Business
Majestic Gold Corp. Reports 2016 Q1 Results
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / February 29, 2016 - M...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2016 Q1 Results(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / February 29, 2016 - Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the first quarter, ended December 31, 2015. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.\n\n\n \nOVERVIEW\n\n\n \n-Gold production from the Songjiagou Gold Mine was 7,213 ounces for the three months ended December 31, 2015, compared to 5,064 ounces produced for the comparative period. The increase of gold production for the current period can be primarily attributed to the recovery and processing of approximately 30,000 tonnes of fine fraction material of a higher grade than the overall grade of ore throughput to the mill for the current period. The fine fraction material was recovered following the crushing process of waste material (less than 0.30 g/t Au), that was sold to a third party for road construction. The crushing process of the waste material creates both a coarse fraction material, which is used for road building, as well as a fine fraction material that is mainly comprised of the matrix of the conglomerate, where gold mineralization is concentrated at Songjiagou Gold Mine. The Company expects gold production to return a quarterly production range of 5,000 ounces until it has fully implemented its grade control program and optimized mine plan;\n\n\n \n-Tonnes milled for the three months ended December 31, 2015, were 418,550 tonnes with an average head grade of 0.58 g/t, compared to 431,686 tonnes milled, with an average head grade of 0.42 g/t, for the comparative period. The tonnes milled for the current quarter included approximately 30,000 tonnes of fine fraction material of a higher grade than the overall grade of ore throughput at the mill thereby increasing the average head grade for the current period. The Company estimates the average head grade will decrease to the range of 0.45 g/t ounces in the subsequent quarters until the grade control program and ...