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Argonaut Gold provides update for La Colorada Mine

Mining News - Published on Tue, 22 May 2018

Image Source: CNW
Argonaut Gold Inc announced that the Judiciary court hearing with respect to the Company's explosives permit for its La Colorada mine has been rescheduled to June 4, 2018. In order to keep all legal options available and to protect the Company in the event the Judiciary court process is not completed in a timely manner, the Company also reports that it appealed the Judiciary court's original decision to temporarily suspend the explosives permit to the Collegiate Tribunal. This appeal requests the Collegiate Tribunal re-instates the explosives permit so that the Company can blast material while the Judiciary legal process continues.

The Company is pursuing both the Judiciary legal process and the Collegiate Tribunal appeal process and anticipates it has material sufficient to allow these processes to run their course.

With free-dig material in the pit and ore stockpiles, the Company estimates it has sufficient ore to continue operations until the end of July at its budgeted crushing throughput level of 12,000 tonnes per day. The Company has thoroughly reviewed its 2018 consolidated production forecast and, under the assumption the explosive permit is re-instated by August 1, 2018, it re-iterates its consolidated production guidance of between 165,000 and 180,000 gold equivalent ounces1.

The Company continues to believe the legal action brought against the Secretary of National Defense and the Municipality of La Colorada, with the Company as a party of interest, is without merit. The Company is reassured by the support it has received, including that from members of the local La Colorada and extended Sonora community. The Company is taking every possible legal measure to prove its case and to re-activate blasting activities at its La Colorada mine as soon as possible.

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Posted By : Rabi Wangkhem on Tue, 22 May 2018
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