12th Sep 2022 10:24
(Alliance News) - Pure Gold Mining Inc shares jumped after the miner said it achieved record production in August and backed its outlook.
Shares were up 16% at 7.80 pence each on Monday morning in London.
Pure Gold Mining is a Vancouver-based gold mining company focused on Canada. It operates the PureGold mine, which is located in the Red Lake gold district of Ontario, Canada.
The company said that ore production from its PureGold mine in August amounted to 25,188 tonnes, or 813 tonnes per day.
This represents a 4.7% increase in total production from 24,052 tonnes in July and a 4.8% in daily production from 776 tonnes per day.
Gold production totalled 4,595 ounces. The company stated that these results represent monthly records for the mine to date.
Pure Gold attributed the increased ore and improved grades to better short-range planning processes, improved mining execution, and increased mill availability.
Its near-term target is to increase ore throughput towards 1,000 tonnes per day.
The company backed its production outlook for the third quarter of 2022.
It guides for 775 to 875 tonnes of ore per day and 71,300 to 80,500 tonnes in total.
By Abby Amoakuh; [email protected]
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