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SSR Mining on track for guidance

SSR Mining has reported a strong performance during the second quarter to June 30, producing more than 98,000 gold-equivalent ounces to take year-to-date output above 210,000oz gold-equivalent.
SSR Mining on track for guidance SSR Mining on track for guidance SSR Mining on track for guidance SSR Mining on track for guidance SSR Mining on track for guidance

Marigold in Nevada, USA

Staff reporter

Production at Marigold in Nevada, USA, continued to improve and was 3% higher than the first quarter at 54,922oz, while Seabee in Saskatchewan, Canada, saw a 15% fall to 26,539oz despite increased gold grade and recovery. This was mainly due to timing of gold pours at year-end 2018 which led to higher gold production in the first quarter of 2019.

The company said its Puna silver mine in Argentina achieved planned rates with production of 1.5Moz, 38% lower than during the first quarter due to lower grades and processing less ore.

"With each of our operations performing well during the second quarter, we delivered over 98,000 gold-equivalent ounces," said president and CEO Paul Benson.

"Our strong first six months of the year put us in a favorable position to meet or exceed our annual production guidance for the eighth consecutive year." 

With Marigold celebrating its 30th year of operation, SSRM recently acquired 8,900 hectares of contiguous mining claims comprised of the Trenton Canyon and Buffalo Valley properties from Newmont Goldcorp and Fairmile Gold Mining for US$22 million cash and the grant to Newmont of a 0.5% net smelter royalty on each property.

Located at the southern boundary of Marigold, the new claims include historical indicated mineral resources of 418,000oz at Buffalo Valley. With exploration success, SSRM will look to enhance the Marigold mine plan to extend the mine life, increase production or improve margins.

"Acquiring the Trenton Canyon and Buffalo Valley properties is expected to increase our gold resources and add multiple zones of mineralization proximate to our Marigold mine infrastructure," said Benson in an earlier statement.

Shares in SSR Mining (TSX: SSRM) are trading at C$17.68, valuing the company at $2.2 billion. Its share price has increased 8.3% since the start of the year.