Latest News Release
September 6, 2023
Argonaut Gold is a Canadian gold mining company that focuses on exploration, development, and production of gold and silver deposits in North America. The company was founded in 2007 and is headquartered in Toronto, Canada. Argonaut Gold operates several mines and projects in Mexico, including the El Castillo mine, the San Agustin mine, and the La Colorada mine, as well as the Magino project in Ontario, Canada.
The El Castillo mine is Argonaut Gold's flagship project, located in Durango, Mexico. It is an open-pit mine that has been in operation since 2007, producing gold and silver. The San Agustin mine is an adjacent property that began production in 2018 and has since become an important source of ore for the El Castillo operation. The La Colorada mine is located in Sonora, Mexico, and has been in production since 2012, producing silver and gold. The Magino project, located in Wawa, Ontario, Canada, is an advanced-stage development project that is expected to begin production in 2024.
Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce that it achieved first gold pour at its Magino Mine ("Magino") on June 14th, 2023.
"We are proud of the Argonaut team for delivering Canada's newest gold mine. The Magino mine is key to achieving our vision to become a low-cost, mid-tier North America gold producer that creates significant value for all our stakeholders and proudly demonstrates responsible mining. We thank all our employees, contractors, and community partners for their hard work and dedication that has led us to this exciting project milestone," stated Richard Young, President and Chief Executive Officer.
"With the first gold pour milestone behind us, we are now focused on completing commissioning and ramping up the mill to steady state. In addition, we are looking to further grow our flagship gold mine as we commence a reserve development drilling program intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer," stated Marc Leduc, Chief Operating Officer.
Magino is expected to produce between 72,000 to 81,000 ounces of gold in 2023 at cash costs of between $850 and $950 per ounce and approximately 148,000 ounces of gold at a cash cost of $868 per ounce in 2024, its first full year of production.
Argonaut is also pursuing additional growth opportunities at Magino. The Company is scheduled to begin a 12 to 15-month exploration and reserve development program, in the third quarter, to convert open pit resources to reserves within the current resource pit cone, test deep underground high-grade targets, and test open pit targets along strike west of the current deposit. In parallel, a review of mill optimization and expansion opportunities will commence in the third quarter, to potentially raise throughput rates and increase annual production. Metrics from Magino's NI 43-101 technical report(1) provide a static base case for analysis.