Whoa, news out and it reads like GOLD: APOLLO GOLD IS GOLD and GOLD IS MONEY LOL
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Stockwatch News Item
Apollo Gold Corp (C-APG) - News Release
Apollo produces 154,860 ounces of gold in 2002
Apollo Gold Corp APG
Shares issued 38,597,124 Feb 18 2003 close $ 3.42
Wednesday February 19 2003 News Release
Mr. R. David Russell reports
APOLLO GOLD - 2002 OPERATIONAL UPDATE
Apollo Gold Corporation has released its operational results for the fourth quarter and full-year 2002 for its Florida Canyon and Montana Tunnels mines, as well as the Standard project. These assets were acquired in early 2002 when gold prices were much lower to provide a stable production platform while management sources other growth opportunities. Objectives and operational focus continues to be production at Florida Canyon, development prestripping at Montana Tunnels, and exploration and ore reserve additions at all properties. A review and audit of 2002 exploration results and associated update of ore reserves is in progress and will be announced in Stockwatch soon.
During the fourth quarter, Florida Canyon produced 29,551 ounces of gold at a total cash cost of $244 per ounce. Montana Tunnels produced 6,687 development ounces and 13,400 gold ounce equivalents, the proceeds of which were credited against capital costs. The priority at Montana Tunnels continues to be the prestripping of the pit walls, thus, only those development ores encountered in the prestrip were processed in the fourth quarter. Montana Tunnels mined 6.6 million tonnes of development waste for the quarter while 1.1 million tonnes of development ore was mined and processed. The average realized gold price for the quarter was $323.
For the full-year 2002, Apollo produced 154,860 ounces of gold at a total cash cost of $232. In addition, approximately 32,500 gold ounce equivalents from byproducts were produced during the full year. Florida Canyon produced 121,516 ounces of gold at a total cash cost of $243 per ounce. Montana Tunnels produced 33,344 ounces of gold at a total cash cost of $178 per ounce. Montana Tunnels mined 19.8 million tonnes of development waste during 2002 and at year-end, the south and east wall prestrip project was 84-per-cent complete with the mine still on target for resumption of full commercial production by April, 2003. The average realized gold price for the year was $309. Apollo is pleased that production and development goals were met at both Florida Canyon and Montana Tunnels, and believes the company is well positioned to achieve its production objective of 200,000 ounces in 2003. The company also believes their aggressive exploration efforts in 2002 will materially aid production objectives for years to come.
Additionally, during the full year, the company completed 89,405 feet of reverse-circulation exploration drilling at the Standard area project three miles south of their Florida Canyon mine. Mine feasibility work and ore reserve evaluations are in progress and are expected to be completed in the first quarter of 2003.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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