Allied Nevada has reactivated the Hycroft Mine and expects to begin gold production in the fourth quarter of 2008, reaching full production capacity in the second quarter of 2009. Once at full capacity, the Mine will produce approximately 100,000 ounces of gold per year.
Allied Nevada Increases Measured and Indicated Resources To 8 Million Ounces of Gold and 259 Million Ounces of Silver
10th Aug 2010, 6:54 pm
Allied Nevada Gold Corp. (“Allied Nevada”)(TSX:ANV)(NYSE:ANV) reported that their infill drill program has increased measured and indicated resources for gold and silver by 13% and 41%, to 8 million ounces and 259.2 million ounces, respectively, since April 2010.
Despite a record production in the second quarter of 31,400 ounces of gold and 62,000 ounces of silver, Allied Nevada has managed to replace the production depletion as proven and probable oxide gold reserves are unchanged at 2.4 million ounces while silver oxide reserves increased 21% to 38.9 million ounces. The strip ratio for the reserves also decreased to 1.04:1 from 1.14:1.
Silver grades improved 25% to an average of 0.45 ounces per ton (opt) for measured and indicated resources while gold grades measured at 0.014 opt.
In its second quarter release yesterday, Allied Nevada’s management said the company was on track to meet guidance of gold sales of approximately 100,000 ounces at cost per sales per ounce of gold sold of $400-$500.
The company has also announced yesterday that a three hole drill program has also commenced at the company’s Hasbrouck Mountain project located near Tonopah, Nevada.
Allied Nevada`s stock fell nearly 6% today.
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