Fresnillo on target for 2012

Fresnillo said it was on track to hit silver and gold production targets for 2012 and had had a record year of gold production so far.

The miner announced attributable gold production of 375,637 ounces in the first nine months of the year, a 15.1% increase over the same period of 2011.

The firm reported attributable quarterly gold production of 126,841 ounces in the third quarter, a 5.9%

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increase on the year before, which it put down to the contribution from its new Noche Buena mine in Mexico.

However, attributable silver production fell by 3.6% when compared to the same period in 2011 as a result of a decline in silver grades at the company's Fresnillo mine.

However, the firm added that silver production continued to improve quarter on quarter.

Third quarter silver production was 10.3m ounces, a 2.6% increase over the same period of 2011.

"Looking to the remainder of the year, Fresnillo is confident that it will continue to deliver growth through existing operations and new deposits and remains on track to meet its short and long term aspirations," said Chief Executive Officer, Octavio Alvdrez.