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The Laiva mine produced 343 kilos of gold during Q2 2013
PRESS RELEASE, 11 July 2013 (A translation from Swedish)
The gold production at the Laiva mine amounted to 343 kilos during the second quarter 2013. Despite it being the highest quarterly production since start, it is lower than planned. The lower production is mainly due to a continued low head grade.
The production during the quarter was 110 kilos in April, 115 kilos in May and 118 kilos in June.
Despite continuous development work, with several attempts and changes of mining methods, the company has not been successful in increasing the head grade to a sufficient level. The mineralization at Laiva has proven to be that the ore is difficult to mine without getting too high waste dilution/ore loss. Mining in the South pit didn't start until June, whereon only a small amount of ore could be brought into the mill. It is therefore too early to draw any conclusions. The head grade for the second quarter was 1.0 gram gold per ton.
The work according to the action plan within the process plant to increase the throughput, has had continuous positive effects. The throughput has stabilized at a higher level and was 408 178 tons for the quarter. The new pre-crushing function is installed and cost savings are planned with start of the third quarter. The gold recovery and the availability was 86% respectively. There was no substantial planned maintenance stop during the second quarter, but a few unplanned stoppages. A maintenance stop of about six days took place in the beginning of July in the third quarter.
The financial quarterly results report will be published 8 August 2013.
For further information, please contact:
Thomas Cederborg, CEO, +46 708 480 521
Susanne Andersson, CFO, +46 730 668 904
For further information regarding Nordic Mines, please connect to www.nordicmines.com
The information above has been made public in accordance with the Securities Market Act and/or Financial Instruments Trading Act. The information was published at 08.00 (CET) on July 11, 2013.
Nordic Mines is a Nordic mining and exploration company whose vision is to be one of the leading gold producers in the Nordics and Europe and a role model in respecting the environment. The company started mining gold in the Laiva mine in Finland in summer 2011. These gold deposits are among the largest in the Nordic region. Exploration is in progress in Finland and in Sweden. Nordic Mines was established 2005 and have more the 100 employees with head office in Uppsala, Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap list in Stockholm.
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