San Gold Corp, announced this morning that it produced 22,162 ounces of gold during the first quarter ending March 31, 2012, a record amount at its Rice Lake mining complex in Bissett, Man.
The company also milled a record 139,258 tonnes in the quarter at an average daily throughput of 1,530 tonnes per day, which is 85 per cent more than was milled during the first quarter of 2011.
The ore grade was 5.35 grams of gold per tonne, which is similar to the previous quarter and slightly below the company’s full year budgeted grade of 6.58 grams per tonne.
With the release of first quarter production results this morning, San Gold president and chief executive officer, George Pirie, said, "The Rice Lake operations team has got off to an excellent start in Q1 and we remain on track to achieve our full year guidance of between 95,000 and 105,000 ounces of gold."
San Gold shares are down three cents to $1.29 in morning trading.