Business
Golden Arrow Resources Reports on Production Update
VANCOUVER, British Columbia, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Golden Arrow Resources Corporation (TSX-V:GRG) (FSE:GAC) (OTCQB:GARWF), (“Golden Arrow” or the “C
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Golden Arrow Resources Corporation (TSX-V:GRG) (FSE:GAC) (OTCQB:GARWF), (“Golden Arrow” or the “Company”) is pleased to provide a summary of fourth quarter and year-end 2017 operating results as well as 2018 guidance for Puna Operations Inc., as reported by the project operator, SSR Mining Inc. Highlights Exceeded annual production guidance: Exceeded the upper end of the upwardly revised annual production guidance with a total of 6.2 million ounces of silver produced. Continued excellent performance of stockpile processing resulted in silver production of 1.2 million ounces in the fourth quarter. Puna Operations Inc., Argentina Operating Results Summary, 100% Basis Q4 2017 Q3 2017 %Change 1 FY 2017 FY 2016 %Change 1 Ore milled kt 442 461 (4.1%) 1,798 1,774 1.4% Silver mill feed grade g/t 125 153 (18.3%) 152 235 (35.3%) Silver recovery % 66.0% 67.8% (2.7%) 70.3% 77.8% (9.6%) Silver produced koz 1,169 1,541 (24.1%) 6,177 10,422 (40.7%) Silver sold koz 820 2,076 (60.5%) 5,994 11,397 (47.4%) Notes: (1) Percent changes are calculated using rounded numbers presented in the table. Following the completion of the transaction announced on May 31, 2017, Golden Arrow owns a 25% share of Puna Operations Inc., a joint venture company operated by SSR Mining which is producing silver concentrate from stockpiles at the Pirquitas operation and developing the nearby Chinchillas silver project. The information on Puna Operation’s results summarized herein, was reported in full in SSR Mining’s news release filed on SEDAR January 15, 2018. Overview In 2017, the operation produced a total of 6.2 million ounces of silver, exceeding our increased annual production guidance. This was largely due to stockpile grades and metallurgical performance exceeding plan. Silver sales for the year totaled 6.0 million ounces. During the year, ore was milled at an average rate of 4,927 tonnes per day. Stockpile ore milled contained an average silver grade of 152 g/t, higher than planned. While the average silver recovery of 70.3% was lower than the previous year due to planned lower silver mill feed grade, it was above our planned recovery for the year. In the fourth quarter of 2017, silver production of 1.2 million ounces decli...