Joined in 2023 
82 
63 About this deal
Gravett, Christopher (2007). The History of Castles: Fortifications Around the World. Globe Pequot. ISBN 9781599211107. OCLC 495191912. We made measurable progress in the third quarter delivering a solid performance at our existing operations. Despite the early challenges and a slower than expected ramp-up, we achieved commercial production at our flagship asset, the Magino mine, after the quarter end. This achievement coupled with strong performance at our Florida Canyon mine is a testament to our team who has worked diligently to optimize our operations. Going forward, we will focus on allocating capital towards those assets, projects and activities that generate the highest potential for per share growth that includes increasing production through reserve and plant expansion at the Magino mine and redevelopment of the Florida Canyon mine," Richard Young, President and Chief Executive Officer of Argonaut Gold. The run-of-mine (ROM) ore undergoes crushing in a primary jaw crusher and a secondary cone crusher. The crushed ore is fed to a semi-autogenous grinding (SAG) mill and a ball mill. The ball mill discharge passes through cyclones and a gravity circuit to remove coarse gold. Since the beginning of the fourth quarter, Magino's throughput has been averaging 9,200 tonnes per day, in-line with nameplate capacity. As we continue to ramp up, we are focused on driving mining productivity, mill optimization, and further advancing the plant expansion that has the potential to increase throughput to annual production above 200,000 ounces per year for the life of mine," said Marc Leduc, Chief Operating Officer of Argonaut Gold.
Prospecting and mining have been semi-continuous since then, being particularly active from the mid-1920s to the beginning of World War II. Gold production from the area was sporadic. Various companies owned, operated and explored Magino from 1917 to today.Argonaut noted it is also pursuing additional growth opportunities at Magino, adding that the company is scheduled to begin a 12 to 15-month exploration and reserve development program, in the third quarter, to convert open pit resources to reserves within the current resource pit cone, test deep underground high-grade targets, and test open pit targets along strike west of the current deposit. Argonaut Gold Brief: Declaring Commercial Production at the Magino Mine; Announcing Sale of Additional Royalties Mary, Jean-Yves; Hohnadel, Alain; Sicard, Jacques. Hommes et Ouvrages de la Ligne Maginot, Tome 3. Paris, Histoire & Collections, 2003. ISBN 2-913903-88-6. (in French) Kitco News) - Intermediate gold miner Argonaut Gold's Magino project is forecast its first gold pour in the first half of 2023.
COO Marc Leduc said the ramp-up period through September was slower than anticipated due to some mechanical issues in the ball and SAG mills. Contractors assisted the mining team in making some repairs and adjustments. This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut" or "Argonaut Gold"). Forward-looking statements and forward-looking information include, but are not limited to statements with respect to the cost and timing of construction; permitting and legal processes in relation to mining permitting and approvals; estimated production and mine life of the various mineral projects of Argonaut; the ability to obtain permits for operations; synergies; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct. The company also has three operating mines including the Florida Canyon mine in Nevada, USA, where it is pursuing potential for redevelopment and additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico. Argonaut envisions a two-year construction period, with first gold production at Magino expected to start during the first half of 2023.
Mining methods at the Magino gold project
We believe organic growth through mineral resource expansion will deliver significant value within the Company's asset base and lays the long-term foundation to grow our current production profile as we seek to become a low-cost, midtier North American gold producer," comments Young. Drilling concluded in the 1,250 metre West sulfide program in July and logging and analysis work is ongoing. Envisaged is a 115 700 oz/y gold operation with a 17-year mine life. Average gold production of 150 000 oz/y is expected over the first five years. Argonaut Gold Inc. Reports Production Results for the Second Quarter and Six Months Ended June 30, 2023 Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA. The Company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.
Our depth of experience on similar projects, as well as across the region, was fundamental in our securing this assignment – delivering the schedule and cost certainty Argonaut needed with an EPC contract. Our teams from Perth, Vancouver, Burlington, Toronto and Halifax were able to coordinate their expertise seamlessly to improve the efficiency of the flowsheet, and provide our client with capital cost reductions that would help them secure the financing needed to move the project forward.
Location of the Magino Gold Project
A special committee, consisting of unconflicted members of the board, has considered the proposed terms of the offering, including the number of securities issuable, the number of offered shares issuable to insiders and the offering price being at a discount to the market price. The committee has recommended that the company approve the terms of the offering, Argonaut stated.
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