TORONTO, Sept. 20, 2017 /CNW/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) (OTC: ROGFF) today announced an increase to its 2017 full year gold production guidance to 115,000 – 125,000 ounces compared to the previously announced range of 105,000 – 115,000 ounces. The 2017 full year guidance for Cash Operating Cost1 and All-in Sustaining Cost1 remain unchanged between US$445-US$490 per ounce and US$740-US$790 per ounce of gold respectively.
"Operations have been performing extremely well at Yaramoko's 55 Zone where mining rates and head grades have been higher than anticipated. As a result, we are very pleased to announce an increase in our production guidance range for the year while maintaining our cost guidance. At the end of August we had produced over 81,500 ounces of gold, or over 70% of the lower end of our revised guidance range of 115,000 to 125,000 ounces for the year," stated John Dorward, President and CEO of Roxgold.
Bagassi South Feasibility Study
The Company continues to progress the Bagassi South feasibility study which is on track and expected to be released in the fourth quarter. During the second quarter, Roxgold completed an infill and extensional drilling program at Bagassi South, located 1.8 kilometres south of the 55 Zone, which resulted in a significant grade increase of approximately 37% in the Mineral Resource Estimate ("MRE"). The updated MRE will be incorporated into the Bagassi South feasibility study and features an indicated mineral resource of approximately 352,000 tonnes at 16.6 g/t Au for 188,000 ounces of gold and inferred mineral resource of approximately 130,000 tonnes at 16.6 g/t Au for 69,000 ounces of gold (see press release dated July 19, 2017 available on SEDAR at www.sedar.com).
Infill and extensional drilling at QV Prime, a second mineralized structure at Bagassi South currently outside the scope of the feasibility study, is ongoing with two diamond drill rigs.
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This is a non-IFRS financial performance measure with no standard definition under IFRS. See the "non-IFRS financial performance measure" section of the Company's 2017 MD&A available on www.sedar.com.
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Qualified Persons
Paul Criddle, FAUSIMM, Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this press release.
Yan Bourassa, P.Geo, VP Geology for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this press release. This includes the QA/QC, sampling, analytical and test data underlying the information. For more information on the Company's QA/QC and sampling procedures, please refer to the Company's AIF dated April 5, 2016 available on SEDAR at www.sedar.com.
About Roxgold
Roxgold is a gold mining company with its key asset, the high grade Yaramoko Gold Mine, located in the Houndé greenstone region of Burkina Faso, West Africa. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTC.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Such forward-looking statements include, without limitation: statements with respect to production guidance, Mineral Reserves and Mineral Resource estimates, future production and life of mine estimates, future capital and operating costs and expansion and development plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE Roxgold Inc.
