Apollo Gold Updates Market on Progress at Its Black Fox Mine and Mill Complex
Fri May 1, 8:20 AM
ca.news.finance.yahoo.com
DENVER--(BUSINESS WIRE)--Apollo Gold Corporation (“Apollo” the “Company” or “we”) (TSX: APG.TO) (NYSE Amex: AGT) is pleased to update the market on progress at its Black Fox project and in particular the commissioning of the recently upgraded mill.
On March 26, 2009, we announced the following:
“We started mining from the Black Fox mine in March 2009 and expect to commission the upgraded Black Fox mill in April 2009 with an objective of reaching a throughput rate of 1,500 tonnes per day by the end of May 2009.”
We are pleased to report the following:
Open pit operations commenced at the Black Fox project with the first blast on March 18, 2009 and to date we have mined 240,000 tonnes of material of which 75,000 tonnes was ore. 16,000 tonnes of this ore has been crushed and transported to the Black Fox mill which is 26 kms west of the mine site.
The commissioning of the upgraded mill commenced in mid April utilizing an existing low grade ore stockpile and it has progressed steadily throughout the month. As of today, we can report that the Black Fox mill, with the exception of the new ball mill, has been tested and is currently processing ore at a rate of approximately 700 tonnes per day. Final commissioning of the new ball mill is ongoing and we expect to have it on line within the next seven days, at which time we will be processing normal grade open pit ores. Once the new ball mill is on line, we expect the throughput rate will be slowly increased towards our primary objective of 1,500 tonnes of ore per day by the end of May as previously forecast.
Overall, Black Fox remains on schedule and within budget. The first gold pour and sales are scheduled to occur prior to the end of May as Black Fox becomes the newest gold producer in the Timmins District.
Apollo Gold Corporation
Apollo is a gold mining and exploration company which operates the Black Fox mine in Ontario, Canada and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico. Apollo also owns the Montana Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, which was placed on care and maintenance on May 1, 2009.
FORWARD-LOOKING STATEMENTS
This press release includes “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “schedules,” “predicts,” “intends,” “continue,” or the negative of such terms, or other comparable terminology. All statements regarding timing of commencement of production at Black Fox, future throughput rates at the Black Fox mill, the timing of commissioning of the Black Fox mill, future production at recovery rates at Black Fox are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: additional operational, geotechnical, processing problems at the Black Fox mine and mill, unexpected changes in business and economic conditions, political or economic instability, significant decreases in gold prices, difficulties or delays in permitting at Black Fox, changes in interest and currency rates, local and community impacts and issues, labor accidents, environmental risks and other factors disclosed under the heading “Risk Factors” in Apollo’s most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Apollo’s documents filed from time to time with the Toronto Stock Exchange, The NYSE Amex exchange, The United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.
Apollo Gold Corporation
Marlene Matsuoka, 720-886-9656 Ext. 217 (Investor Relations)
info@apollogold.com
Toll Free: 1-877-465-3484
Website: www.apollogold.com |
