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Klondex Mines' first quarter production in line with expectations

In January, the company revised its plans for the True North mine in Manitoba, Canada after the project failed to achieve planned operating and cash flow in 2017.

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The company is in the process of being acquired by Hecla Mining

Klondex Mines Ltd (TSE:KDX) mined 49,873 gold equivalent ounces (GEOs) in the first quarter of 2018 and produced 43,525 GEOs.

Management said the mining and production numbers were in line with the company's expectations.

READ Klondex Mines to be bought by Hecla Mining Company in premium deal​

The company, which is in the process of being acquired by Hecla Mining, sold 5,171 GEOs during the quarter.

The company mined and produced a total of 47,499 and 41,415 GEOs, respectively, at its Nevada operations during the first quarter of 2018. Total GEOs produced for the first quarter included about 3,700 ounces from the Hollister ore stockpile that were sold to and processed by a third party.

At its Canadian operations, it mined and produced a total of 2,374 and 2,111 GEOs, respectively. These ounces were mined from areas that were developed prior to the company's decision to place the True North operation on care and maintenance in early January of 2018.

Consistent with management plans, no ounces were processed from tailings at True North during the first quarter of 2018.

Quick facts: Klondex Mines Ltd

Price: 3.07 CAD

TSX:KDX
Market: TSX
Market Cap: $553.23 m
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