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Detour Gold targets production of up to 600,000 gold ounces in FY'17

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Detour Gold targets production of up to 600,000 gold ounces in FY'17

Detour Gold Corp. produced 143,512 ounces of gold in the fourth quarter of 2016 from the Detour Lake mine in Ontario, up from the third quarter output of 127,758 ounces and bringing full-year output to 537,765 ounces.

The production figures fell within the range of the revised quarterly and annual forecast of between 138,000 ounces and 158,000 gold ounces, and 525,000 ounces to 545,000 gold ounces, respectively.

All-in sustaining costs for 2016 are estimated at US$1,005 per ounce sold, in line with revised guidance of US$970 to US$1,020 per ounce sold. Fourth-quarter AISC is estimated at US$1,124 per ounce sold.

The company sold a total of 144,668 ounces of gold in the quarter, up from 113,845 ounces sold in the prior quarter, and bringing full-year gold sales to 527,727 ounces.

Detour Gold expects to produce between 550,000 ounces and 600,000 ounces of gold in 2017, with production being the lowest in the first quarter, it said Jan. 30.

AISC for 2017 is expected to range between US$1,025 to US$1,125 per ounce sold, with total cash costs to fall between US$690 to US$750 per ounce sold.

The company's expects its 2017 CapEx to be between US$160 million to US$180 million. Meanwhile, total exploration budget for Detour Lake is approximately US$6 million.