Business
Cerrado Gold Reports Third Quarter Operating and Financial Results at Its Minera Don Nicolas Mine in Argentina
Q3 Production of 11,284 Gold Equivalent Ounces AISC of $1,494 per ounce of gold (Expec...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Reports Third Quarter Operating and Financial Results at Its Minera Don Nicolas Mine in ArgentinaQ3 Production of 11,284 Gold Equivalent OuncesAISC of $1,494 per ounce of gold (Expected Peak Costs at MDN)Q3 adjusted EBITDA of $0.7 millionMinera Don Nicolas receives permit to allow pad construction at Calandrias Heap Leach ProjectTORONTO, ON / ACCESSWIRE / November 23, 2022 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") reports its operational and financial results for the third quarter of 2022 (\"Q3 2022\"). The Company's financial results are reported and available on SEDAR as well as on the Company's website (www.cerradogold.com).Q3 2022 Financial and Operational Highlights (All numbers reported in US$)Production of 11,015 ounces of gold in Q3 2022 (11,284 Gold Equivalent Ounces (\"GEO\"), in-line with annual guidance of 45,000 - 55,000 ounces of productionAISC of $1,494 per ounce of gold sold due to higher stripping costs, lower throughput and higher labor costs during the quarter; costs expected to be significantly reduced in the fourth quarterQ3 adjusted EBITDA of $0.7 million primarily due to higher operating costsMark Brennan, CEO and Co-Chairman stated: \"Q3 provided challenges as we integrated new pits, increased strip ratios and incurred increased labor costs. We expect unit operating costs to have peaked with the fourth quarter looking particularity strong and note that production levels are within our range of guidance for 2022. Our heap leach pad construction has commenced and we believe this is the first step towards bringing stronger long term operating metrics to MDN. In Brazil, work continues to upgrade the resources at Monte Do Carmo while feasibility works are progressing as planned.\"Third Quarter 2022 Operational and Financial PerformanceMinera Don NicolasThe Company produced 11,015 ounces of gold and 22,419 ounces of silver during the three month period ended September 30, 2022, as compared to 11,296 ounces of gold and 28,721 ounces of silver in the second quarter of 2022. Ounces produced in the quarter were consistent with the second quarter, however, the slight decrease was primarily related to a decrease in throughput at the mill. Although mine production rates showed a slight decrease at the start of the quarter, planning and management intervention has ensure...