gold Endeavour Mining

Roxgold announced gold production of 132,656 ounces in 2018, exceeding the increased guidance of 120,000 to 130,000 ounces and anticipates an increase again in 2019.

“In 2018, Yaramoko continued to outperform by exceeding our annual production guidance and we expect to be at or below our cost guidance for the second consecutive year,” comments president and CEO of Roxgold
John Dorward.

“With the recent under budget completion of the Bagassi South project, Yaramoko’s second high-grade underground mine, we expect to have a strong year in 2019 in which we are forecasting production to be between 145,000 and 155,000 ounces of gold,” he continues.

In 2018, the Yaramoko gold mine produced 351,689 tonnes at 11.7 g/t Au with stoping tonnes increasing over the course of the year.

Throughput was 307,591 tonnes at 13.5 g/t Au with operating time of 95.4% for the year. 

Throughput levels increased quarter over quarter during the year, driven by ongoing optimisation and improved operating performance in the plant, resulting in processing approximately 14% above nameplate capacity of 270 000 tonnes per annum (tpa).

On 13 December 2018, Roxgold announced the practical completion of the process plant expansion which increased mill capacity by nearly 50% from 270 000 tpa to 400 000 tpa, which has been consistently achieved since practical completion. 

Metallurgical performance remained consistently high with an overall recovery of 98.6% for the period.

Roxgold’s closing cash balance was approximately $60 million and long-term debt face value balance of $38 million as of 31 December 2018.

Roxgold expects to release its fourth quarter and full year 2019 financial results on 26 March 2019.  

The company’s 2018 cash operating cost per ounce and all-in-sustaining cost1 per ounce will be reported at that time and are expected to be at or below the lower end of the guidance range.

Health and Safety in 2018

There were no lost time injuries (LTI) during the fourth quarter and one LTI occurrence in the full calendar year for 2018. 

The 12-month rolling LTIFR is 0.39 per one million hours worked.

2019 Operational Outlook

Roxgold anticipates its 2019 annual gold production at Yaramoko to be between 145,000 and 155,000 ounces in 2019. 

In 2019, Yaramoko is expected to produce stronger quarters in Q3 and Q4 due to the Bagassi South mine commencing stoping operations during the second half of the year.