VANCOUVER, Oct. 9, 2019 /PRNewswire/ - SSR Mining Inc.
(NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") reports third quarter
2019 operating results at our three mines.
Third Quarter 2019 Operating Highlights
- On track for higher annual gold production: Produced
over 100,000 consolidated gold equivalent ounces from our three
operations during the third quarter, and over 310,000 consolidated
gold equivalent ounces year-to-date.
- Record quarterly gold production at Seabee: Produced
32,345 ounces of gold. Gold mill feed grade reached 12.4 g/t and
gold recovery was 98.8%, both quarterly highs for the operation
under our ownership.
- Solid operating performance at Marigold: Produced 52,968
ounces of gold. Stacked 6.4 million tonnes of ore at a higher gold
grade of 0.51 g/t. Total material mined was over 19 million tonnes,
continuing to demonstrate strong and efficient operating
practices.
- Improved production at Puna: Increased silver mill feed
grade and recovery led to 1.7 million ounces of silver production.
Ore mined was significantly higher than ore milled, increasing the
ore stockpile in advance of the rainy season.
- Consolidated 100% ownership in Puna: Completed
acquisition of the remaining 25% interest in Puna Operations
leading to immediate increase in silver production profile and
improved operational flexibility.
Paul Benson, President and CEO
said, "During the third quarter, we delivered over 100,000 gold
equivalent ounces from our three operations, with each mine
achieving solid production results and operating performance. Each
operation continues to track well against our improved production
guidance for the year, positioning us to meet or exceed
consolidated production guidance for the eighth consecutive
year."
Marigold Mine, U.S.
|
|
Q3
2019
|
Q2
2019
|
% Change
(1)
|
Total material
mined
|
kt
|
19,033
|
19,254
|
(1.1)%
|
Waste
removed
|
kt
|
12,676
|
12,185
|
4.0%
|
Ore to leach
pad
|
kt
|
6,357
|
7,070
|
(10.1)%
|
Strip
ratio
|
w/o
|
2.0
|
1.7
|
17.6%
|
Gold grade to leach
pad
|
g/t
|
0.51
|
0.38
|
34.2%
|
Gold
recovery
|
%
|
77.0%
|
75.0%
|
2.7%
|
Gold
produced
|
oz
|
52,968
|
54,922
|
(3.6)%
|
Gold sold
|
oz
|
50,650
|
59,702
|
(15.2)%
|
Notes:
|
(1) Percent
changes are calculated using rounded numbers presented in the
table.
|
In the third quarter of 2019, the Marigold mine produced 52,968
ounces of gold, a 4% decrease from the second quarter mainly due to
the stacking of ore on higher areas of the leach pads, resulting in
a longer leach time. Gold sales totaled 50,650 ounces, 15% lower
than the previous quarter, due to lower gold production and a
significant inventory drawdown in the second quarter.
During the quarter, 19.0 million tonnes of material were mined,
in line with the second quarter of 2019. Approximately 6.4 million
tonnes of ore were delivered to the heap leach pads at a grade of
0.51 g/t gold. This compares to 7.1 million tonnes of ore delivered
to the heap leach pads at a grade of 0.38 g/t gold in the second
quarter. The gold grade to leach pad was 34% higher quarter on
quarter, consistent with plan, as we mined higher grade ore in the
current phase of the Mackay pit. The strip ratio was 2.0:1 for the
third quarter.
Seabee Gold Operation, Canada
|
|
Q3
2019
|
Q2
2019
|
% Change
(1)
|
Total ore
milled
|
t
|
77,465
|
88,424
|
(12.4)%
|
Ore milled per
day
|
t/day
|
842
|
971
|
(13.3)%
|
Gold mill feed
grade
|
g/t
|
12.39
|
9.83
|
26.0%
|
Gold
recovery
|
%
|
98.8%
|
98.4%
|
0.4%
|
Gold produced
(2)
|
oz
|
32,345
|
26,539
|
21.9%
|
Gold sold
|
oz
|
28,278
|
24,276
|
16.5%
|
Notes:
|
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
(2)
|
Q3 2019 gold
produced includes 1,244 ounces of gold recovered from sludges,
fines and cathodes accumulated through 2018 and early 2019 and
shipped offsite. These ounces had not been previously recorded as
inventory and are not included in the gold recovery for the
quarter.
|
The Seabee Gold Operation produced a record 32,345 ounces of
gold in the third quarter of 2019, a 22% increase from the second
quarter, largely due to higher gold mill feed grade. Gold sales
totaled 28,278 ounces for the third quarter.
The mill achieved an average throughput of 842 tonnes per day
over the third quarter, a 13% decline compared to the previous
quarter largely due to electrical transformer damage resulting from
lightning strikes. Gold mill feed grade was 12.39 g/t, 26% higher
compared to the second quarter due to the mining of higher-grade
stopes. Gold recovery for the quarter was a record 98.8%,
reflecting Operational Excellence initiatives that have exceeded
recovery performance estimated in the 2017 Technical Report.
Puna Operations, Argentina (1)
|
|
Q3
2019
|
Q2
2019
|
% Change
(2)
|
Total material
mined
|
kt
|
3,116
|
3,304
|
(5.7)%
|
Waste
removed
|
kt
|
2,531
|
3,114
|
(18.7)%
|
Ore mined
|
kt
|
585
|
191
|
206.3%
|
Strip
ratio
|
w/o
|
4.3
|
16.3
|
(73.6)%
|
Ore milled
|
kt
|
336
|
313
|
7.3%
|
Silver mill feed
grade
|
g/t
|
165
|
160
|
3.1%
|
Lead mill feed
grade
|
%
|
0.81%
|
0.71%
|
14.1%
|
Zinc mill feed
grade
|
%
|
0.60%
|
0.46%
|
30.4%
|
Silver
recovery
|
%
|
93.5%
|
92.4%
|
1.2%
|
Lead
recovery
|
%
|
88.1%
|
79.4%
|
11.0%
|
Zinc
recovery
|
%
|
49.3%
|
48.1%
|
2.5%
|
Silver
produced
|
koz
|
1,664
|
1,486
|
12.0%
|
Silver
sold
|
koz
|
1,505
|
2,679
|
(43.8)%
|
Lead produced
(3)
|
klb
|
5,304
|
3,879
|
36.7%
|
Lead sold
(3)
|
klb
|
4,119
|
7,666
|
(46.3)%
|
Zinc produced
(4)
|
klb
|
2,206
|
1,539
|
43.3%
|
Zinc sold
(4)
|
klb
|
2,030
|
5,753
|
(64.7)%
|
Notes:
|
(1) Figures
are on 100% basis.
|
(2) Percent
changes are calculated using rounded numbers presented in the
table.
|
(3) Data
for lead production and sales relate only to lead in lead
concentrate.
|
(4) Data
for zinc production and sales relate only to zinc in zinc
concentrate.
|
Puna Operations produced 1.7 million ounces of silver in the
third quarter of 2019, 12% higher than the second quarter, mainly
due to higher mill throughput and silver mill feed grade. Silver
sales totaled 1.5 million ounces, in line with production after a
significant inventory drawdown in the second quarter.
During the third quarter, ore was milled at an average
throughput of 3,648 tonnes per day, a 7% increase compared to the
previous quarter, mainly due to improved performance of the
tailings pumping system. During the month of September 2019, following a mill maintenance
shutdown, ore was milled at an average throughput of 4,539 tonnes
per day. Processed ore in the third quarter of 2019 contained an
average silver grade of 165 g/t, a 3% increase compared to the
second quarter, consistent with the mine plan and average silver
reserve grade. The strip ratio during the third quarter was
4.3:1.
Qualified Persons
The scientific and technical data contained in this news release
relating to the Marigold mine has been reviewed and approved by
Greg Gibson, P.E., SME Registered Member, a qualified person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") and General Manager at the Marigold
mine. The scientific and technical data contained in this news
release relating to the Seabee Gold Operation has been reviewed and
approved by Cameron Chapman, P.Eng.,
a qualified person under NI 43-101 and General Manager at the
Seabee Gold Operation. The scientific and technical data contained
in this news release relating to Puna Operations has been reviewed
and approved by Robert Gill, P.Eng.,
a qualified person under NI 43-101 and General Manager at Puna
Operations.
About SSR Mining
SSR Mining Inc. is a Canadian-based precious metals producer
with three operations, including the Marigold gold mine in
Nevada, U.S., the Seabee Gold
Operation in Saskatchewan, Canada
and Puna Operations in Jujuy, Argentina. We also have two feasibility stage
projects and a portfolio of exploration properties in North and
South America. We are committed to
delivering safe production through relentless emphasis on
Operational Excellence. We are also focused on growing production
and Mineral Reserves through the exploration and acquisition of
assets for accretive growth, while maintaining financial
strength.
For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at
www.ssrmining.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements") concerning the anticipated developments in our
operations in future periods, and other events or conditions that
may occur or exist in the future. All statements, other than
statements of historical fact, are forward-looking
statements.
Generally, forward-looking statements can be identified by
the use of words or phrases such as "expects," "anticipates,"
"plans," "projects," "estimates," "assumes," "intends," "strategy,"
"goals," "objectives," "potential," "believes," or variations
thereof, or stating that certain actions, events or results "may,"
"could," "would," "might" or "will" be taken, occur or be achieved,
or the negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among
other things: future production of gold, silver and other metals;
the prices of gold, silver and other metals; the effects of laws,
regulations and government policies affecting our operations or
potential future operations; future successful development of our
projects; the sufficiency of our current working capital,
anticipated operating cash flow or our ability to raise necessary
funds; estimated production rates for gold, silver and other metals
produced by us; timing of production at the Marigold mine, the
Seabee Gold Operation and Puna Operations; timing of our
exploration and development programs; meeting or exceeding our
production guidance for the eighth consecutive year; achieving
record production in 2019; ongoing or future development plans and
capital replacement, improvement or remediation programs; the
estimates of expected or anticipated economic returns from our
mining projects, including future sales of metals, concentrate or
other products produced by us; our ability to achieve our
production guidance; and our plans and expectations for our
properties and operations.
These forward-looking statements are subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those expressed or
implied, including, without limitation, the following: uncertainty
of production, development plans and cost estimates for the
Marigold mine, the Seabee Gold Operation, Puna Operations and our
projects; our ability to replace Mineral Reserves; commodity price
fluctuations; political or economic instability and unexpected
regulatory changes; currency fluctuations; the possibility of
future losses; general economic conditions; counterparty and market
risks related to the sale of our concentrates and metals;
uncertainty in the accuracy of Mineral Reserves and Mineral
Resources estimates and in our ability to extract mineralization
profitably; differences in U.S. and Canadian practices for
reporting Mineral Reserves and Mineral Resources; lack of suitable
infrastructure or damage to existing infrastructure; future
development risks, including start-up delays and cost overruns; our
ability to obtain adequate financing for further exploration and
development programs and opportunities; uncertainty in acquiring
additional commercially mineable mineral rights; delays in
obtaining or failure to obtain governmental permits, or
non-compliance with our permits; our ability to attract and retain
qualified personnel and management; the impact of governmental
regulations, including health, safety and environmental
regulations, including increased costs and restrictions on
operations due to compliance with such regulations; unpredictable
risks and hazards related to the development and operation of a
mine or mineral property that are beyond our control; reclamation
and closure requirements for our mineral properties; potential
labour unrest, including labour actions by our unionized employees
at Puna Operations; indigenous peoples' title claims and rights to
consultation and accommodation may affect our existing operations
as well as development projects and future acquisitions; certain
transportation risks that could have a negative impact on our
ability to operate; assessments by taxation authorities in multiple
jurisdictions; recoverability of value added tax and Puna credits
balance and significant delays in the collection process in
Argentina; claims and legal
proceedings, including adverse rulings in litigation against us
and/or our directors or officers; compliance with anti-corruption
laws and internal controls, and increased regulatory compliance
costs; complying with emerging climate change regulations and the
impact of climate change; fully realizing our interest in deferred
consideration received in connection with recent divestitures;
fully realizing the value of our shareholdings in our marketable
securities, due to changes in price, liquidity or disposal cost of
such marketable securities; uncertainties related to title to our
mineral properties and the ability to obtain surface rights; the
sufficiency of our insurance coverage; civil disobedience in the
countries where our mineral properties are located; operational
safety and security risks; actions required to be taken by us under
human rights law; competition in the mining industry for mineral
properties; our ability to complete and successfully integrate an
announced acquisition; reputation loss resulting in decreased
investor confidence; increased challenges in developing and
maintaining community relations and an impediment to our overall
ability to advance our projects; an event of default under our 2013
convertible notes or our 2019 convertible notes may significantly
reduce our liquidity and adversely affect our business; failure to
meet covenants under our senior secured revolving credit facility;
information systems security threats; conflicts of interest that
could arise from certain of our directors' and officers'
involvement with other natural resource companies; other
risks related to our common shares; and those other various risks
and uncertainties identified under the heading "Risk Factors" in
our most recent Annual Information Form filed with the Canadian
securities regulatory authorities and included in our most recent
Annual Report on Form 40-F filed with the U.S. Securities and
Exchange Commission.
This list is not exhaustive of the factors that may affect
any of our forward-looking statements. Our forward-looking
statements are based on what our management currently considers to
be reasonable assumptions, beliefs, expectations and opinions based
on the information currently available to it. Assumptions have been
made regarding, among other things: our ability to carry on our
exploration and development activities; our ability to meet our
obligations under our property agreements; the timing and results
of drilling programs; the discovery of Mineral Resources and
Mineral Reserves on our mineral properties; the timely receipt of
required approvals and permits, including those approvals and
permits required for successful project permitting, construction
and operation of our projects; the price of the minerals we
produce; the costs of operating and exploration expenditures; our
ability to operate in a safe, efficient and effective manner; our
ability to obtain financing as and when required and on reasonable
terms; our ability to continue operating the Marigold mine, the
Seabee Gold Operation and Puna Operations; dilution and mining
recovery assumptions; assumptions regarding stockpiles; the success
of mining, processing, exploration and development activities; the
accuracy of geological, mining and metallurgical estimates; no
significant unanticipated operational or technical difficulties;
maintaining good relations with the communities surrounding the
Marigold mine, the Seabee Gold Operation and Puna Operations; no
significant events or changes relating to regulatory,
environmental, health and safety matters; certain tax matters; and
no significant and continuing adverse changes in general economic
conditions or conditions in the financial markets (including
commodity prices, foreign exchange rates and inflation rates). You
are cautioned that the foregoing list is not exhaustive of all
factors and assumptions which may have been used. We cannot assure
you that actual events, performance or results will be consistent
with these forward-looking statements, and management's assumptions
may prove to be incorrect. Our forward-looking statements reflect
current expectations regarding future events and operating
performance and speak only as of the date hereof and we do not
assume any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable law. For the
reasons set forth above, you should not place undue reliance on
forward-looking statements.
View original
content:http://www.prnewswire.com/news-releases/ssr-mining-reports-third-quarter-2019-production-results-300935114.html
SOURCE SSR Mining Inc.