Crocodile Gold, Argonaut Gold, Revett, Alexco and more report Q3 output

Mon 8:21 am by Deborah Bacal

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

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

Australia-focused Crocodile Gold (TSE:CRK) (OTCQX:CROCF) said 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.