Tahoe Resources Inc., which has significant gold properties in Timmins, said Friday it has enjoyed one of its strongest gold production performances, thanks in part to the newly acquired gold operations in Timmins.
Tahoe is the gold and silver mining company that took over Lake Shore Gold operations in Timmins nearly one year ago, at the end of March 2016. Although earnings were down for Q4, the company reported strong earnings and dividends for the past year.
In the latest financial statement released this week, it was revealed that probable mineral reserves at the Bell Creek and the Timmins West mines have both been cut back to new, lower numbers.
Tahoe said Friday it has reduced the “probable mineral reserves” at its two mining operations in the city, but at the same time the company has reported an increase in “indicated” mineral resources in Timmins.
The issue was revealed during a conference call with financial analysts held to review the fourth quarter and year-end financial results, for 2016.
“Probable Mineral Reserves at Timmins West declined from 392 thousand ounces of gold at an average grade of 4.2 gpt (grams per tonne) at January 1, 2016 to 233 thousand ounces of gold at an average grade of 3.7 gpt at January 1, 2017 due to mining depletion of 120 thousand ounces of gold and the loss of 38 thousand ounces of gold that resulted from resource model reinterpretation,” said the company news release.
“Proven and Probable Mineral Reserves for the Bell Creek mine at January 1, 2017 total 245 thousand ounces of gold at an average grade of 4.4 gpt as compared to 309 thousand ounces of gold at and average grade of 4.5 gpt at January 1, 2016,” the release continued.
During Friday’s conference call, a financial analyst asked the company to explain what it all meant.
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