Orosur Mining on track to meet full-year production target

South American gold producer Orosur Mining on Thursday announced a hike in output in the third quarter.

South American gold producer Orosur Mining on Thursday announced a hike in output in the third quarter.

Gold production for the quarter ended February 28th came to 18,401 ounces, up from 13,668 ounces in 2012.

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During the period, the group completed the ramp up at Arenal Deeps at the San Gregorio gold mine in Uruguay.

"In this quarter, the company has completed the ramp at Arenal Deeps, production and costs have been brought in line with expectations, we have identified high priority drill targets at Anillo to start drilling in May and have been re-evaluating Quebrada Pantanillo as a high sulfidation gold system to improve the economics of the project," said Interim Managing Director, Ignacio Salazar.

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"All of this is in line with our strategy to optimise returns to shareholders."

Cash flow from operations for the quarter was $8.0m, compared to $6.8m.

Cash balance at the end of the period came to $ 5.2m, compared to $3.8m at November 30th 2012.

The company said it remains on track to achieve its full-year production target of 63,000 to 68,000 ounces.

Shares rose 2.05% to 37.25p at 14:25 Thursday.

RD

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