Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
Majestic Gold Corp. First Quarter Gold Production
Published : February 19, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   China | Gold | Gold Mine | Gold Production | Recovery |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Majestic Gold Corp. (News - Market indicators)(FRANKFURT:A0BK1D) ("Majestic" or the "Company") is pleased to announce preliminary gold production results from the Song Jiagou gold mine for the first quarter of its 2013 financial year, ended December 31, 2012.

2013 First Quarter Highlights

  Oct 2012 Nov 2012 Dec 2012 Total
 First Quarter
Tonnes of ore milled 137,574 151,908 167,005 456,487
Tonnes per day milled 4,438 5,064 5,387 4,962
Effective head grade (g/t)* 0.38 0.38 0.37 0.38
Gold produced in concentrate (oz) 1,464 1,633 1,716 4,813
Recovery 87% 87% 87% 87%

* Effective head grade is the net real grade of the mill throughput and is calculated by taking the sum of gold in concentrate plus gold lost to tails and dividing by tonnes milled.

"We are very pleased with the gold production results in the first quarter," stated Rod Husband, President of Majestic Gold Corp. "The increase in production from October to December reflects our efforts to improve operations and we look forward to continued progress in production through the remainder of the year."

About Majestic Gold Corp.

Currently focused solely in China, Majestic Gold Corp. is a Vancouver, BC based company engaged in commercial gold production at the Song Jiagou gold mine in Yantai, China. Majestic has forecast an average production for the life of mine at a rate in excess of 100,000 ounces of gold per year. (Wardrop Engineering Inc. NI 43-101 Technical Report dated February 2011). Additional information on the Company and its projects is available at www.sedar.com and on the Company's website at www.majesticgold.net.

On Behalf of the Board of Directors

MAJESTIC GOLD CORP.

Rod Husband, P.Geo, President

Cautionary Notes

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The Company's production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. The Company's production decision was made based on the open pit optimization resource model set out in the Preliminary Economic Assessment ("PEA"), which takes into account the relatively low mining costs negotiated by the Company. The pit optimization that was conducted in the preliminary assessment generated a production schedule summary at grade cut-off of 0.30 gram per tonne Au.

The PEA includes the inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will ever be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Open pit optimization was carried out using Whittle 4.3 which uses a series of Lerchs Grossman (LG) pit shells at different prices of gold to optimize the size of the pit while maximizing net present value (NVP) of the deposit. The resulting LG shells generated the highest discounted cash flow from the ore body at varying prices of gold. The LG shell used for optimization does not apply practical mining considerations and constraints.

The strategic planning using the generated LG pit resulted in Wardrop identifying the "potentially minable" resources within the proposed preliminary production schedule.

The optimization was based on a gold price of $973 per ounce and an exchange rate of $1.000 (U.S.) to $1.087 (Canadian).

The Song Jiagou resource estimate was carried out using industry-standard procedures and a geological interpretation of the deposit that, to the extent possible, reflected observations of grade distributions. Modeling of the deposit is uncertain, however, because it is difficult to establish with a high level of confidence the area of influence of highergrade gold values. The risk remains, therefore, that the geological model may overstate the distribution of high-grade gold values. If future mining demonstrates that this is in fact the case, then the model may overstate anticipated gold grades. Because the probability of this outcome is unknown, the level of uncertainty must also be unknown.

Certain statements contained herein may constitute forwardlooking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forwardlooking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forwardlooking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

In some cases, you can identify forwardlooking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forwardlooking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.

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.

Majestic Gold Corp.
Investor Relations
(604) 681-4653 or 1-866-282-8398
(604) 568-4902 (FAX)
info@majesticgold.net
www.majesticgold.net
Companies Mentionned : Lg | Majestic Gold | Mineral Resources | Strategic | Total | X-ore |
Data and Statistics for these countries : China | All
Gold and Silver Prices for these countries : China | All

Majestic Gold Corp.

DEVELOPMENT STAGE
CODE : MJS.V
ISIN : CA5609121077
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Majestic Gold Corp.
7/6/2010Integra confirms Majestic gold project has excellent open pi...
Annual reports of Majestic Gold Corp.
2008 Annual report
Financings of Majestic Gold Corp.
10/29/2008ANNOUNCES COMPLETION OF PRIVATE PLACEMENT
10/8/2008ANNOUNCES PRIVATE PLACEMENT
Nominations of Majestic Gold Corp.
10/29/2013Appoints New Directors, Adopts Advance Notice Policy
3/12/2013Appoints New Chief Financial Officer and Director
5/1/2010Appoints New Director
12/23/2009Appoints Vice President Development and Exploration
12/22/2009Appoints New Director
9/19/2008APPOINTS DAN PISENTI TO BOARD OF DIRECTORS
11/1/2007 APPOINTS MINE GEOLOGIST & GENERAL MANAGER FOR SONG JIAGOU
Financials of Majestic Gold Corp.
8/29/2013Reports Third Quarter 2013 Results
Project news of Majestic Gold Corp.
1/20/2011(Song Jiagou)Wardrop Delivers Positive Preliminary Assessment for Songjia...
4/15/2010(Song Jiagou)Provides Update on Song Jiagou Property
4/22/2009(Sawayaerdun)ARRANGES SALE OF INTEREST IN SAWAYAERDUN PROJECT
9/5/2008(Song Jiagou)ANNOUNCES SIGNIFICANT TRENCH RESULTS AT SONG JIAGOU
1/10/2008(Sawayaerdun) ENGAGES FIRM FOR TECHNICAL REPORT AND BEGINS YEAR ROUND ACC...
1/3/2008(Sawayaerdun) ANNOUNCES HIGH GRADE SAMPLE AT SAWAYAERDUN
10/4/2007(Song Jiagou)Outlines 2007 Program For Song Jiaguo
Corporate news of Majestic Gold Corp.
8/21/2013(Song Jiagou)Files NI43-101 Report on Updated Preliminary Economic Assess...
7/29/2013Completes Swap of Equity for Net Profits Interest
7/8/2013(Song Jiagou)SRK Delivers Updated Preliminary Economic Assessment for Son...
6/27/2013Announces Agreement to Swap Net Profits Interest for Equity ...
3/28/2013Contracts VantageWire for Marketing and Advertising Services
2/19/2013First Quarter Gold Production
2/1/2013Corporate Update
11/14/2012Reports Fourth Quarter 2012 Gold Production
4/27/2011Provides Update on Mill Construction
9/24/2010Majestic Gold Provides Corporate Update
3/18/2010proposes share consolidation
2/25/2010 Announces Agreement to Acquire Remaining 40% of Muping Join...
1/27/2010Announces Resignation of Director and Establishes Board Comm...
11/15/2007 COMMENCES BULK SAMPLING PROGRAM AT SONG JIAGOU
10/18/2007Increases Ounces By 285% TO 1.2 MILLION OUNCES AT SONG JIAGO...
2/16/2007RELEASES UNDERGROUND DRILL RESULTS AT SONG JIAGOU
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (MJS.V)Other OTC (MJGCF)
0.030-14.29%0.040+100.00%
TSX-V
CA$ 0.030
11/21 11:16 -0.010
-14.29%
Prev close Open
0.035 0.030
Low High
0.030 0.030
Year l/h YTD var.
0.030 -  0.120 -66.67%
52 week l/h 52 week var.
0.030 -  0.120 -72.73%
Volume 1 month var.
4,000 -25.00%
24hGold TrendPower© : -39
Produces
Develops Gold
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 4/22/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2014-62.50%0.110.05
2013-20.00%0.170.08
2012-44.44%0.270.09
2011-5.26%0.290.13
2010280.00%0.270.04
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.