MONTREAL, Oct. 19, 2018 (GLOBE NEWSWIRE) -- Dynacor Gold Mines Inc. (TSX: DNG) (OTC: DNGDF) (Dynacor or the Corporation) is pleased to report its September, Q3 and nine-month 2018 cumulative gold production.
In September 2018, the Corporation produced 6,540 ounces of gold at its Veta Dorada plant compared to 7,192 oz in September 2017.
The total production in Q3-2018 amounted to 19,982 oz compared to 20,521 oz in Q3-2017, a decrease of 2.6% attributable to lower average grades of ore processed.
The total volume of ore processed during the quarter was 22,615 tonnes compared to 20,026 tonnes in Q3-2017, an increase of 12.9%. However, the average ore grade was significantly lower than expected, which contributed to the slightly lower gold production in the quarter compared to 2017.
For the nine-month period ended September 30, 2018, cumulative ore processing volume increased by 25.8% compared to 2017. For that same period, cumulative production amounted to 59,663 oz of gold compared to 55,831 oz in 2017, an increase of 6.9%.
Historically, on a yearly basis, gold production had always increased from quarter to quarter. This year, Q3-2018 production was marginally less than the previous quarter. Given the modest deviation in Q3, we believe the Q4 historical average production growth trend to continue this year. Management is forecasting a robust Q4 amounting to the best quarter of the year at approximately 22,500 ounces of gold production. In view of the first nine months of production results, we forecast a total of just over 82,000 oz in 2018, a 2.6% year over year increase.
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ABOUT DYNACOR GOLD MINES INC.
Dynacor Gold Mines Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2017, Dynacor produced 79,897 ounces of gold, a 9% increase as compared with 2016 (73,477 ounces). Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).
FORWARD-LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX: DNG / OTC: DNGDF)
Website: http://www.dynacor.com
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For more information, please contact: Dynacor Gold Mines Inc.
| Jean Martineau President and CEO #1105, 625 René-Lévesque Blvd.Dynacor Gold Mines Inc. Montreal, Quebec H3B 1R2 T: 514-393-9000 ext. 228 | Dale Nejmeldeen Director, Investor Relations Dynacor Gold Mines Inc. T: 604.492.0099 | M: 604.562.1348 E: nejmeldeen@dynacor.com |