In its latest quarterly report, St. Andrew Goldfields Ltd. said it produced 23,533 oz of gold from Holt and Holloway, a 17% increase from Q2 2014 for the two mines; and the company is on track to meet the top end of its 2015 production guidance. The company also reported all-in sustaining costs of $966/oz of gold sold, a 12% or $132/oz decrease from Q2 2014. The company’s 2015 production guidance for Holt and Holloway remains between 85,000 oz and 95,000 oz of gold.
St. Andrews owns the Holt-Holloway properties, which includes the Holloway mine and Holt mine and mill, which are located in the Timmins mining district, 45 km northeast of Kirkland Lake.
Gold production from the Holt mine increased by 5% from Q2 2014 as a result of an increase in ore grade due to mining sequence. Q2 2015, mine cash cost improved by $52/oz of gold sold from Q2 2014, mostly due to the increased strength of the U.S. dollar relative to the Canadian dollar. Both the throughput and ore grade increased at the Holloway mine by 22% and 26%, respectively, from Q2 2014, resulting in a 55% increase in production from 4,893 oz of gold in Q2 2014 to 7,582 oz in Q2 2015.
