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07:47 AM EDT, 10/19/2016 (MT Newswires) -- PREMIER GOLD MINES LIMITED (PG.TO) detailed overnightTuesday third quarter production results from its 40% ownership in the South Arturo Mine located in Carlin, Nevada. The mine is a joint venture between Premier and Barrick Gold Corporation's wholly-owned subsidiary Barrick Gold Exploration Inc. (ABX.TO, ABX). According to a statement it has "delivered solid operating results since achieving commercial production on August 1, 2016."
Attributable to Premier on a 40% basis, a total of approximately 129,000 tons of ore was processed at South Arturo during Q3/16 producing 30,228 ounces of gold. The South Arturo Mine, which was brought into production on time and under budget, has exceeded Q3/16 production guidance by approximately 50% YTD owing to revised scheduling of ore through the roaster. Recoveries have also been slightly higher (90.4% actual vs. 86.4% budget) due to grade processed. The company said it is currently targeting between 100,000 and 110,000 ounces of gold production for 2016 from its operations at South Arturo and the recently acquired Mercedes Mine in Sonora, Mexico. Approximately 80% of targeted production is anticipated during the fourth quarter.
"We are extremely pleased with the performance achieved to date by Barrick, the operator of our joint venture at South Arturo," said Ewan Downie, President and CEO. "South Arturo is one of the highest grade open pit operations brought into production in 2016 and based on the strong initial performance achieved, we remain on track to meet or exceed our production guidance for the year."
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