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Klondex Mines well-placed to deliver on 2017 production guidance

The Hollister and True North assets are expected to contribute more significantly in the fourth quarter
Nebraska highway
On the road to delivering full-year guidance

Klondex Mines Ltd (TSE:KDX) mined a total of 54,166 gold equivalent ounces in the third quarter, in-line with company expectations.

The owner of three projects in Nevada that feed its mill facility at Midas produced 40,818 gold equivalent ounces (GEO), of which 9,906 ounces were produced at its True North asset in Manitoba, Canada.

Klondex ended the third quarter with a stockpile in Nevada of about 43,000 tons at an average grade of roughly 0.40 gold equivalent ounces per ton containing around 18,000 GEO.

In Canada, the stockpile at True North stood at roughly 11,000 tons at an average grade of around 0.15 GEO per ton containing in the region of 1,600 GEO.

Year-to-date the company has produced 141,855 GEO, primarily from its Fire Creek and Midas mines in Nevada. The other Nevada asset, Hollister, and True North in Manitoba are expected to contribute significantly in the fourth quarter.

The precious metals miner sold sold 38,012 GEO in the period.

"We achieved another milestone in the third quarter as we completed the initial modifications to the Midas mill and began processing the first ore from Hollister since the acquisition.” said Paul Huet, the company's president and chief executive officer.

“The optimization of the Midas CIL circuit for Hollister ore will carry into the fourth quarter as we continue to improve recovery rates. We now have ore feed for the Midas mill coming from three different sources, providing operating flexibility for the foreseeable future.

"We have always maintained that our 2017 production was weighted to the second half of the year as we ramp up to full production at True North and Hollister. We built stockpiles in Nevada and at True North at the end of the third quarter and are well positioned to deliver on our annual consolidated production guidance of 213,000 - 230,000 gold equivalent ounces," he added.

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