Sandstorm Gold Provides Production Update for Luna Gold's Aurizona Mine
08:35 EDT Tuesday, September 06, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - Sandstorm Gold Ltd. ("Sandstorm") (TSX VENTURE:SSL) is pleased to announce that gold production has reached feasibility levels at the Aurizona Mine operated by Luna Gold Corp. ("Luna") (TSX VENTURE:LGC). Gold production for the month of August 2011 was 5,018 ounces.
Sandstorm President and CEO Nolan Watson commented, "We are excited to see a ramp up to feasibility levels occur at Aurizona. The progress made over the last several months can be attributed to mine process changes and excellent management practices of the Luna Gold team."
2011 Production Table:
Apr 11 May 11 Jun 11 July 11 Aug 11 Processed ore – tonnes 32,465 82,654 95,416 111,783 144,728 Average grade processed – g/t 1.02 1.32 1.31 1.20 1.29 Average recovery rate % 63 61 69 82 88 Gold produced (ounces) 671 2,123 2,766 3,380 5,018 Note – These production statistics are unaudited and may be subject to change.
In accordance with Sandstorm's gold purchase agreement with Luna, Sandstorm is entitled to purchase 17% of the life of mine gold produced from the Aurizona Mine at a per ounce price equal to the lesser of US$400 and the then prevailing market price. |
