MINE PRODUCES 5,200 OUNCES OF GOLD IN THE THIRD QUARTER OF 2012
October 25, 2012 – (MetalsNews) - Toronto, Ontario: QMX GOLD CORPORATION [TSX:QMX] [OTCQX:QMXGF] ("QMX Gold" or the “Company") has produced approximately 5,200 ounces of gold from its Lac Herbin Mine in Val D’Or, Quebec in the third quarter of 2012. This brings total year to date production to over 16,000 ounces of gold.
Production Summary:
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Year-to-Date Production for 2012 |
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Quarter |
Q1 |
Q2 |
Q3 |
YTD |
|
Tonnes Milled (t) |
43,582 |
43,788 |
30,548 |
117,918 |
|
Grade (g/t) |
4.55 |
4.19 |
5.70 |
4.72 |
|
Average Recovery |
86.7% |
90.7% |
93.5% |
90.2% |
|
Recovered Gold (oz) |
5,529 |
5,352 |
5,221 |
16,103 |
These results are in line with 2012 budget numbers and the Company is confident in achieving the 2012 production guidance of 18,500 to 20,500. Cash cost figures will be released as part of the third quarter financial results expected in mid-November.
The Aurbel Mill continues to experience a positive increase in recovery rates to 93.5% compared to 87% in the third quarter of 2011. Higher recoveries were a result of operational improvements in mill process and a higher grade of ore delivered to the mill.
Reviewing the third quarter results, Francois Perron commented, “We are pleased with the results of the efforts of our team in Val d’Or. Mining activities are continuing as planned and improvements in the mill are delivering better than expected results.. These improvements bode well for the future as we are presently working on the reserve and life of mine planning. This new life of mine plan will reflect both these improvements and the exploration of the new zones that have been identified and are in the process of being drilled off.”
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange and effective July 5, 2012, began trading under the symbol “QMX”, and trades in the United States on the Over the Counter QX International platform under the symbol “QMXGF”. QMX Gold operates in: Val-d’Or, Quebec and Snow Lake, Manitoba. QMX Gold continues to operate in the Val-d’Or area with production estimated at 18,500-20,500 ounces of gold per year. The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resources of over 720,000 oz gold and is expected to produce 80,000 ounces of gold per year as identified in the Technical Report of the Company dated of December 10, 2010 titled “Snow Lake Mine Re-activation Project” prepared by: Andre Roy (Eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo) and available on the SEDAR profile of the Company at www.sedar.com.
Qualified Person
Technical programs and scientific and technical information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.
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Forward-looking information :
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the termination of the production results, the impact of such production results, anticipated timing with respect to the mine plan of Lac Herbin, the timing and amount of future exploration and development of the property, the timing and amount of future production, and the future financial or operating performance of QMX and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actio ns, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such stat ements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. |
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