhanced version of Table 2, please visit:https://images.newsfilecorp.com/files/7487/134926_fcd35fe834204882_003full.jpgMinera Don NicolasThe Company produced 11,296 ounces of gold ...