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Mandalay Resources, AuRico Gold, Endeavour Silver, Crocodile Gold and others report Q3 output - UPDATE

Published: 13:06 15 Oct 2012 EDT

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* Updated with third quarter production results and share price data from Mandalay Resources, AuRico Gold, and Endeavour Silver

Precious metals miners were the focus on the Toronto Stock Exchange Monday, with a number reporting increases in third quarter production results. 

Mandalay Resources (TSE:MND) reported total gold production 9,104 ounces in the quarter, versus 3,624 ounces in the year-earlier period. When including antimony and silver production, gold equivalent output was 28,206 ounces. 

The company said production at Costerfield in Australia was 4,317 ounces of gold and 594 tonnes of antimony, significantly greater than the same period last year, "due to the mine reaching its design production rate."

Third quarter output at the company's Cerro Bayo mine in Chile was also "significantly greater" than the year-ago period, Mandalay said, a result of the ramp-up to the mining rate.  

Shares in the miner rose more than 1 per cent by the afternoon.

Toronto-based AuRico Gold Inc. (TSE:AUQ) (NYSE:AUQ) also said that third quarter production results from its Young-Davidson mine, which started production at the beginning of September, were "well in-line with expectations", with output expected to increase in the fourth quarter as the underground mine comes into production. 

AuRico also produced 19,388 ounces of gold at its El Chanate mine and 21,916 gold equivalent ounces at its Ocampo mine, for which the sale to Minera Frisco is expected to close in early December. The company's stock moved up 13 cents Monday.

Next up, Endeavour Silver Corp. (TSE:EDR)(NYSE:EXK) said that mine expansions at Guanacevi and Bolanitos in Mexico, combined with the recent acquisition of El Cubo, pushed silver production up 33 per cent to 1,137,883 ounces in the third quarter, and gold production up 139 per cent, compared to the same period last year. 

Revenues rose 34 per cent to US$51.9 million due to the higher metal production and the partial sale of bullion inventory, offset by lower metal prices in the latest quarter, Endeavour said. 

Australia-focused Crocodile Gold (TSE:CRK) (OTCQX:CROCF) said earlier this morning that gold output during the latest period rose 26 per cent from the second quarter, to 45,963 ounces of gold, a result of an increase in processed throughput and average gold grades. 

"The third quarter results demonstrate our continued growth since the beginning of the year as we concentrate our efforts on better quality ore sources in the Northern Territory (Cosmo Mine) and realize the full benefit of our new assets at Fosterville and Stawell during the quarter," said Crocodile's president and CEO, Chantal Lavoie. 

"Excellent progress was made on key projects, which will position us well for continued profitable production growth in 2013."

The company, with a land package of over 4,000 square kilometres in Australia, said Monday additional details of the third quarter will be announced together with its financial results in mid-November. 

Meanwhile, Argonaut Gold (TSE:AR), which also announced it is acquiring Prodigy Gold (CVE:PDG) in a deal valued at C$277 million, said today that it had record gold output in the third quarter of 31,074 ounces, including 24,575 ounces at its El Castillo mine in Durango, Mexico. 

The remaining ounces in the period hailed from its La Colorada mine, which is located 50 kilometres southeast of Hermosillo, Mexico.

Argonaut said it expects total production from both mines of between 101,000 to 103,000 ounces of gold for the year. 

Washington-based Revett Minerals (TSE:RVM) (NYSE MKT:RVM) (AMEX:RVM) reported what it called "notable increases" in silver production of 25 per cent, and copper production of 22 per cent, over the second quarter. The company produces the minerals from its Troy mine in northwest Montana. 

"Net cash from operations continues to strengthen our balance sheet and provide a solid basis for the company as we continue development and explorations activities at the Troy Mine to open more working areas and extend mine life," said Revett's president and CEO in a statement, John Shanahan. 

Scorpio Mining (TSE:SPM), meanwhile, reported that silver equivalent production from its Nuestra Señora operations fell 8 per cent in the third quarter when compared to the year-ago period, to 534,075 ounces. 

The company said it expects to improve the efficiency of the flash flotation cell throughout the fourth quarter as head grades to the plant are stabilized.

And finally, Alexco Resource Corp. (TSE:AXR)(NYSE MKT:AXU)(AMEX:AXU) reported silver production of 514,879 ounces during the third quarter, a 12 per cent increase over the previous three-month period. The company's Bellekeno mine in the Keno Hill Silver District, Yukon continues its second full year of commercial production. 

Mill throughput increased to a record 270 tonnes per day (tpd) average for the third quarter, 11 per cent improved over the previous quarter, and 10 per cent better than any previous operating quarter, Alexco said. 

Mandalay Resources sees 2nd highest quarterly revenue since 2016

Mandalay Resources CEO Dominic Duffy joined Steve Darling from Proactive to share news the company has released its financial results for the quarter ended March 31, 2022. Duffy telling Proactive the company in Q1 saw revenue of 54.2 million dollars which was the second highest since Q2 of 2016....

on 13/5/22