Argonaut Gold..Mid-Tier Goldproduzent (Seite 74)
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ISIN: CA04016A1012 · WKN: A1C70D · Symbol: AR
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Argonaut Gold Reports Q1 2011 Revenue of $25.7 Million
Q1 Earnings Per Share of $0.07
TORONTO, ONTARIO--(Marketwire - June 6, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") announces financial and operating results for the first quarter ended March 31, 2011. All dollar amounts are expressed in United States dollars unless otherwise specified. All financial results are presented in accordance with IFRS, unless otherwise noted.
FIRST QUARTER 2011 & RECENT HIGHLIGHTS
-- Q1 2011 record revenue of $25.7 million
-- Q1 2011 record net income of $5.9 million, $0.07 per share
-- Cash flows from operating activities before changes in non-cash
operating working capital and other items of $9.3 million
-- Cash on hand was $34.2 million at March 31, 2011
-- Gold Production and Cost
-- 28,225 ounces of gold loaded to the pad
-- Gold ounces produced in Q1 of 2011 were 18,014 ounces (up 76% from Q1
2010)
-- Cash cost per ounce sold - $590
-- Q1 2011 El Castillo Operating Statistics:
-- Total tonnes mined - 4.8 million tonnes (up 65% from Q1 2010)
-- Ore tonnes mined - 2.5 million tonnes (up 93% from Q1 2010)
-- Tonnes crushed - 729,104 (up 132% from Q1 2010)
-- Updated NI 43-101 compliant technical report completed for El Castillo
-- 1.23 mm oz. in gold reserves at El Castillo
-- Measured and indicated resources inclusive of mineral reserves
-- Oxide and transition - 1.7 million ounces
-- Sulfide - 1.5 million ounces
-- Completed the acquisition of Pediment Gold Corp. for share consideration
of 31.8 million Argonaut shares and 1.6 million options
-- Announced increase in M&I ounces at San Antonio - 1.6 million oz. as
compared to 1.2 million oz. in August 2010
Q1 Earnings Per Share of $0.07
TORONTO, ONTARIO--(Marketwire - June 6, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") announces financial and operating results for the first quarter ended March 31, 2011. All dollar amounts are expressed in United States dollars unless otherwise specified. All financial results are presented in accordance with IFRS, unless otherwise noted.
FIRST QUARTER 2011 & RECENT HIGHLIGHTS
-- Q1 2011 record revenue of $25.7 million
-- Q1 2011 record net income of $5.9 million, $0.07 per share
-- Cash flows from operating activities before changes in non-cash
operating working capital and other items of $9.3 million
-- Cash on hand was $34.2 million at March 31, 2011
-- Gold Production and Cost
-- 28,225 ounces of gold loaded to the pad
-- Gold ounces produced in Q1 of 2011 were 18,014 ounces (up 76% from Q1
2010)
-- Cash cost per ounce sold - $590
-- Q1 2011 El Castillo Operating Statistics:
-- Total tonnes mined - 4.8 million tonnes (up 65% from Q1 2010)
-- Ore tonnes mined - 2.5 million tonnes (up 93% from Q1 2010)
-- Tonnes crushed - 729,104 (up 132% from Q1 2010)
-- Updated NI 43-101 compliant technical report completed for El Castillo
-- 1.23 mm oz. in gold reserves at El Castillo
-- Measured and indicated resources inclusive of mineral reserves
-- Oxide and transition - 1.7 million ounces
-- Sulfide - 1.5 million ounces
-- Completed the acquisition of Pediment Gold Corp. for share consideration
of 31.8 million Argonaut shares and 1.6 million options
-- Announced increase in M&I ounces at San Antonio - 1.6 million oz. as
compared to 1.2 million oz. in August 2010
Ahoi ! Einfach mal lesen was hier noch an Potenzial steckt :
.
Argonaut Gold Inc.
TICKER: TSX:AR
Visit Company Website
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development-stage San Antonio project and the past-producing La Colorada … read more
The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.
Expert Analysis
Christos Doulis, Stonecap Securities (5/12/11) "Argonaut Gold offers investors a compelling investment vehicle with the solid production (and immediate cash-flow) generated by El Castillo; the near-term production growth of San Antonio and/or La Colorada and the potential for future growth from its earlier stage projects, position Argonaut well to catapult into the ranks of mid-tier gold producers. We believe that as Argonaut advances its San Antonio and/or La Colorada projects, the company will start to pique the interest of major mining companies as a potential acquisition target. . .we are initiating coverage with a $7.80 target price and an Outperform rating."
Catherine Gignac, Northland Capital Partners (5/10/11) "Argonaut released a resource update for the San Antonio gold project in Mexico, outlining a 34% increase in total resources to 1.67 Moz. at a grade of 0.96 g/t (M&I and Inferred). A larger resource in a higher category and potentially improved recovery rates at San Antonio indicate potential for improved mine economics. . .we estimate that our valuation of San Antonio could improve by 13%."
Catherine Gignac, Northland Capital Partners (4/28/11) "Argonaut has both near- and long-term opportunities that could drive an increased valuation relative to our conservative base-case approach. Near-term opportunities at El Castillo and San Antonio in particular could drive our NAV estimate higher. . .we are initiating coverage with a Sector Outperform rating and a CAD$6.75 price target."
The Gold Report Interview with Bruce Campbell (4/13/11) "I still very much like [Argonaut Gold]. . .I met with management when they were in town and spoke to them again at the quarterly conference call a couple of weeks ago. Argonaut fits all those parameters [I mentioned]. It has growing production; in fact, by 2013, it probably will be four times what it was in 2009. Argonaut will double in production this year, and then double again over the next couple of years. If you put that together with my $7 target, Argonaut would still be a discount to net asset value (NAV). And it's the only gold producer I can find that trades at such a substantial discount; the seniors trade at premiums. If AR was to trade at a premium, it would be an $8 or $9 stock.. . .The market cap is roughly $400 million; so, it's under the radar for a lot of large investors. It's also relatively new; the management team that built up Meridian Gold over the years and sold it to Yamana Gold in 2007 has come back to do it again. Basically, the company is only about one year old and has already acquired Pediment Gold; so, it now has a second producing mine coming onstream. Here I am spreading the word, as are some others, but I'd say probably 80%–90% of senior, large investors in North America still haven't heard of it. . .I wouldn't be surprised to see Argonaut do another small acquisition before year-end. . .or at least have something with additional production to bring forward before the Pediment mine comes online at the end of 2012." More >
John McClintock, Mackie Research (4/12/11) "Drilling at Argonaut's La Colorada project indicates run-of-mine (ROM) leach pads and stockpiles are still mineralized: AR drilled 16 holes to test the old ROM leach pad (estimated to contain 2.5 Mt.) that averaged 0.5 g/t gold and 22.3 g/t silver over 22m intersections. We believe there is potential for 50 Koz. gold and 1.7 Moz. silver remaining in the ROM leach pads."
auf Deutsch :
=============
Argonaut Gold Inc.
TICKER: TSX: AR
Besuchen Unternehmens-Website
Argonaut ist eine kanadische Gold Explorations-Unternehmen in, meine Entwicklung und Produktion tätig. Seine primäre Aktiva der Produktions-Phase der Mine El Castillo im Bundesstaat Durango, Mexiko, den Entwicklungs-Stadium San Antonio Projekt und die ehemals produzierende La Colorada sind ... weiterlesen
Die nachstehenden Angaben von Analysten, Newslettern und anderen Mitwirkenden. Bitte kontaktieren Sie das Unternehmen und besuchen Sie die Website, bevor sie eine Anlageentscheidung treffen.
Expert Analysis
Christos Doulis, Stonecap Securities (5/12/11) "Argonaut Gold bietet Anlegern eine überzeugende Anlageinstrument mit dem festen Produktion (und unmittelbaren Cashflow) von El Castillo erzeugt, die kurzfristige Produktionswachstum von San Antonio und / oder La Colorada und das Potential für zukünftiges Wachstum aus seiner früheren Stadium Projekten Stellung Argonaut gut in die Reihen der Mitte Goldproduzenten katapultieren. Wir glauben, dass als Argonaut Fortschritte seiner San Antonio und / oder La Colorada Projekte, die Unternehmen beginnen zu wecken das Interesse der großen Bergbauunternehmen als potenzieller Akquisitionsziel... wir sind die Einleitung Abdeckung mit einem $ 7,80 Kursziel und ein Outperform Rating. "
Catherine Gignac, Northland Capital Partners (5/10/11) "Argonaut veröffentlichte ein Ressourcen-Update für die San Antonio Gold-Projekt in Mexiko, skizziert eine 34% ige Zunahme der gesamten Ressourcen auf 1,67 Moz. Mit einem Goldgehalt von 0,96 g / t (M & I und abgeleitete). Eine größere Ressource in einer höheren Kategorie und möglicherweise verbessert Verwertungsquoten in San Antonio zeigen Potential für eine verbesserte Wirtschaftlichkeit Mine... Wir schätzen, dass unsere Bewertung von San Antonio konnte um 13% zu verbessern. "
Catherine Gignac, Northland Capital Partners (4/28/11) "Argonaut hat sowohl kurz-und langfristige Chancen, dass eine erhöhte Bewertung relativ zu unserer konservativen Basis-Fall-Ansatz fahren konnte. Kurzfristige Chancen bei El Castillo und San Antonio in Insbesondere fahren konnte unser NAV Schätzung höher... wir sind die Einleitung Abdeckung mit einem Sector Outperform Rating und einem CAD $ 6,75 Kursziel. "
The Gold Report Interview mit Bruce Campbell (4/13/11) "Ich habe noch sehr ähnlich [Argonaut Gold]... Ich traf mit dem Management, wenn sie in der Stadt waren und sprach zu ihnen wieder an der vierteljährlichen Telefonkonferenz ein paar Wochen . Argonaut vor fits all diese Parameter [I genannten] Es hat wachsende Produktion,.. in der Tat, im Jahr 2013, wird es wahrscheinlich viermal, was es im Jahr 2009 wurde sein Argonaut wird in der Produktion in diesem Jahr verdoppeln, und doppelklicken Sie dann wieder in den nächsten . paar Jahren Wenn Sie diese zusammen mit meinem $ 7 Ziel wäre Argonaut noch einen Rabatt zum Net Asset Value (NAV) und es ist die einzige Goldproduzent kann ich feststellen, dass Geschäfte in einer solchen erheblichen Rabatt;. die Senioren Handel an Prämien . Wenn AR zu einem Premium-Handel war, wäre es ein $ 8 oder 9 $ vorrätig sein .. Die Marktkapitalisierung beträgt etwa 400.000.000 $,.. so ist es unter dem Radar für viele große Investoren Es ist auch relativ neu;. Verwaltung Team, das bis Meridian Gold über die Jahre aufgebaut und verkaufte es an Yamana Gold im Jahr 2007 hat wieder es wieder tun kommen Grundsätzlich ist das Unternehmen nur etwa ein Jahr alt und hat bereits erworben Pediment Gold;. ja, es hat nun eine zweite Produktion Bergwerk her in Betrieb. Hier bin ich die Verbreitung des Wortes, ebenso wie einige andere, aber ich würde sagen, wahrscheinlich 80% -90% der Senior, große Investoren in Nordamerika noch nicht davon gehört... Ich würde nicht überrascht zu sehen, Argonaut dies ein weiterer kleiner Erwerb vor Jahresende... oder zumindest etwas mit zusätzlichen Produktion vorzulegen, bevor die Mine Pediment online geht am Ende des Jahres 2012. " Mehr>
John McClintock, Mackie Forschung (4/12/11) "Die Bohrungen in La Colorada von Argonaut Projekt zeigt run-of-Mine (ROM) auslaugen Pads und Lagerbestände noch mineralisierten: AR 16 Löcher gebohrt, um die alte ROM Leach Pad (schätzungsweise Test enthalten 2,5 Mt.), die durchschnittlich 0,5 g / t Gold und 22,3 g / t Silber über 22m Kreuzungen. Wir glauben, dass es für 50 Koz. Gold und 1,7 Moz Potenzial. Silber noch in der Lauge ROM-Pads. "
http://www.theaureport.com/pub/co/2145#quote
.
Argonaut Gold Inc.
TICKER: TSX:AR
Visit Company Website
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development-stage San Antonio project and the past-producing La Colorada … read more
The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.
Expert Analysis
Christos Doulis, Stonecap Securities (5/12/11) "Argonaut Gold offers investors a compelling investment vehicle with the solid production (and immediate cash-flow) generated by El Castillo; the near-term production growth of San Antonio and/or La Colorada and the potential for future growth from its earlier stage projects, position Argonaut well to catapult into the ranks of mid-tier gold producers. We believe that as Argonaut advances its San Antonio and/or La Colorada projects, the company will start to pique the interest of major mining companies as a potential acquisition target. . .we are initiating coverage with a $7.80 target price and an Outperform rating."
Catherine Gignac, Northland Capital Partners (5/10/11) "Argonaut released a resource update for the San Antonio gold project in Mexico, outlining a 34% increase in total resources to 1.67 Moz. at a grade of 0.96 g/t (M&I and Inferred). A larger resource in a higher category and potentially improved recovery rates at San Antonio indicate potential for improved mine economics. . .we estimate that our valuation of San Antonio could improve by 13%."
Catherine Gignac, Northland Capital Partners (4/28/11) "Argonaut has both near- and long-term opportunities that could drive an increased valuation relative to our conservative base-case approach. Near-term opportunities at El Castillo and San Antonio in particular could drive our NAV estimate higher. . .we are initiating coverage with a Sector Outperform rating and a CAD$6.75 price target."
The Gold Report Interview with Bruce Campbell (4/13/11) "I still very much like [Argonaut Gold]. . .I met with management when they were in town and spoke to them again at the quarterly conference call a couple of weeks ago. Argonaut fits all those parameters [I mentioned]. It has growing production; in fact, by 2013, it probably will be four times what it was in 2009. Argonaut will double in production this year, and then double again over the next couple of years. If you put that together with my $7 target, Argonaut would still be a discount to net asset value (NAV). And it's the only gold producer I can find that trades at such a substantial discount; the seniors trade at premiums. If AR was to trade at a premium, it would be an $8 or $9 stock.. . .The market cap is roughly $400 million; so, it's under the radar for a lot of large investors. It's also relatively new; the management team that built up Meridian Gold over the years and sold it to Yamana Gold in 2007 has come back to do it again. Basically, the company is only about one year old and has already acquired Pediment Gold; so, it now has a second producing mine coming onstream. Here I am spreading the word, as are some others, but I'd say probably 80%–90% of senior, large investors in North America still haven't heard of it. . .I wouldn't be surprised to see Argonaut do another small acquisition before year-end. . .or at least have something with additional production to bring forward before the Pediment mine comes online at the end of 2012." More >
John McClintock, Mackie Research (4/12/11) "Drilling at Argonaut's La Colorada project indicates run-of-mine (ROM) leach pads and stockpiles are still mineralized: AR drilled 16 holes to test the old ROM leach pad (estimated to contain 2.5 Mt.) that averaged 0.5 g/t gold and 22.3 g/t silver over 22m intersections. We believe there is potential for 50 Koz. gold and 1.7 Moz. silver remaining in the ROM leach pads."
auf Deutsch :
=============
Argonaut Gold Inc.
TICKER: TSX: AR
Besuchen Unternehmens-Website
Argonaut ist eine kanadische Gold Explorations-Unternehmen in, meine Entwicklung und Produktion tätig. Seine primäre Aktiva der Produktions-Phase der Mine El Castillo im Bundesstaat Durango, Mexiko, den Entwicklungs-Stadium San Antonio Projekt und die ehemals produzierende La Colorada sind ... weiterlesen
Die nachstehenden Angaben von Analysten, Newslettern und anderen Mitwirkenden. Bitte kontaktieren Sie das Unternehmen und besuchen Sie die Website, bevor sie eine Anlageentscheidung treffen.
Expert Analysis
Christos Doulis, Stonecap Securities (5/12/11) "Argonaut Gold bietet Anlegern eine überzeugende Anlageinstrument mit dem festen Produktion (und unmittelbaren Cashflow) von El Castillo erzeugt, die kurzfristige Produktionswachstum von San Antonio und / oder La Colorada und das Potential für zukünftiges Wachstum aus seiner früheren Stadium Projekten Stellung Argonaut gut in die Reihen der Mitte Goldproduzenten katapultieren. Wir glauben, dass als Argonaut Fortschritte seiner San Antonio und / oder La Colorada Projekte, die Unternehmen beginnen zu wecken das Interesse der großen Bergbauunternehmen als potenzieller Akquisitionsziel... wir sind die Einleitung Abdeckung mit einem $ 7,80 Kursziel und ein Outperform Rating. "
Catherine Gignac, Northland Capital Partners (5/10/11) "Argonaut veröffentlichte ein Ressourcen-Update für die San Antonio Gold-Projekt in Mexiko, skizziert eine 34% ige Zunahme der gesamten Ressourcen auf 1,67 Moz. Mit einem Goldgehalt von 0,96 g / t (M & I und abgeleitete). Eine größere Ressource in einer höheren Kategorie und möglicherweise verbessert Verwertungsquoten in San Antonio zeigen Potential für eine verbesserte Wirtschaftlichkeit Mine... Wir schätzen, dass unsere Bewertung von San Antonio konnte um 13% zu verbessern. "
Catherine Gignac, Northland Capital Partners (4/28/11) "Argonaut hat sowohl kurz-und langfristige Chancen, dass eine erhöhte Bewertung relativ zu unserer konservativen Basis-Fall-Ansatz fahren konnte. Kurzfristige Chancen bei El Castillo und San Antonio in Insbesondere fahren konnte unser NAV Schätzung höher... wir sind die Einleitung Abdeckung mit einem Sector Outperform Rating und einem CAD $ 6,75 Kursziel. "
The Gold Report Interview mit Bruce Campbell (4/13/11) "Ich habe noch sehr ähnlich [Argonaut Gold]... Ich traf mit dem Management, wenn sie in der Stadt waren und sprach zu ihnen wieder an der vierteljährlichen Telefonkonferenz ein paar Wochen . Argonaut vor fits all diese Parameter [I genannten] Es hat wachsende Produktion,.. in der Tat, im Jahr 2013, wird es wahrscheinlich viermal, was es im Jahr 2009 wurde sein Argonaut wird in der Produktion in diesem Jahr verdoppeln, und doppelklicken Sie dann wieder in den nächsten . paar Jahren Wenn Sie diese zusammen mit meinem $ 7 Ziel wäre Argonaut noch einen Rabatt zum Net Asset Value (NAV) und es ist die einzige Goldproduzent kann ich feststellen, dass Geschäfte in einer solchen erheblichen Rabatt;. die Senioren Handel an Prämien . Wenn AR zu einem Premium-Handel war, wäre es ein $ 8 oder 9 $ vorrätig sein .. Die Marktkapitalisierung beträgt etwa 400.000.000 $,.. so ist es unter dem Radar für viele große Investoren Es ist auch relativ neu;. Verwaltung Team, das bis Meridian Gold über die Jahre aufgebaut und verkaufte es an Yamana Gold im Jahr 2007 hat wieder es wieder tun kommen Grundsätzlich ist das Unternehmen nur etwa ein Jahr alt und hat bereits erworben Pediment Gold;. ja, es hat nun eine zweite Produktion Bergwerk her in Betrieb. Hier bin ich die Verbreitung des Wortes, ebenso wie einige andere, aber ich würde sagen, wahrscheinlich 80% -90% der Senior, große Investoren in Nordamerika noch nicht davon gehört... Ich würde nicht überrascht zu sehen, Argonaut dies ein weiterer kleiner Erwerb vor Jahresende... oder zumindest etwas mit zusätzlichen Produktion vorzulegen, bevor die Mine Pediment online geht am Ende des Jahres 2012. " Mehr>
John McClintock, Mackie Forschung (4/12/11) "Die Bohrungen in La Colorada von Argonaut Projekt zeigt run-of-Mine (ROM) auslaugen Pads und Lagerbestände noch mineralisierten: AR 16 Löcher gebohrt, um die alte ROM Leach Pad (schätzungsweise Test enthalten 2,5 Mt.), die durchschnittlich 0,5 g / t Gold und 22,3 g / t Silber über 22m Kreuzungen. Wir glauben, dass es für 50 Koz. Gold und 1,7 Moz Potenzial. Silber noch in der Lauge ROM-Pads. "
http://www.theaureport.com/pub/co/2145#quote
Argonaut Gold Inc. Announces Intent to Terminate Registration Under U.S. Securities Exchange Act
May 20, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") announces today that it will seek to terminate its registration, as successor-registrant to Pediment Gold Corp. ("Pediment"), with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934 ("Exchange Act") as soon as possible by filing a Form 15F with the Commission. As a result of the consummation of the statutory plan of arrangement (the "Arrangement') with Pediment on January 27, 2011, Argonaut is deemed the successor-registrant to Pediment's registration with the U.S. Securities and Exchange Commission under Rule 12g-3(a) of the Exchange Act. Argonaut's common shares, including those issued to Pediment shareholders in the Arrangement, are listed on the Toronto Stock Exchange under the symbol "AR" and are not listed on any national securities exchange in the United States. Argonaut has concluded that it is not in the best interests of its shareholders to retain the U.S. registration at this time.
Upon filing of the Form 15F, Argonaut's continuing reporting obligations under the Exchange Act will be suspended until the termination becomes effective. Once effective, Argonaut expects to receive the exemption from registration provided by Rule 12g3-2(b) under the Exchange Act and will make information available to its securityholders in compliance with that Rule.
Argonaut files reports publicly in Canada as required by Canadian securities regulators and the Toronto Stock Exchange. Argonaut's shareholders may obtain copies of such reports from www.sedar.com or from the Company at the contact information listed below. Certain reports are available on Argonaut's website at www.argonautgoldinc.com.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Creating the Next Quality Mid-Tier Gold Producer in the Americas.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Argonaut Gold Inc.
Investor Relations Manager
775-284-4422
May 20, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") announces today that it will seek to terminate its registration, as successor-registrant to Pediment Gold Corp. ("Pediment"), with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934 ("Exchange Act") as soon as possible by filing a Form 15F with the Commission. As a result of the consummation of the statutory plan of arrangement (the "Arrangement') with Pediment on January 27, 2011, Argonaut is deemed the successor-registrant to Pediment's registration with the U.S. Securities and Exchange Commission under Rule 12g-3(a) of the Exchange Act. Argonaut's common shares, including those issued to Pediment shareholders in the Arrangement, are listed on the Toronto Stock Exchange under the symbol "AR" and are not listed on any national securities exchange in the United States. Argonaut has concluded that it is not in the best interests of its shareholders to retain the U.S. registration at this time.
Upon filing of the Form 15F, Argonaut's continuing reporting obligations under the Exchange Act will be suspended until the termination becomes effective. Once effective, Argonaut expects to receive the exemption from registration provided by Rule 12g3-2(b) under the Exchange Act and will make information available to its securityholders in compliance with that Rule.
Argonaut files reports publicly in Canada as required by Canadian securities regulators and the Toronto Stock Exchange. Argonaut's shareholders may obtain copies of such reports from www.sedar.com or from the Company at the contact information listed below. Certain reports are available on Argonaut's website at www.argonautgoldinc.com.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Creating the Next Quality Mid-Tier Gold Producer in the Americas.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Argonaut Gold Inc.
Investor Relations Manager
775-284-4422
Hallo !
Heute ist endlich mal was los in Frankfurt, für gut 34.000 Euro gehandelte Aktien
weiter so...
Pirat
Heute ist endlich mal was los in Frankfurt, für gut 34.000 Euro gehandelte Aktien
weiter so...
Pirat
Hallo !!
aktuelle Präsentation ist online mit den neusten Daten
http://www.argonautgoldinc.com/i/pdf/May_2011_Resource_Updat…
aktuelle Präsentation ist online mit den neusten Daten
http://www.argonautgoldinc.com/i/pdf/May_2011_Resource_Updat…
Trading Spotlight
May 9, 2011
Argonaut Gold Updates Resource for San Antonio
Gold Resource Increases by 33% to 1.6 Million Ounces
TORONTO, ONTARIO--(Marketwire - May 9, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to report that the overall Measured & Indicated gold resource at its 100% owned San Antonio Project in Baja California Sur, Mexico has increased from 1,216,000 to 1,615,000 ounces. Additionally, the company continues a 10,000 meter drill program designed to further understand the total resource at the San Antonio project.
2011 Accomplishments to Date:
-- San Antonio
-- Q2, 2011 updated resource with 2010 Drill Program (36,000 meters)
-- 1,615,000 oz. Au in Measured and Indicated Resources, 33%
increase in resource over prior N.I. 43-101 compliant technical
report (1,216,000 as of August, 2010)
-- Metallurgical work on San Antonio samples; recovery ranges from 50-
85% depending on mineralization type at 3/8" crush size
-- 2011 Drill Program of 10,000 meters, 1,920 meters completed
-- La Colorada
-- 2011 Drill Program of 19,000 RC meters and 6,000 Core meters, 13,600
meters completed
-- Drill results for March 2011 included 20 holes for 385 meters
-- Drill results for May 2011 included 11 holes and more pending
results
-- El Castillo
-- Q1, 2011 annualized production run rate of 72,000 gold ounces for
the 2nd consecutive quarter
-- 2011 Guidance of 70-75,000 ounces @ $575 - $600 cash cost
-- 1,500 meter Core Drill Program completed on April 25, 2011 and
Metallurgical test work is underway
SAN ANTONIO
Updated Resource Estimate
Argonaut is pleased to announce that it has received an updated National Instrument 43-101 compliant mineral resource from AMEC E& C Services in Reno, NV ("AMEC") for its 100% owned San Antonio gold deposit in Baja California Sur.
The updated mineral resource for San Antonio follows a 36,000 meter drill program completed in the Fall of 2010, immediately prior to the acquisition by Argonaut Gold. The resource has been estimated at 1,615,000 ounces of gold, represented by more than 51 million tonnes at 0.98 g/t. This is a 33% increase over the previous technical reports' Measured and Indicated resources of 1,216,000 ounces.
Table 1- Updated Mineral Resource Summary of the San Antonio property as of April, 2011
Argonaut Gold Updates Resource for San Antonio
Gold Resource Increases by 33% to 1.6 Million Ounces
TORONTO, ONTARIO--(Marketwire - May 9, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to report that the overall Measured & Indicated gold resource at its 100% owned San Antonio Project in Baja California Sur, Mexico has increased from 1,216,000 to 1,615,000 ounces. Additionally, the company continues a 10,000 meter drill program designed to further understand the total resource at the San Antonio project.
2011 Accomplishments to Date:
-- San Antonio
-- Q2, 2011 updated resource with 2010 Drill Program (36,000 meters)
-- 1,615,000 oz. Au in Measured and Indicated Resources, 33%
increase in resource over prior N.I. 43-101 compliant technical
report (1,216,000 as of August, 2010)
-- Metallurgical work on San Antonio samples; recovery ranges from 50-
85% depending on mineralization type at 3/8" crush size
-- 2011 Drill Program of 10,000 meters, 1,920 meters completed
-- La Colorada
-- 2011 Drill Program of 19,000 RC meters and 6,000 Core meters, 13,600
meters completed
-- Drill results for March 2011 included 20 holes for 385 meters
-- Drill results for May 2011 included 11 holes and more pending
results
-- El Castillo
-- Q1, 2011 annualized production run rate of 72,000 gold ounces for
the 2nd consecutive quarter
-- 2011 Guidance of 70-75,000 ounces @ $575 - $600 cash cost
-- 1,500 meter Core Drill Program completed on April 25, 2011 and
Metallurgical test work is underway
SAN ANTONIO
Updated Resource Estimate
Argonaut is pleased to announce that it has received an updated National Instrument 43-101 compliant mineral resource from AMEC E& C Services in Reno, NV ("AMEC") for its 100% owned San Antonio gold deposit in Baja California Sur.
The updated mineral resource for San Antonio follows a 36,000 meter drill program completed in the Fall of 2010, immediately prior to the acquisition by Argonaut Gold. The resource has been estimated at 1,615,000 ounces of gold, represented by more than 51 million tonnes at 0.98 g/t. This is a 33% increase over the previous technical reports' Measured and Indicated resources of 1,216,000 ounces.
Table 1- Updated Mineral Resource Summary of the San Antonio property as of April, 2011
Argonaut Gold Announces Q1 Gold Production of 18,005 0unces
El Castillo Production is on target for 70-75,000 ounces in 2011
TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Argonaut Gold Inc. ("Argonaut" or the "Company") (TSX:AR), announced today that the Company produced 18,005 ounces of gold during the 1st quarter (ending March 31, 2011) at its 100% owned El Castillo Mine ("El Castillo"), located 100 km north of the city of Durango, Mexico. Expansion on the East Side of the property and the current core drilling program continue as expected at the property.
FIRST QUARTER PRODUCTION 2011
The El Castillo mine is targeting 70-75,000 ounces at $575-$600 cash cost in 2011. Currently, production is only coming from the West Side plant. During the first quarter work continued on the East Side expansion projects at El Castillo. Core drilling began at El Castillo, which is planned to provide samples for metallurgical testing of the sulphides at the property.
FIRST QUARTER 2011 HIGHLIGHTS:
Operations
-- Continued greater than 1.5 million total tonnes mined per month in the
1st quarter of 2011
-- Record ore tonnes crushed for the 1st quarter of 729,104 tonnes, 132%
increase over Q1 2010
-- 28,225 ounces loaded on the pad for 1st quarter, 72% increase over Q1
2010
-- Gold Production of 18,005 ounces for the 1st quarter, 76% increase over
Q1 2010
East Side Expansion program
-- Plant wet testing and barren pipe testing have been completed
-- Loading of overliner, which is required before loading ore for leaching,
is underway
-- East Side crushing projects are well underway
2011 Exploration Programs
-- El Castillo - 1,500 meter core drill program initiated to obtain
sulphide samples for metallurgical test work
-- 7 out of an estimated 16 holes of sulphide core drilling complete
-- San Antonio - 10,000 meter program
-- Drilling commenced with a total 1,000 meters completed by quarter
end
-- La Colorado - 19,000 meter RVC program, 6,000 meter core program and
Becker drill program
-- Phase I of the Becker program complete on the ROM pad and stockpiles
confirming mineralization.
-- 5,900 meters of the 19,000 meter RVC program complete
-- 650 meters of the 6,000 meter Core program complete
-- Currently 7 drill rigs drilling across the projects including: 3 RC rigs
and 4 Core rigs
Pete Dougherty, President and CEO of Argonaut Gold noted: "First Quarter gold production continued to be strong as a result of the improvements implemented in 2010. First Quarter production was consistent with production in the fourth quarter of 2010. The production rate of 18,000 ounces of gold in Q1 is on target with our forecasted production of 70-75,000 ounces in 2011". Discussing other developments at El Castillo, Dougherty added: "Construction continued on the East Side crushing circuit, processing plant, pads and ponds. A core drilling program that will enable us to conduct metallurgical testing on the sulphides at El Castillo has begun and we look forward to the metallurgical findings."
Q1 2011 Q1 2010
El Castillo Operating Statistics 3/31/2011 3/31/2010 % Change
------------------------------------
Mining
----------------------------------------
Total Tonnes mined 4,759,458 2,893,334 +65%
Tonnes Ore mined 2,538,264 1,316,547 +93%
Heap Leach Pad
----------------------------------------
ROM Tonnes Ore 1,813,011 999,121 +82%
(direct to leach pad)
Tonnes Crushed 729,104 314,405 +132%
Production
----------------------------------------
Gold Grade (g/t) 0.35 0.39 - 12%
Gold Loaded to Pad (oz) 28,225 16,430 +72%
Gold Produced (oz) 18,005 10,242 +76%
Gold Sold 18,065 8,398 +115%
Annual Meeting of Shareholders
The Annual Meeting of Shareholders will take place on Tuesday, May 10, 2011 at 10:00 a.m. ET, and will be held at the Fairmont Royal York in the Manitoba room, located at 100 Front Street West, Toronto, Ontario, Canada.
For further information please contact the Investor Relations Department or visit our website, www.argonautgoldinc.com.
Clarifications
The Company would like to make the following clarifications in connection with the Company's press release dated April 6, 2011 (the "Press Release"):
- The title of the Press Release referred to the Company's La Colorada Project as having an 'economic' resource. The Company advises that the current resource for the La Colorada Project has not yet been elevated to constitute a mineral reserve and as such does not yet have demonstrated economic viability;
- The resource table for the La Colorada Project contained in the Press Release was intended to include the separation of the measured and indicated resource, as noted below:
----------------------------------------------------------------------------
Tonnes
greater
Au than
Cutoff Cutoff Grade greater
Location Class (g/t) (tonnes) than Cutoff Contained Metal
-----------------------------------
Au (g/t)Ag (g/t) Au (ozs) Ag (ozs)
----------------------------------------------------------------------------
El Creston Measured 0.30 1,230,000 0.837 14.82 33,000 590,000
----------------------------------------------------------------------------
La Colorada Measured 0.30 2,340,000 1.160 9.17 87,000 690,000
----------------------------------------------------------------------------
Total Measured 0.30 3,570,000 1.049 11.12 120,000 1,280,000
----------------------------------------------------------------------------
El Creston Indicated 0.30 3,830,000 0.912 13.763 112,000 1,690,000
----------------------------------------------------------------------------
La Colorada Indicated 0.30 11,860,000 0.979 5.682 373,000 2,170,000
----------------------------------------------------------------------------
Total Indicated 0.30 15,690,0000 0.963 7.65 485,000 3,860,000
----------------------------------------------------------------------------
El Creston M&I 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada M&I 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
Total M&I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston Inferred 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada Inferred 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Total Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
- The chart contained in the section entitled "Stockpile and Run of Mine Pad" is supported by the following disclosure from the NI 43-10 complaint technical report entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones, Sonora, Mexico" dated November 30, 2009 and available on www.sedar.com:
"Run-of-Mine Pad - A stockpile of run-of-mine (uncrushed material) from the Explorationes Eldorado S.A. de C.V. ("EESA") mining period measures approximately 200 m X 400 m, and between 15 to 18 m. deep. Pediment has estimated that there is a total of 1,567,800 metres(3) of mineralized material and assuming a density of 1.6, there could be roughly 2.5 million tonnes with a grade somewhere between 0.5 and 1.0 g/t Au. This material could possibly be crushed and re-processed by heap leaching in a future mining operation.
Stockpile Dump - A moderately sized waste dump stockpile from the EESA mining period measures approximately 400 m. X 250 m. Pediment has estimated that there is a total of 5,620,000 metres(3) of mineralized material. Utilizing a density of 1.9 there could be roughly 10,670,000 million tonnes of mineralized material."
The Company has filed a restatement of its April 11, 2011 business acquisition report in connection with its acquisition of the common shares of Pediment Gold Corporation.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Qualified Person
Preparation of this release was supervised by Thomas Burkhart, Argonaut's Vice President of Exploration, and a Qualified Person under NI 43-101. For additional information on El Castillo please refer to the "NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico" dated Nov. 6, 2010 and available at Argonaut's website and profile on www.sedar.com.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
El Castillo Production is on target for 70-75,000 ounces in 2011
TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Argonaut Gold Inc. ("Argonaut" or the "Company") (TSX:AR), announced today that the Company produced 18,005 ounces of gold during the 1st quarter (ending March 31, 2011) at its 100% owned El Castillo Mine ("El Castillo"), located 100 km north of the city of Durango, Mexico. Expansion on the East Side of the property and the current core drilling program continue as expected at the property.
FIRST QUARTER PRODUCTION 2011
The El Castillo mine is targeting 70-75,000 ounces at $575-$600 cash cost in 2011. Currently, production is only coming from the West Side plant. During the first quarter work continued on the East Side expansion projects at El Castillo. Core drilling began at El Castillo, which is planned to provide samples for metallurgical testing of the sulphides at the property.
FIRST QUARTER 2011 HIGHLIGHTS:
Operations
-- Continued greater than 1.5 million total tonnes mined per month in the
1st quarter of 2011
-- Record ore tonnes crushed for the 1st quarter of 729,104 tonnes, 132%
increase over Q1 2010
-- 28,225 ounces loaded on the pad for 1st quarter, 72% increase over Q1
2010
-- Gold Production of 18,005 ounces for the 1st quarter, 76% increase over
Q1 2010
East Side Expansion program
-- Plant wet testing and barren pipe testing have been completed
-- Loading of overliner, which is required before loading ore for leaching,
is underway
-- East Side crushing projects are well underway
2011 Exploration Programs
-- El Castillo - 1,500 meter core drill program initiated to obtain
sulphide samples for metallurgical test work
-- 7 out of an estimated 16 holes of sulphide core drilling complete
-- San Antonio - 10,000 meter program
-- Drilling commenced with a total 1,000 meters completed by quarter
end
-- La Colorado - 19,000 meter RVC program, 6,000 meter core program and
Becker drill program
-- Phase I of the Becker program complete on the ROM pad and stockpiles
confirming mineralization.
-- 5,900 meters of the 19,000 meter RVC program complete
-- 650 meters of the 6,000 meter Core program complete
-- Currently 7 drill rigs drilling across the projects including: 3 RC rigs
and 4 Core rigs
Pete Dougherty, President and CEO of Argonaut Gold noted: "First Quarter gold production continued to be strong as a result of the improvements implemented in 2010. First Quarter production was consistent with production in the fourth quarter of 2010. The production rate of 18,000 ounces of gold in Q1 is on target with our forecasted production of 70-75,000 ounces in 2011". Discussing other developments at El Castillo, Dougherty added: "Construction continued on the East Side crushing circuit, processing plant, pads and ponds. A core drilling program that will enable us to conduct metallurgical testing on the sulphides at El Castillo has begun and we look forward to the metallurgical findings."
Q1 2011 Q1 2010
El Castillo Operating Statistics 3/31/2011 3/31/2010 % Change
------------------------------------
Mining
----------------------------------------
Total Tonnes mined 4,759,458 2,893,334 +65%
Tonnes Ore mined 2,538,264 1,316,547 +93%
Heap Leach Pad
----------------------------------------
ROM Tonnes Ore 1,813,011 999,121 +82%
(direct to leach pad)
Tonnes Crushed 729,104 314,405 +132%
Production
----------------------------------------
Gold Grade (g/t) 0.35 0.39 - 12%
Gold Loaded to Pad (oz) 28,225 16,430 +72%
Gold Produced (oz) 18,005 10,242 +76%
Gold Sold 18,065 8,398 +115%
Annual Meeting of Shareholders
The Annual Meeting of Shareholders will take place on Tuesday, May 10, 2011 at 10:00 a.m. ET, and will be held at the Fairmont Royal York in the Manitoba room, located at 100 Front Street West, Toronto, Ontario, Canada.
For further information please contact the Investor Relations Department or visit our website, www.argonautgoldinc.com.
Clarifications
The Company would like to make the following clarifications in connection with the Company's press release dated April 6, 2011 (the "Press Release"):
- The title of the Press Release referred to the Company's La Colorada Project as having an 'economic' resource. The Company advises that the current resource for the La Colorada Project has not yet been elevated to constitute a mineral reserve and as such does not yet have demonstrated economic viability;
- The resource table for the La Colorada Project contained in the Press Release was intended to include the separation of the measured and indicated resource, as noted below:
----------------------------------------------------------------------------
Tonnes
greater
Au than
Cutoff Cutoff Grade greater
Location Class (g/t) (tonnes) than Cutoff Contained Metal
-----------------------------------
Au (g/t)Ag (g/t) Au (ozs) Ag (ozs)
----------------------------------------------------------------------------
El Creston Measured 0.30 1,230,000 0.837 14.82 33,000 590,000
----------------------------------------------------------------------------
La Colorada Measured 0.30 2,340,000 1.160 9.17 87,000 690,000
----------------------------------------------------------------------------
Total Measured 0.30 3,570,000 1.049 11.12 120,000 1,280,000
----------------------------------------------------------------------------
El Creston Indicated 0.30 3,830,000 0.912 13.763 112,000 1,690,000
----------------------------------------------------------------------------
La Colorada Indicated 0.30 11,860,000 0.979 5.682 373,000 2,170,000
----------------------------------------------------------------------------
Total Indicated 0.30 15,690,0000 0.963 7.65 485,000 3,860,000
----------------------------------------------------------------------------
El Creston M&I 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada M&I 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
Total M&I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston Inferred 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada Inferred 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Total Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
- The chart contained in the section entitled "Stockpile and Run of Mine Pad" is supported by the following disclosure from the NI 43-10 complaint technical report entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones, Sonora, Mexico" dated November 30, 2009 and available on www.sedar.com:
"Run-of-Mine Pad - A stockpile of run-of-mine (uncrushed material) from the Explorationes Eldorado S.A. de C.V. ("EESA") mining period measures approximately 200 m X 400 m, and between 15 to 18 m. deep. Pediment has estimated that there is a total of 1,567,800 metres(3) of mineralized material and assuming a density of 1.6, there could be roughly 2.5 million tonnes with a grade somewhere between 0.5 and 1.0 g/t Au. This material could possibly be crushed and re-processed by heap leaching in a future mining operation.
Stockpile Dump - A moderately sized waste dump stockpile from the EESA mining period measures approximately 400 m. X 250 m. Pediment has estimated that there is a total of 5,620,000 metres(3) of mineralized material. Utilizing a density of 1.9 there could be roughly 10,670,000 million tonnes of mineralized material."
The Company has filed a restatement of its April 11, 2011 business acquisition report in connection with its acquisition of the common shares of Pediment Gold Corporation.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Qualified Person
Preparation of this release was supervised by Thomas Burkhart, Argonaut's Vice President of Exploration, and a Qualified Person under NI 43-101. For additional information on El Castillo please refer to the "NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico" dated Nov. 6, 2010 and available at Argonaut's website and profile on www.sedar.com.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
Argonaut Gold Announces Q1 Gold Production of 18,005 0unces
El Castillo Production is on target for 70-75,000 ounces in 2011
TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Argonaut Gold Inc. ("Argonaut" or the "Company") (TSX:AR), announced today that the Company produced 18,005 ounces of gold during the 1st quarter (ending March 31, 2011) at its 100% owned El Castillo Mine ("El Castillo"), located 100 km north of the city of Durango, Mexico. Expansion on the East Side of the property and the current core drilling program continue as expected at the property.
FIRST QUARTER PRODUCTION 2011
The El Castillo mine is targeting 70-75,000 ounces at $575-$600 cash cost in 2011. Currently, production is only coming from the West Side plant. During the first quarter work continued on the East Side expansion projects at El Castillo. Core drilling began at El Castillo, which is planned to provide samples for metallurgical testing of the sulphides at the property.
FIRST QUARTER 2011 HIGHLIGHTS:
Operations
-- Continued greater than 1.5 million total tonnes mined per month in the
1st quarter of 2011
-- Record ore tonnes crushed for the 1st quarter of 729,104 tonnes, 132%
increase over Q1 2010
-- 28,225 ounces loaded on the pad for 1st quarter, 72% increase over Q1
2010
-- Gold Production of 18,005 ounces for the 1st quarter, 76% increase over
Q1 2010
East Side Expansion program
-- Plant wet testing and barren pipe testing have been completed
-- Loading of overliner, which is required before loading ore for leaching,
is underway
-- East Side crushing projects are well underway
2011 Exploration Programs
-- El Castillo - 1,500 meter core drill program initiated to obtain
sulphide samples for metallurgical test work
-- 7 out of an estimated 16 holes of sulphide core drilling complete
-- San Antonio - 10,000 meter program
-- Drilling commenced with a total 1,000 meters completed by quarter
end
-- La Colorado - 19,000 meter RVC program, 6,000 meter core program and
Becker drill program
-- Phase I of the Becker program complete on the ROM pad and stockpiles
confirming mineralization.
-- 5,900 meters of the 19,000 meter RVC program complete
-- 650 meters of the 6,000 meter Core program complete
-- Currently 7 drill rigs drilling across the projects including: 3 RC rigs
and 4 Core rigs
Pete Dougherty, President and CEO of Argonaut Gold noted: "First Quarter gold production continued to be strong as a result of the improvements implemented in 2010. First Quarter production was consistent with production in the fourth quarter of 2010. The production rate of 18,000 ounces of gold in Q1 is on target with our forecasted production of 70-75,000 ounces in 2011". Discussing other developments at El Castillo, Dougherty added: "Construction continued on the East Side crushing circuit, processing plant, pads and ponds. A core drilling program that will enable us to conduct metallurgical testing on the sulphides at El Castillo has begun and we look forward to the metallurgical findings."
Q1 2011 Q1 2010
El Castillo Operating Statistics 3/31/2011 3/31/2010 % Change
------------------------------------
Mining
----------------------------------------
Total Tonnes mined 4,759,458 2,893,334 +65%
Tonnes Ore mined 2,538,264 1,316,547 +93%
Heap Leach Pad
----------------------------------------
ROM Tonnes Ore 1,813,011 999,121 +82%
(direct to leach pad)
Tonnes Crushed 729,104 314,405 +132%
Production
----------------------------------------
Gold Grade (g/t) 0.35 0.39 - 12%
Gold Loaded to Pad (oz) 28,225 16,430 +72%
Gold Produced (oz) 18,005 10,242 +76%
Gold Sold 18,065 8,398 +115%
Annual Meeting of Shareholders
The Annual Meeting of Shareholders will take place on Tuesday, May 10, 2011 at 10:00 a.m. ET, and will be held at the Fairmont Royal York in the Manitoba room, located at 100 Front Street West, Toronto, Ontario, Canada.
For further information please contact the Investor Relations Department or visit our website, www.argonautgoldinc.com.
Clarifications
The Company would like to make the following clarifications in connection with the Company's press release dated April 6, 2011 (the "Press Release"):
- The title of the Press Release referred to the Company's La Colorada Project as having an 'economic' resource. The Company advises that the current resource for the La Colorada Project has not yet been elevated to constitute a mineral reserve and as such does not yet have demonstrated economic viability;
- The resource table for the La Colorada Project contained in the Press Release was intended to include the separation of the measured and indicated resource, as noted below:
----------------------------------------------------------------------------
Tonnes
greater
Au than
Cutoff Cutoff Grade greater
Location Class (g/t) (tonnes) than Cutoff Contained Metal
-----------------------------------
Au (g/t)Ag (g/t) Au (ozs) Ag (ozs)
----------------------------------------------------------------------------
El Creston Measured 0.30 1,230,000 0.837 14.82 33,000 590,000
----------------------------------------------------------------------------
La Colorada Measured 0.30 2,340,000 1.160 9.17 87,000 690,000
----------------------------------------------------------------------------
Total Measured 0.30 3,570,000 1.049 11.12 120,000 1,280,000
----------------------------------------------------------------------------
El Creston Indicated 0.30 3,830,000 0.912 13.763 112,000 1,690,000
----------------------------------------------------------------------------
La Colorada Indicated 0.30 11,860,000 0.979 5.682 373,000 2,170,000
----------------------------------------------------------------------------
Total Indicated 0.30 15,690,0000 0.963 7.65 485,000 3,860,000
----------------------------------------------------------------------------
El Creston M&I 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada M&I 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
Total M&I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston Inferred 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada Inferred 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Total Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
- The chart contained in the section entitled "Stockpile and Run of Mine Pad" is supported by the following disclosure from the NI 43-10 complaint technical report entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones, Sonora, Mexico" dated November 30, 2009 and available on www.sedar.com:
"Run-of-Mine Pad - A stockpile of run-of-mine (uncrushed material) from the Explorationes Eldorado S.A. de C.V. ("EESA") mining period measures approximately 200 m X 400 m, and between 15 to 18 m. deep. Pediment has estimated that there is a total of 1,567,800 metres(3) of mineralized material and assuming a density of 1.6, there could be roughly 2.5 million tonnes with a grade somewhere between 0.5 and 1.0 g/t Au. This material could possibly be crushed and re-processed by heap leaching in a future mining operation.
Stockpile Dump - A moderately sized waste dump stockpile from the EESA mining period measures approximately 400 m. X 250 m. Pediment has estimated that there is a total of 5,620,000 metres(3) of mineralized material. Utilizing a density of 1.9 there could be roughly 10,670,000 million tonnes of mineralized material."
The Company has filed a restatement of its April 11, 2011 business acquisition report in connection with its acquisition of the common shares of Pediment Gold Corporation.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Qualified Person
Preparation of this release was supervised by Thomas Burkhart, Argonaut's Vice President of Exploration, and a Qualified Person under NI 43-101. For additional information on El Castillo please refer to the "NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico" dated Nov. 6, 2010 and available at Argonaut's website and profile on www.sedar.com.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
El Castillo Production is on target for 70-75,000 ounces in 2011
TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Argonaut Gold Inc. ("Argonaut" or the "Company") (TSX:AR), announced today that the Company produced 18,005 ounces of gold during the 1st quarter (ending March 31, 2011) at its 100% owned El Castillo Mine ("El Castillo"), located 100 km north of the city of Durango, Mexico. Expansion on the East Side of the property and the current core drilling program continue as expected at the property.
FIRST QUARTER PRODUCTION 2011
The El Castillo mine is targeting 70-75,000 ounces at $575-$600 cash cost in 2011. Currently, production is only coming from the West Side plant. During the first quarter work continued on the East Side expansion projects at El Castillo. Core drilling began at El Castillo, which is planned to provide samples for metallurgical testing of the sulphides at the property.
FIRST QUARTER 2011 HIGHLIGHTS:
Operations
-- Continued greater than 1.5 million total tonnes mined per month in the
1st quarter of 2011
-- Record ore tonnes crushed for the 1st quarter of 729,104 tonnes, 132%
increase over Q1 2010
-- 28,225 ounces loaded on the pad for 1st quarter, 72% increase over Q1
2010
-- Gold Production of 18,005 ounces for the 1st quarter, 76% increase over
Q1 2010
East Side Expansion program
-- Plant wet testing and barren pipe testing have been completed
-- Loading of overliner, which is required before loading ore for leaching,
is underway
-- East Side crushing projects are well underway
2011 Exploration Programs
-- El Castillo - 1,500 meter core drill program initiated to obtain
sulphide samples for metallurgical test work
-- 7 out of an estimated 16 holes of sulphide core drilling complete
-- San Antonio - 10,000 meter program
-- Drilling commenced with a total 1,000 meters completed by quarter
end
-- La Colorado - 19,000 meter RVC program, 6,000 meter core program and
Becker drill program
-- Phase I of the Becker program complete on the ROM pad and stockpiles
confirming mineralization.
-- 5,900 meters of the 19,000 meter RVC program complete
-- 650 meters of the 6,000 meter Core program complete
-- Currently 7 drill rigs drilling across the projects including: 3 RC rigs
and 4 Core rigs
Pete Dougherty, President and CEO of Argonaut Gold noted: "First Quarter gold production continued to be strong as a result of the improvements implemented in 2010. First Quarter production was consistent with production in the fourth quarter of 2010. The production rate of 18,000 ounces of gold in Q1 is on target with our forecasted production of 70-75,000 ounces in 2011". Discussing other developments at El Castillo, Dougherty added: "Construction continued on the East Side crushing circuit, processing plant, pads and ponds. A core drilling program that will enable us to conduct metallurgical testing on the sulphides at El Castillo has begun and we look forward to the metallurgical findings."
Q1 2011 Q1 2010
El Castillo Operating Statistics 3/31/2011 3/31/2010 % Change
------------------------------------
Mining
----------------------------------------
Total Tonnes mined 4,759,458 2,893,334 +65%
Tonnes Ore mined 2,538,264 1,316,547 +93%
Heap Leach Pad
----------------------------------------
ROM Tonnes Ore 1,813,011 999,121 +82%
(direct to leach pad)
Tonnes Crushed 729,104 314,405 +132%
Production
----------------------------------------
Gold Grade (g/t) 0.35 0.39 - 12%
Gold Loaded to Pad (oz) 28,225 16,430 +72%
Gold Produced (oz) 18,005 10,242 +76%
Gold Sold 18,065 8,398 +115%
Annual Meeting of Shareholders
The Annual Meeting of Shareholders will take place on Tuesday, May 10, 2011 at 10:00 a.m. ET, and will be held at the Fairmont Royal York in the Manitoba room, located at 100 Front Street West, Toronto, Ontario, Canada.
For further information please contact the Investor Relations Department or visit our website, www.argonautgoldinc.com.
Clarifications
The Company would like to make the following clarifications in connection with the Company's press release dated April 6, 2011 (the "Press Release"):
- The title of the Press Release referred to the Company's La Colorada Project as having an 'economic' resource. The Company advises that the current resource for the La Colorada Project has not yet been elevated to constitute a mineral reserve and as such does not yet have demonstrated economic viability;
- The resource table for the La Colorada Project contained in the Press Release was intended to include the separation of the measured and indicated resource, as noted below:
----------------------------------------------------------------------------
Tonnes
greater
Au than
Cutoff Cutoff Grade greater
Location Class (g/t) (tonnes) than Cutoff Contained Metal
-----------------------------------
Au (g/t)Ag (g/t) Au (ozs) Ag (ozs)
----------------------------------------------------------------------------
El Creston Measured 0.30 1,230,000 0.837 14.82 33,000 590,000
----------------------------------------------------------------------------
La Colorada Measured 0.30 2,340,000 1.160 9.17 87,000 690,000
----------------------------------------------------------------------------
Total Measured 0.30 3,570,000 1.049 11.12 120,000 1,280,000
----------------------------------------------------------------------------
El Creston Indicated 0.30 3,830,000 0.912 13.763 112,000 1,690,000
----------------------------------------------------------------------------
La Colorada Indicated 0.30 11,860,000 0.979 5.682 373,000 2,170,000
----------------------------------------------------------------------------
Total Indicated 0.30 15,690,0000 0.963 7.65 485,000 3,860,000
----------------------------------------------------------------------------
El Creston M&I 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada M&I 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
Total M&I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston Inferred 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada Inferred 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Total Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
- The chart contained in the section entitled "Stockpile and Run of Mine Pad" is supported by the following disclosure from the NI 43-10 complaint technical report entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones, Sonora, Mexico" dated November 30, 2009 and available on www.sedar.com:
"Run-of-Mine Pad - A stockpile of run-of-mine (uncrushed material) from the Explorationes Eldorado S.A. de C.V. ("EESA") mining period measures approximately 200 m X 400 m, and between 15 to 18 m. deep. Pediment has estimated that there is a total of 1,567,800 metres(3) of mineralized material and assuming a density of 1.6, there could be roughly 2.5 million tonnes with a grade somewhere between 0.5 and 1.0 g/t Au. This material could possibly be crushed and re-processed by heap leaching in a future mining operation.
Stockpile Dump - A moderately sized waste dump stockpile from the EESA mining period measures approximately 400 m. X 250 m. Pediment has estimated that there is a total of 5,620,000 metres(3) of mineralized material. Utilizing a density of 1.9 there could be roughly 10,670,000 million tonnes of mineralized material."
The Company has filed a restatement of its April 11, 2011 business acquisition report in connection with its acquisition of the common shares of Pediment Gold Corporation.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
Qualified Person
Preparation of this release was supervised by Thomas Burkhart, Argonaut's Vice President of Exploration, and a Qualified Person under NI 43-101. For additional information on El Castillo please refer to the "NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico" dated Nov. 6, 2010 and available at Argonaut's website and profile on www.sedar.com.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
April 7, 2011
Argonaut Gold Begins Resource Expansion Drilling at the La Colorada Project, Sonora, Mexico
Looking to Increase Economic Resource in 2011
Drill Results on 3 million tonnes Run of Mine Pad indicate average grade of 0.5 g/t
TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to report the Company has commenced an aggressive drill program at the La Colorada property aimed at converting mineralized material from an inferred resource to a Measured & Indicated resource in an effort to create further value at the property. La Colorada was incorporated into Argonaut's portfolio of projects as part of the Pediment Gold acquisition, which was completed in January of 2011. The La Colorada is a gold-silver project located 50 kilometers southeast of Hermosillo, Mexico.
PRODUCTION HISTORY OF THE LA COLORADA MINE
From 1994 to 2002 La Colorada was operated as an open-pit heap-leach mine, producing approximately 353,000 ounces of gold and 1.2 million ounces of silver. During these years, mining took place on the El Creston, La Colorada and Gran Central mineralized zones. The overall historical strip ratio was approximately 3:1, with an average grade of 1.04 g/t gold and 17.07 g/t silver. The reported recoveries were 70% for gold and 15% for silver. Approximately 30% of the ore was run of mine (ROM) with the remaining material being crushed to 1 inch minus and stacked on a separate leach pad from the ROM ore. Mining ceased in 2001 due to low gold prices.
RESOURCE AND GEOLOGY
Pediment Gold completed the following NI 43-101 compliant resource estimate in December of 2009 entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones. Sonora, Mexico dated November 20, 2009.
----------------------------------------------------------------------------
Tonnes
greater Grade
Au than greater
Cutoff Cutoff than
Class (g/t) (tonnes) Cutoff Contained Metal
---------------------------------
Au Ag Au Ag
(g/t) (g/t) (ozs) (ozs)
----------------------------------------------------------------------------
El Creston 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada/ Gran
Central 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
M & I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada/ Gran
Central 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
(i)The current resources are contained within the La Colorada, Gran Central
and El Creston open pit areas.
Previous mining on the three deposits exploited near surface mineralization and the remaining gold and silver resources are peripheral to and beneath the previously mined areas.
The La Colorada vein deposits are hosted in both intrusive and metamorphosed sedimentary rocks with the previous open-pit operations localized where wide zones of mineralized veins and stockworks are exposed on surface.
The Veta Madre zone, which lies approximately 1,000 meters east of the open pit area, is an outcropping zone of gold mineralization that has limited drilling. Mineralization here is related to sulfide stockworks (now oxidized) forming a flat-lying tabular zone of varied thickness that reports an average grade of around 0.5 g/t gold.
LA COLORADA 2011 DRILL PROGRAM
The main objective is to better define and upgrade the Gran Central, and La Colorada deposits.
Pete Dougherty, President and CEO stated "Argonaut's objective in 2011 is to significantly expand the current resource through an aggressive drill program therein creating value."
The majority of the drilling will target known areas of inferred mineralization where it extends down dip and on strike from the Measured &Indicated resource. As part of the evaluation process the Company will complete core drilling to obtain representative samples for metallurgical study.
To view "Figure 1: La Colorada Project - Drill program 2011", please visit the following link: http://media3.marketwire.com/docs/AR_col_prj.pdf
----------------------------------------------------------------------------
RC Core Hammer
Drilling Drilling Drilling
Zone (meters) (meters) (meters)
----------------------------------------------------------------------------
La Colorada 5,000 1,500
----------------------------------------------------------------------------
Gran Central 11,000 3,500
----------------------------------------------------------------------------
Veta Madre 3,000 1,000
----------------------------------------------------------------------------
ROM 400
----------------------------------------------------------------------------
Stockpile 400
----------------------------------------------------------------------------
TOTAL 2011 19,000 6,000 800
----------------------------------------------------------------------------
EXPANDING ON THE CURRENT RESOURCE
In addition to the areas which define the current resource, there is interesting potential at the Veta Madre and La Verde zones that have seen limited drilling in 2008 and 2009, which demonstrated potentially economic gold grades over mineable widths. Early drilling on Veta Madre has traced mineralization for approximately 500 meters along strike with widths varying between 50 and 100 meters. This zone appears to be open in all directions. Drill-hole intercepts starting at or near surface include:
----------------------------------------------------------------------------
Azimuth/
Drill Section Dip From To Length Au Ag
hole (Northing) Degrees (m) (m) (m) g/t g/t
----------------------------------------------------------------------------
08-LCOL-R11 3,185,643 160/-50 1.52 45.72 44.20 0.64 7.52
----------------------------------------------------------------------------
09-LCOL-R66 3,185,711 160/-60 0.00 25.91 25.91 0.81 3.55
----------------------------------------------------------------------------
09-LCOL-R91 3,185,660 180/-45 0.00 25.91 25.91 1.08 2.94
----------------------------------------------------------------------------
09-LCOL-R92 3,185,647 0/-90 12.19 36.58 24.38 1.83 12.44
----------------------------------------------------------------------------
STOCKPILES AND RUN OF MINE PAD
The Company has completed a drilling program to test the ROM pad and several ore "stock piles" that could represent low-cost ounces to be processed early in the operation. For this study a "Becker Hammer Drill" was utilized that is capable of recovering a coarse sample product up to six inches in diameter. A total of 16 holes were completed on the ROM pad and an additional 10 holes were distributed over four separate stock pile areas. Representative samples of the ROM and stockpile material will undergo metallurgical testing. Additional drilling will take place on the stockpiles.
Tom Burkhart, Vice President of Exploration states "It appears that there is still plenty of gold left in the ROM leach pad and the low-grade stockpiles. At current gold prices, it represents a significant amount of mineralized material that could potentially yield low-cost ounces".
---------------------------------------------------------
Avg. Grade
Class Tonnes (g/t)
---------------------------------------------------------
ROM tonnage 2.5 million 0.5 g/t - 1.0 g/t
---------------------------------------------------------
Stockpile(s) 10 million N/A
---------------------------------------------------------
(i)This information is available in the N.I. 43-
101 filed by Pediment Gold, dated Nov. 30, 2009.
2011 Drilling
----------------------------------------------------------------------------
Azimuth/
Drill Section Dip From To Length Au Ag
hole (Northing) Degrees (m) (m) (m) g/t g/t
----------------------------------------------------------------------------
11-LCM-01 3,186,298 0/-90 0.00 24.40 24.40 0.22 34.27
----------------------------------------------------------------------------
11-LCM-02 3,186,309 0/-90 0.00 22.90 22.90 0.64 49.97
----------------------------------------------------------------------------
11-LCM-03 3,186,316 0/-90 0.00 21.30 21.30 0.28 29.74
----------------------------------------------------------------------------
11-LCM-04 3,186,320 0/-90 0.00 22.90 22.90 2.11 36.63
----------------------------------------------------------------------------
11-LCM-05 3,186,310 0/-90 0.00 25.90 25.90 0.33 32.16
----------------------------------------------------------------------------
11-LCM-06 3,186,312 0/-90 0.00 25.90 25.90 0.31 29.40
----------------------------------------------------------------------------
11-LCM-07 3,186,323 0/-90 0.00 24.40 24.40 0.58 32.29
----------------------------------------------------------------------------
11-LCM-08 3,186,247 0/-90 0.00 24.40 24.40 0.20 25.22
----------------------------------------------------------------------------
11-LCM-09 3,186,243 0/-90 0.00 25.90 25.90 0.26 32.60
----------------------------------------------------------------------------
11-LCM-10 3,186,242 0/-90 0.00 27.40 27.40 0.40 36.22
----------------------------------------------------------------------------
11-LCM-11 3,186,217 0/-90 0.00 22.90 22.90 0.77 43.86
----------------------------------------------------------------------------
11-LCM-12 3,186,213 0/-90 0.00 22.90 22.90 0.56 46.41
----------------------------------------------------------------------------
11-LCM-13 3,186,206 0/-90 0.00 22.90 22.90 0.29 39.35
----------------------------------------------------------------------------
11-LCM-14 3,186,198 0/-90 0.00 24.40 24.40 0.62 29.79
----------------------------------------------------------------------------
11-LCM-15 3,186,245 0/-90 0.00 24.40 24.40 0.43 35.85
----------------------------------------------------------------------------
11-LCM-16 3,186,265 0/-90 0.00 22.90 22.90 0.52 37.44
----------------------------------------------------------------------------
09-LCOL-R85 3,186,255 0/-90 0.00 15.20 15.20 0.44 41.34
----------------------------------------------------------------------------
09-LCOL-R86 3,186,220 0/-90 0.00 15.20 15.20 0.37 21.34
----------------------------------------------------------------------------
09-LCOL-R87 3,186,244 0/-90 0.00 15.20 15.20 0.44 30.34
----------------------------------------------------------------------------
09-LCOL-R88 3,186,265 0/-90 0.00 15.20 15.20 1.17 36.34
----------------------------------------------------------------------------
UPDATED RESOURCE
Argonaut has contracted SRK Consulting to complete an updated NI 43-101 Technical Report, utilizing the results of the 2011 drilling program, expected to be completed in the 4th quarter of 2011.
QUALIFIED PERSON COMMENTS/QUALITY CONTROL PROCEDURES
For sample analysis the Company utilizes a system of Quality Assurance/Quality Control that includes insertion and verification of standards, blanks and duplicates consistent with industry standards. The preparation of this Press Release was supervised and approved by Thomas Burkhart, Argonaut Gold's Vice President of Exploration and a Qualified Person under National Instrument 43-101. Mr. Burkhart also reviewed the reverse circulation and core drilling programs and on-site sample preparation procedures at La Colorada.
Samples from the La Colorada Project are shipped by commercial courier from the Company's facility in Hermosillo directly to Inspectorate America Corporation's analytical laboratory in Sparks, Nevada for sample preparation and analysis gold by fire assay with atomic absorption (Au AA-23 assay method code; 0.005 to 10ppm detection limit). Samples over 10 g/t Au are assayed with gravimetric finish (Assay code AU-GRA21). All samples are also assayed by ICP-MS (code ME-ICP41) for a suite of 35 elements.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico. Argonaut is a producing gold company created by former executive management team members of Meridian Gold Inc.
Creating the Next Quality Mid-Tier Gold Producer in the Americas.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
Argonaut Gold Begins Resource Expansion Drilling at the La Colorada Project, Sonora, Mexico
Looking to Increase Economic Resource in 2011
Drill Results on 3 million tonnes Run of Mine Pad indicate average grade of 0.5 g/t
TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to report the Company has commenced an aggressive drill program at the La Colorada property aimed at converting mineralized material from an inferred resource to a Measured & Indicated resource in an effort to create further value at the property. La Colorada was incorporated into Argonaut's portfolio of projects as part of the Pediment Gold acquisition, which was completed in January of 2011. The La Colorada is a gold-silver project located 50 kilometers southeast of Hermosillo, Mexico.
PRODUCTION HISTORY OF THE LA COLORADA MINE
From 1994 to 2002 La Colorada was operated as an open-pit heap-leach mine, producing approximately 353,000 ounces of gold and 1.2 million ounces of silver. During these years, mining took place on the El Creston, La Colorada and Gran Central mineralized zones. The overall historical strip ratio was approximately 3:1, with an average grade of 1.04 g/t gold and 17.07 g/t silver. The reported recoveries were 70% for gold and 15% for silver. Approximately 30% of the ore was run of mine (ROM) with the remaining material being crushed to 1 inch minus and stacked on a separate leach pad from the ROM ore. Mining ceased in 2001 due to low gold prices.
RESOURCE AND GEOLOGY
Pediment Gold completed the following NI 43-101 compliant resource estimate in December of 2009 entitled "Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones. Sonora, Mexico dated November 20, 2009.
----------------------------------------------------------------------------
Tonnes
greater Grade
Au than greater
Cutoff Cutoff than
Class (g/t) (tonnes) Cutoff Contained Metal
---------------------------------
Au Ag Au Ag
(g/t) (g/t) (ozs) (ozs)
----------------------------------------------------------------------------
El Creston 0.30 5,060,000 0.894 14.019 145,000 2,280,000
----------------------------------------------------------------------------
La Colorada/ Gran
Central 0.30 14,190,000 1.008 6.257 460,000 2,850,000
----------------------------------------------------------------------------
M & I 0.30 19,250,000 0.978 8.30 605,000 5,130,000
----------------------------------------------------------------------------
El Creston 0.30 4,070,000 0.981 15.719 128,000 2,060,000
----------------------------------------------------------------------------
La Colorada/ Gran
Central 0.30 16,000,000 0.883 8.036 454,000 4,130,000
----------------------------------------------------------------------------
Inferred 0.30 20,070,000 0.903 9.59 582,000 6,190,000
----------------------------------------------------------------------------
(i)The current resources are contained within the La Colorada, Gran Central
and El Creston open pit areas.
Previous mining on the three deposits exploited near surface mineralization and the remaining gold and silver resources are peripheral to and beneath the previously mined areas.
The La Colorada vein deposits are hosted in both intrusive and metamorphosed sedimentary rocks with the previous open-pit operations localized where wide zones of mineralized veins and stockworks are exposed on surface.
The Veta Madre zone, which lies approximately 1,000 meters east of the open pit area, is an outcropping zone of gold mineralization that has limited drilling. Mineralization here is related to sulfide stockworks (now oxidized) forming a flat-lying tabular zone of varied thickness that reports an average grade of around 0.5 g/t gold.
LA COLORADA 2011 DRILL PROGRAM
The main objective is to better define and upgrade the Gran Central, and La Colorada deposits.
Pete Dougherty, President and CEO stated "Argonaut's objective in 2011 is to significantly expand the current resource through an aggressive drill program therein creating value."
The majority of the drilling will target known areas of inferred mineralization where it extends down dip and on strike from the Measured &Indicated resource. As part of the evaluation process the Company will complete core drilling to obtain representative samples for metallurgical study.
To view "Figure 1: La Colorada Project - Drill program 2011", please visit the following link: http://media3.marketwire.com/docs/AR_col_prj.pdf
----------------------------------------------------------------------------
RC Core Hammer
Drilling Drilling Drilling
Zone (meters) (meters) (meters)
----------------------------------------------------------------------------
La Colorada 5,000 1,500
----------------------------------------------------------------------------
Gran Central 11,000 3,500
----------------------------------------------------------------------------
Veta Madre 3,000 1,000
----------------------------------------------------------------------------
ROM 400
----------------------------------------------------------------------------
Stockpile 400
----------------------------------------------------------------------------
TOTAL 2011 19,000 6,000 800
----------------------------------------------------------------------------
EXPANDING ON THE CURRENT RESOURCE
In addition to the areas which define the current resource, there is interesting potential at the Veta Madre and La Verde zones that have seen limited drilling in 2008 and 2009, which demonstrated potentially economic gold grades over mineable widths. Early drilling on Veta Madre has traced mineralization for approximately 500 meters along strike with widths varying between 50 and 100 meters. This zone appears to be open in all directions. Drill-hole intercepts starting at or near surface include:
----------------------------------------------------------------------------
Azimuth/
Drill Section Dip From To Length Au Ag
hole (Northing) Degrees (m) (m) (m) g/t g/t
----------------------------------------------------------------------------
08-LCOL-R11 3,185,643 160/-50 1.52 45.72 44.20 0.64 7.52
----------------------------------------------------------------------------
09-LCOL-R66 3,185,711 160/-60 0.00 25.91 25.91 0.81 3.55
----------------------------------------------------------------------------
09-LCOL-R91 3,185,660 180/-45 0.00 25.91 25.91 1.08 2.94
----------------------------------------------------------------------------
09-LCOL-R92 3,185,647 0/-90 12.19 36.58 24.38 1.83 12.44
----------------------------------------------------------------------------
STOCKPILES AND RUN OF MINE PAD
The Company has completed a drilling program to test the ROM pad and several ore "stock piles" that could represent low-cost ounces to be processed early in the operation. For this study a "Becker Hammer Drill" was utilized that is capable of recovering a coarse sample product up to six inches in diameter. A total of 16 holes were completed on the ROM pad and an additional 10 holes were distributed over four separate stock pile areas. Representative samples of the ROM and stockpile material will undergo metallurgical testing. Additional drilling will take place on the stockpiles.
Tom Burkhart, Vice President of Exploration states "It appears that there is still plenty of gold left in the ROM leach pad and the low-grade stockpiles. At current gold prices, it represents a significant amount of mineralized material that could potentially yield low-cost ounces".
---------------------------------------------------------
Avg. Grade
Class Tonnes (g/t)
---------------------------------------------------------
ROM tonnage 2.5 million 0.5 g/t - 1.0 g/t
---------------------------------------------------------
Stockpile(s) 10 million N/A
---------------------------------------------------------
(i)This information is available in the N.I. 43-
101 filed by Pediment Gold, dated Nov. 30, 2009.
2011 Drilling
----------------------------------------------------------------------------
Azimuth/
Drill Section Dip From To Length Au Ag
hole (Northing) Degrees (m) (m) (m) g/t g/t
----------------------------------------------------------------------------
11-LCM-01 3,186,298 0/-90 0.00 24.40 24.40 0.22 34.27
----------------------------------------------------------------------------
11-LCM-02 3,186,309 0/-90 0.00 22.90 22.90 0.64 49.97
----------------------------------------------------------------------------
11-LCM-03 3,186,316 0/-90 0.00 21.30 21.30 0.28 29.74
----------------------------------------------------------------------------
11-LCM-04 3,186,320 0/-90 0.00 22.90 22.90 2.11 36.63
----------------------------------------------------------------------------
11-LCM-05 3,186,310 0/-90 0.00 25.90 25.90 0.33 32.16
----------------------------------------------------------------------------
11-LCM-06 3,186,312 0/-90 0.00 25.90 25.90 0.31 29.40
----------------------------------------------------------------------------
11-LCM-07 3,186,323 0/-90 0.00 24.40 24.40 0.58 32.29
----------------------------------------------------------------------------
11-LCM-08 3,186,247 0/-90 0.00 24.40 24.40 0.20 25.22
----------------------------------------------------------------------------
11-LCM-09 3,186,243 0/-90 0.00 25.90 25.90 0.26 32.60
----------------------------------------------------------------------------
11-LCM-10 3,186,242 0/-90 0.00 27.40 27.40 0.40 36.22
----------------------------------------------------------------------------
11-LCM-11 3,186,217 0/-90 0.00 22.90 22.90 0.77 43.86
----------------------------------------------------------------------------
11-LCM-12 3,186,213 0/-90 0.00 22.90 22.90 0.56 46.41
----------------------------------------------------------------------------
11-LCM-13 3,186,206 0/-90 0.00 22.90 22.90 0.29 39.35
----------------------------------------------------------------------------
11-LCM-14 3,186,198 0/-90 0.00 24.40 24.40 0.62 29.79
----------------------------------------------------------------------------
11-LCM-15 3,186,245 0/-90 0.00 24.40 24.40 0.43 35.85
----------------------------------------------------------------------------
11-LCM-16 3,186,265 0/-90 0.00 22.90 22.90 0.52 37.44
----------------------------------------------------------------------------
09-LCOL-R85 3,186,255 0/-90 0.00 15.20 15.20 0.44 41.34
----------------------------------------------------------------------------
09-LCOL-R86 3,186,220 0/-90 0.00 15.20 15.20 0.37 21.34
----------------------------------------------------------------------------
09-LCOL-R87 3,186,244 0/-90 0.00 15.20 15.20 0.44 30.34
----------------------------------------------------------------------------
09-LCOL-R88 3,186,265 0/-90 0.00 15.20 15.20 1.17 36.34
----------------------------------------------------------------------------
UPDATED RESOURCE
Argonaut has contracted SRK Consulting to complete an updated NI 43-101 Technical Report, utilizing the results of the 2011 drilling program, expected to be completed in the 4th quarter of 2011.
QUALIFIED PERSON COMMENTS/QUALITY CONTROL PROCEDURES
For sample analysis the Company utilizes a system of Quality Assurance/Quality Control that includes insertion and verification of standards, blanks and duplicates consistent with industry standards. The preparation of this Press Release was supervised and approved by Thomas Burkhart, Argonaut Gold's Vice President of Exploration and a Qualified Person under National Instrument 43-101. Mr. Burkhart also reviewed the reverse circulation and core drilling programs and on-site sample preparation procedures at La Colorada.
Samples from the La Colorada Project are shipped by commercial courier from the Company's facility in Hermosillo directly to Inspectorate America Corporation's analytical laboratory in Sparks, Nevada for sample preparation and analysis gold by fire assay with atomic absorption (Au AA-23 assay method code; 0.005 to 10ppm detection limit). Samples over 10 g/t Au are assayed with gravimetric finish (Assay code AU-GRA21). All samples are also assayed by ICP-MS (code ME-ICP41) for a suite of 35 elements.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage San Antonio project, the past producing La Colorada project, and the exploration stage La Fortuna project, all of which are located in Mexico. Argonaut is a producing gold company created by former executive management team members of Meridian Gold Inc.
Creating the Next Quality Mid-Tier Gold Producer in the Americas.
CONTACT INFORMATION:
Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
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