Robex Resources Inc. 2021 Third Quarter Results — Increase in Production and New Mine Plan
QUEBEC CITY, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Robex Resources Inc. (« Robex », “the Group” or “the Company”) (TSXV: RBX/FWB: RB4) reports its
financial performance for the quarter ended September 30, 2021.
All amounts are presented in Canadian dollars (CAD).
In the third quarter of the year, the improvement in the recovery rate (92.1% compared to 88.2%) as well as the ore processing throughput (481,690 tonnes compared to 438,367 tonnes) enabled us to increase gold production by 6% when compared to the same period in 2020 (11,317 ounces compared to 10,706 ounces). This production performance is not reflected in the third quarter results because the gold bars were sold in other quarters, which led to a lag.
We want to draw your attention on the IFRS accounting rules which are based on gold sold and not produced. As a result, our accounting results of this semester have been negatively impacted by the gap between sales and production despite a strong operating performance of our mine as explained in this press release.
The mine continues to improve. The cone crusher is now operational, and to improve its efficiency, we have decided to change its feed by acquiring a new trommel (revolving screen). This will optimize the recirculation and efficiency of the cone crusher. The new cyclone feed pumps are now on site. The installation of these pumps should enable us to continue to increase the daily tonnage.
The stripping work for new pits was completed in the third quarter of 2021.This major project impacted our cash flow and our cost price per ounce (AISCi). This step enables us to excavate new pits optimally. We have also finalized the new excavation strategy with a new short-term mine plan and another strategic life of mine plan. This work was done in collaboration with a new mining engineer. The monitoring and monthly reconciliation of this new mining plan will make it possible to present forecast as accurately as possible.
Construction of the solar power plant is progressing. The testing period and commissioning is planned for the first quarter of 2022.
The procedures in place since last year to combat COVID-19 are still in effect and have allowed us to limit the impact of this pandemic on our operations, but we are remaining vigilant. No case has been reported at the Nampala mine.
6% INCREASE IN GOLD PRODUCTION
Gold production of 11,317 ounces compared to 10,706 ounces for the same period in 2020, which is an increase of 6%. This performance is the result of an increase in the number of processed tonnes and an improvement in the recovery, despite the decrease in the head grade.