ON TRACK TO MEET ANNUAL PRODUCTION
GUIDANCE
Canadian dollars unless otherwise
noted
VANCOUVER, Oct. 10, 2018 /CNW/ - Atlantic Gold
Corporation (TSX-V: AGB) ("Atlantic" or the "Company")
is pleased to report gold production and sales for the third
quarter 2018 at its Moose River Consolidated Gold Mine
("MRC") in Nova Scotia.
Operating and production statistics for both the full third
quarter and year to date 2018 can be found in the below table:
Production
|
Q3
2018
|
Year to
Date*
|
Tonnes Milled
(t)
|
581,129
|
1,567,517
|
Gold Head Grade
(g/t)
|
1.54
|
1.42
|
Gold Produced
(oz)
|
27,570
|
68,022
|
Gold Recovery
(%)
|
95.5%
|
95.0%
|
Sales statistics for both the full third quarter and year to
date 2018 can be found in the below table:
Sales
|
Q3
2018
|
Year to
Date*
|
Gold ounces
sold
|
27,026
|
66,941
|
*Year to Date
statistics represent 9 months of production and include 2 months of
ramp-up as commercial production was declared effective March 1,
2018.
|
Maryse BĂ©langer, President and Chief Operating Officer,
commented "Q3 was another strong quarter of steady-state
production. With the removal of historic tailings in the south of
the Touquoy pit, mine development is back to its planned sequence
and grades. The mill head grade for Q3 2018 was 7% above life of
mine reserve grade. We continue to see good resource model
to production reconciliation and the reconciliation of our grade
control model to bullion production is within 1% year to date,
confirming the quality and effectiveness of our grade control
program. With production of 27,570 ounces during the
quarter, well above our Q3 guidance, we expect to finish the year
at the upper end of our full year production guidance of
82,000-90,000 ounces, as announced on January 19, 2018."
The Company plans to release its third quarter financial results
on November 15, 2018 pre-market.
Qualified Persons
Kodjo Afewu, PhD, SME (CP), Plant Manager for the Company and a
Qualified Person as defined by NI 43-101, has approved the
scientific and technical information contained in this news
release.
Conference Call Details
Atlantic Gold Corporation is hosting a live Q&A conference
call to discuss the results on November
15th at 2:00 pm Eastern time
(11:00 am Pacific time) with the
Atlantic executive team.
Further updates will be provided in due course.
On behalf of the Board of Directors,
Steven Dean
Chairman and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About Atlantic:
Atlantic is a well-financed, growth-oriented gold
development group with a long term strategy to build a mid-tier
gold production company focused on manageable, executable projects
in mining-friendly jurisdictions.
Atlantic is focused on growing gold production in
Nova Scotia beginning with its MRC
phase one open pit gold mine which declared commercial production
in March 2018, and its phase two Life
of Mine Expansion which will ramp up gold production to + 200,000
ounces per year at industry lowest quartile cash and
all-in-sustaining-costs (as stated in the Company's news releases
dated January 19, 2018 and
January 29, 2018).
Atlantic is committed to the highest standards of
environmental and social responsibility and continually invests in
people and technology to manage risks, maximize outcomes and
returns to all stakeholders.
Forward-Looking Statements:
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements and information
are not historical facts, are made as of the date of this press
release, and include, but are not limited to, statements regarding
discussions of future plans, guidance, projections, objectives,
estimates and forecasts and statements as to management's
expectations with respect to, among other things, the activities
contemplated in this news release and the timing and receipt of
requisite regulatory, and shareholder approvals in respect thereof.
Forward-looking statements in this news release include, without
limitation, statements related to proposed exploration and
development programs, grade and tonnage of material and resource
estimates. These forward looking statements involve numerous risks
and uncertainties and actual results may vary. Important factors
that may cause actual results to vary include without limitation,
the timing and receipt of certain approvals, changes in commodity
and power prices, changes in interest and currency exchange rates,
risks inherent in exploration estimates and results, timing and
success, inaccurate geological and metallurgical assumptions
(including with respect to the size, grade and recoverability of
mineral reserves and resources), changes in development or mining
plans due to changes in logistical, technical or other factors,
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials,
equipment and third party contractors, delays in the receipt of
government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety and
environmental matters), political risk, social unrest, and changes
in general economic conditions or conditions in the financial
markets. In making the forward-looking statements in this press
release, the Company has applied several material assumptions,
including without limitation, the assumptions that: (1) market
fundamentals will result in sustained gold demand and prices; (2)
the receipt of any necessary approvals and consents in connection
with the development of any properties; (3) the availability of
financing on suitable terms for the development, construction and
continued operation of any mineral properties; and (4) sustained
commodity prices such that any properties put into operation remain
economically viable. Information concerning mineral reserve and
mineral resource estimates also may be considered forward-looking
statements, as such information constitutes a prediction of what
mineralization might be found to be present if and when a project
is actually developed. Certain of the risks and assumptions are
described in more detail in the Company's audited financial
statements and MD&A for the year ended December 31, 2017 and for the quarter ended
June 30, 2018 on the Company's SEDAR
profile at www.sedar.com. The actual results or performance by the
Company could differ materially from those expressed in, or implied
by, any forward-looking statements relating to those matters.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the Company. Except
as required by law, the Company is under no obligation, and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
SOURCE Atlantic Gold Corporation