Detour Gold 4th Quarter 2013 Results Show Production Target Narrowly Missed
Detour Gold today announced that it narrowly missed achieving its projected gold production target for 2013 producing 232, 287 ounces of gold during its first year of operation compared to the projected 240,000 oz. according to the fourth quarter for its Detour Lake mine located in northeastern Ontario.
Gold sales totaled 212,522 ounces (Gold ounces sold exclude the 2% royalty paid in-kind) at an average realized price of US$1,318 per ounce (based on Non-IFRS Financial Performance Measures). The Company incurred approximately Cdn$196 million in sustaining capital during the year, excluding any deferred stripping costs. The Company closed 2013 with cash and short-term investments of approximately Cdn$96 million, which was higher than projected as a result of favourable timing of harmonized sales tax refunds.
"Although 2013 was a challenging year operationally for Detour Gold, we succeeded in making steady progress during the ramp up of the Detour Lake mine” said Interim CEO Paul Martin. “In the fourth quarter, throughput and mining rates progressively increased towards our projected rates for year-end, but the significant shutdown in December impacted our progress.”
“I am pleased to report that we are now back on track with milling rates having returned to pre-shutdown levels. For 2014, we look forward to delivering steady production growth and reducing unit costs." Martin added.
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