WHITEHORSE, Yukon - Victoria Gold Corp. (TSX-VGCX), a mining company operating the Eagle Gold Mine in central Yukon, Canada, has reported a gold production of 41,982 ounces for the fourth quarter of 2023, bringing the total for the year to 166,730 ounces. This achievement aligns with the company's previously set guidance of 160,000 to 180,000 ounces.
The company's President and CEO, Mr. John McConnell, expressed satisfaction with the record production levels, which marked an 11% increase from the previous year. The successful implementation of year-round stacking at the heap leach facility was cited as a key factor in the more consistent quarterly gold production and the reduction of seasonal impact on operations.
In addition to the production success, Victoria Gold reported positive free cash flow during the last quarter of 2023 and a reduction in net debt. A significant milestone was the Cdn$11M payment made against the Term Loan Facility, which the company anticipates repaying fully by the third quarter of 2024.
Comparing annual production data, 2023 saw an 18% increase in ore mined and a 13% rise in waste mined, with total mining volume up by 15%. However, the ore stacked on the pad increased by a notable 34%, despite a decrease in ore grade from 0.85 to 0.72 grams per tonne of gold, which is a 15% reduction.
The Eagle Gold Mine, located on the Dublin Gulch property, is accessible year-round and is part of Yukon Energy's electrical grid. The property spans approximately 555 square kilometers and houses the Eagle and Olive Gold Deposits. As of December 3, 2019, the proven and probable reserves were estimated at 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne.
This press release also contains forward-looking statements, including expectations of consistent production levels and financial performance. These statements are based on management's assumptions and estimates at the time and are subject to various risks and uncertainties.
Further details on the company's quarterly and annual production, as well as financial results, will be discussed in the upcoming Management Discussion and Analysis (MD&A), which will be released alongside the company's Annual Financial Statements later this quarter.
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