We just got off the phone with the company and can report some good outcome that will help clear the picture a bit in regards to our newsletter sent out earlier today.
Highlights from our talk:* Lower Q4 production due to shorter number of working days
* Mine development caused lower grades
* Recovery came in at 77.7% (vs. 74.5% in Q3)
* 2012 production is up 42% vs 2011
Aurcana had 7-8 less production days in Q4 (due to holidays) which caused the lower production. This is expected to be a one-time event.
Mine development has been required in order to allow for an increase in production, so lower grade that was already on the way was processed.
Recovery increased and came in at 77.7% (74.5% in Q3).
For Q1, the production numbers at La Negra already looks much better.
At Shafter, 600-700 tpd is expected for the first quarter and perhaps 1-2 months in to second quarter, but on a sidenote we can mention that 1,000 tons in one day were mined recently (not processed) at a grade of 8 oz/t, so improvements are ongoing. Once the filter presses are installed and tuned in, production will increse. Production will gradually expand until full capacity is reached by year-end (1,500 tpd).