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TORONTO, ONTARIO–( Jan. 15, 2015) – Detour Gold Corporation (TSX:DGC) (“Detour Gold” or the “Company”) today announces fourth quarter and full year 2014 operating results and 2015 guidance for its Detour Lake mine located in northeastern Ontario. Details of the Company’s financial performance, including capital and operating costs, will be included in its fourth quarter and full-year 2014 financial results to be released in March 2015. All amounts are in U.S. dollars unless otherwise indicated.
Paul Martin , President and CEO, commented: “We are pleased to announce that we achieved our production and cost guidance for 2014 and ended the year with $135 million in cash and short-term investments. By year-end, the mill was performing within 1% of design capacity and mining rates were improving with an average of 234,000 tpd in December. Building upon this momentum is our key priority for 2015. We are optimistic that the initiatives we have underway, including improvements in the mining rate and the potential of processing of fines from our stockpiles, can further enhance our 2015 performance and enable us to achieve the higher end of our production guidance and lower end of our total cash cost guidance.”
2014 Fourth Quarter and Full Year Operational Results
The Company reported gold production of 116,770 ounces for the fourth quarter, bringing total gold production to 456,634 ounces for the year. This represents an increase of 97% over 2013 gold production of 232,287 ounces. Total cash costs for 2014 are estimated at $930 per ounce sold1.
In the fourth quarter, the mill facility processed 4.7 million tonnes (Mt) of ore at an average grade of 0.85 grams per tonne (g/t) with recoveries of 91%. The processing plant continued to show progress with throughput rates averaging 51,142 tonnes per day (tpd) for the quarter, including 51 days at above design capacity of 55,000 tpd. Mill availability for the quarter was 4% below expectations at 83%. In December, the mill reached 54,310 tpd, 99% of its design capacity, with 87% availability and milling rates of 2,604 tonnes per operating hour (tpoh).
A total of 19.7 Mt was mined during the fourth quarter (equivalent to 214,000 tpd), with December showing significant improvement with an average mining rate of 234,000 tpd. The
main driver for the mining rate progress is higher drill productivity which increased 40% from September to December resulting in a higher drilled and blasted inventory at the end of December.
At the end of December, the run-of-mine ore stockpiles totaled 0.8 Mt grading 0.76 g/t.
During 2014, the block model reconciled positively both on tonnes and grade, giving approximately 4% more ounces.
Read More: http://www.detourgold.com/investors-centre/News-Releases/news-Release-Details/2015/Detour-Gold-Reports-Fourth-Quarter-and-Full-Year-2014-Operating-Results-and-Provides-2015-Guidance/default.aspx
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