Lundin Gold (TSX: LUG; Nasdaq Stockholm: LUG; OTCQX: LUGDF) reports second quarter 2023 gold production of 129,731 ounces from its Fruta del Norte underground gold mine in southeast Ecuador.
Of the total quarterly gold production, 85,395 oz. were produced as concentrate and 44,336 oz. as doré. During the same quarter in 2022, the company produced 111,890 oz. of gold. Gold sales in the second quarter 2023 totalled 128,958 oz. versus 96,291 oz. sold in the same period last year.
In the second quarter of 2023, the mill processed 418,373 tonnes resulting in an average throughput rate of 4,598 tonnes per day at an average grade of 11 grams per tonne with recoveries of 88%. Grade and recoveries are expected to vary over the coming quarters.
Ron Hochstein, Lundin president and CEO commented that higher than expected grade and mill throughput in the second quarter have offset lower recoveries, which were caused by changes in ore type and oxidation impacts on the coarse ore stockpile. In the first half of 2023, mill performance averaged throughput rate of 4,479 tonnes per day.
Hochstein said that although recoveries are expected to be impacted in the third quarter, the company continues to optimize operations and believes it can build on the successes achieved in the first half of the year.
Lundin Gold will publish its second quarter of 2023 results on Aug. 9, and will host a conference call and webcast to discuss its results on Aug. 10 at 7:00 a.m. PT.
For more information visit www.LundinGold.com.
