FSC / Press Release
Sacre-Coeur Minerals Announces Year to Date Alluvial Gold Production Figures: 756.6 tr oz Au / CAD $1.206 M Gross Receipts
Vancouver, British Columbia CANADA, August 07, 2012 /FSC/ - Sacre-Coeur Minerals Ltd. (SCM - TSX Venture, S5N - FWB), (the "Company") announced today through the end of July it has produced and sold 756.6 tr oz Au from its alluvial mining program in 2012. This production represents the output from 28 calendar weeks of operation, as work did not resume after the year-end shut-down until the week of January 22, 2012.
During the 28 week operating period, mining operations experienced a total operating availability of 62%, including moves & setups, as well as mechanical interruptions for 121.5 actual production days of 20 operating hours, thus averaging 6.23 tr oz Au per actual production day for the year to date. Alluvial operations have continued to improve significantly in all respects. For the month of July 2012 alone, 233.6 tr oz Au was produced and sold with an operating availability improving slightly to 64% and gold production per actual production day rising to 11.82 tr oz / 24 hr production day. Due to process improvements and a good "pay zone", production in August to date has continued to increase with production for the most recent two days reported rising to an estimated 30 ounces for the two days.
Average gold price realized by the Company for year to date sales was US $1,637.43 per ounce. Average fineness (purity) of gold sold year to date was 95.6% (956 fine Au). Total gross revenue received on gold sales year to date was CAD $1.206 million computed at GYD $198 : CAD $1.00. Total net revenue received on gold sales year to date net of royalty, tax, and sample fees was CAD $1.122 million. All gold produced by the Company is sold to the Guyana Gold Board. Pricing is set at the London PM fix on the date of delivery.
Cash operating costs of alluvial operations, including allocations for camp and logistical costs related to alluvial mining, totalled USD
.497million for the 28 week YTD period or $656.90 per ounce produced and sold. For July 2012, cash operating costs dropped substantially to $319.76 per ounce produced and sold, owing to the significant increase in gold production against a relatively fixed periodic operating cost. Total cash production costs for the 28 week YTD period was USD
.581million or $768.52 per ounce produced and sold. For July 2012, total cash production costs, inclusive of royalties, sales tax , and other non-operating costs, dropped to USD $438.54 per ounce produced and sold.
We are very pleased that our alluvial operations have continued to improve over time to now become a significant and reliable contributor of working capital. With achievement of demonstrated production and cost performance from the Company's initial single production unit, we can now proceed with confidence to plan for expansion of this secondary, but important contributor to the Company's growth path while we pursue our principal goal of near term hard-rock gold production.
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 850 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
"Gregory B. Sparks"
Gregory B. Sparks, P. Eng.
President & CEO
For further information, contact:
Gregory Sparks, President and CEO
Don Mosher-B&D Capital, Corporate Consultant