QMX Gold Meets Upper End of 2012 Production Guidance With 20,100 Ounces Gold Produced
TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- QMX GOLD CORPORATION (TSX: QMX)(OTCQX: QMXGF) ("QMX Gold" or the "Company") has produced approximately 4,000 ounces of gold from its Lac Herbin Mine in Val D'Or, Quebec in the fourth quarter of 2012. This brings total 2012 production for that mine to over 20,000 ounces of gold.
Production Summary
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2012 Production
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Quarter Q1 Q2 Q3 Q4 Total 2012
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Tons Milled (mt) 43,582 43,788 30,548 36,756 154,674
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Grade (g/mt) 4.55 4.19 5.70 3.85 4.51
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Average Recovery 86.7% 90.7% 93.8% 87.8% 89.8%
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Recovered Gold (oz) 5,530 5,352 5,249 3,998 20,130
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Refined Gold (oz) 5,529 5,352 5,234 3,992 20,108
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The Company achieved its 2012 production guidance of between 18,500 to 20,500 by producing 20,100 ounces of gold from the Lac Herbin Mine. Additionally, the fourth quarter results are in line with 2012 budget numbers. Full financial results, including cash costs for 2012 will be released as part of the year-end disclosures expected in March.
The Aurbel Mill continues to perform positively and with more consistency in 2012. Recovery rates in the first quarter of 2012 started at 87% but increased substantially over the next two quarters to 91% and 94% respectively. The fourth quarter saw a drop to 87.8% mostly due to lower than expected grades; however, several potential improvements have been identified and implemented which should allow for further improved recoveries in 2013. The average recovery for 2012 was 89.8%, which is slightly better than the budgeted recovery rate of 89%. Higher recoveries over the course of 2012 can be attributed to operational improvements in the milling process and a higher grade of ore delivered to the mill.
In reviewing the results for 2012, Francois Perron commented, "I am happy to report that QMX Gold has achieved the upper end of its 2012 production target by producing 20,100 ounces from the Lac Herbin Mine. The recovery rates at the Aurbel Mill did slip somewhat in the fourth quarter mostly due to changes in the ore grade; however, further improvements in the mill have been identified and corrective measures have been taken, and we are already seeing improvements in our January recoveries."
Qualified Person
Technical programs and information included in this release have been reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and 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 Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold. The Snow Lake Mine is expected to produce 80,000 ounces of gold per year. Full details of the Snow Lake Project are outlined in the Technical Report titled "Snow Lake Mine Re-activation Project" dated December 10, 2010 and 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), which is available on the SEDAR profile of the Company at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
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 (express or implied) relating to production results and/or the impact of such production results with respect to the mine at Lac Herbin, the timing, cost and/or amount of future exploration and development of the property, the timing, cost and/or amount of future production, the future price of gold or other minerals, the successful implementation of development plans at any of the Company's properties and/or the future financial or operating performance of QMX Gold, its properties and/or 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 actions, 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, its properties and/or its projects 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 statements. 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. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Contacts:
QMX Gold Corporation
Francois Perron
President and CEO
(416) 309-2952 or Toll free: +1 877-717-3027
QMX Gold Corporation
Louis Baribeau
Public Relations
(514) 667-2304 or Toll free: +1 877-717-3027
QMX Gold Corporation
Rob Hopkins
Investor Relations
(416) 861-5899 or Toll free: +1 877-717-3027
info@qmxgold.ca
www.qmxgold.ca