TORONTO – St Andrew Goldfields Ltd. (TSX:SAS) is planning to produce between 95,000 and 105,000 ounces of gold this year, putting it on track to maintain output levels achieved in the fourth quarter of 2012.
The company produced 25,829 ounces from its three operations in northern Ontario in the three months ended Dec. 31, bringing total annual production for the year to 100,000 ounces.
St Andrews said that was a 29 per cent increase from 2011 and a record for the Toronto-headquartered company. Its holdings include Holt, Holloway and the Hislop mines in the Timmins mining district.
Total cash cost per ounce of gold sold was US$884 in the quarter, including US$139 of royalties. That was below the total 2012 cost of US$919 per ounce.
The company sold some 94,000 ounces in 2012 at an average realized price of US$1,667 per ounce for US$156.4 million in revenue.
“We had a great fourth quarter and a very good year overall,” St Andrews president and CEO Jacques Perron said in the company’s recent quarterly report.
“We had a solid operational performance in 2012 and are committed to continue to improve at each operation during 2013.”
St Andrew’s guidance calls for production to cost between US$800 and US$850 per ounce before royalties
St Andrew shares closed Friday at 48 cents on the Toronto Stock Exchange. The TSX was closed Monday for the Family Day holiday.