Avion Gold Corp hikes up full year production forecast
Avion Gold Corp. (TSE:AVR) said Wednesday it has increased its full-year gold production forecast thanks to better than expected grades at its Tabakoto underground mine in Mali.
The Toronto-based gold miner now expects production of between 95,000 to 102,000 gold ounces. That is up from an earlier forecast of 90,000 to 100,000 ounces for 2012.
“Management is pleased with how well the Tabakoto operations performed in the second quarter with higher than forecast grades and budgeted mill recoveries,” chief executive John Begeman said in a statement.
“As well, Avion is confident that in the improved business climate, it makes sense to re-start the mill capacity upgrade as soon as practical.”
Avion acquired the West African Tabakoto gold property from Nevsun Africa, a subsidiary of Nevsun Resources (TSE:NSU), in 2008.
The miner paid $20 million, and granted a one percent net smelter return royalty that was bought back for $2 million in 2010. The Government of Mali owns a 20 per cent interest in the property.
Avion also said Wednesday that mill expansion for the site is slated to resume in the latter part of 2012, or early 2013.
Expansion plans were delayed when foreign contractors left the site during Mali’s coup d’état. Avion said Mali’s political situation has stabilized with an interim government in place and elections set to take place within one year.
The miner is currently negotiating with contractors to return to site as soon as possible. Supplies and parts are on site to complete the mill expansion, it said.
Avion’s other two material property interests are the Kofi project, located in Mali, West Africa, and the Hounde project, located in Burkina Faso, West Africa.
Mali is the third largest gold producing country in Africa, with 1.7 million ounces of gold produced in 2010. Gold projects account for approximately 80 per cent of mining activity in Mali.
Shares of the company closed Tuesday at 44.5 cents on the Toronto Stock Exchange.
Story by ProactiveInvestors
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