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Klondex Mines lifts FY'17 gold equivalent output guidance by 36% YOY

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Klondex Mines lifts FY'17 gold equivalent output guidance by 36% YOY

Klondex Mines Ltd. said Jan. 18 that it is targeting producing between 210,000 and 225,000 gold equivalent ounces during 2017, up by approximately 36% from the previous year.

Cash costs, meanwhile, are expected to fall in the range of C$680 to C$710 per gold equivalent ounce sold, up by about 37% from the prior year as the company benefits from bulk sampling production at its Hollister project in Nevada, as well as higher output from its True North mine in Manitoba as ramp-up continues.

The company produced a total of 51,833 gold equivalent ounces in the fourth quarter of 2016.

Klondex's Fire Creek and Midas operations, meanwhile, produced a record 43,264 gold equivalent ounces during the quarter to bring full-year Nevada output to a total of 150,099 gold equivalent ounces, slightly above the company's guidance of between 145,000 and 150,000 gold equivalent ounces.

The True North mine, on the other hand, produced 8,445 gold equivalent ounces and 10,199 gold equivalent ounces for the quarter and full year, respectively, in line with the company's guidance.

CapEx for this year are expected to range between C$57 million and C$62 million, with an additional C$3 million to C$5 million to be earmarked for exploration.