Argonaut Gold jumps 4% after first gold pour at Magino Mine

Argonaut Gold is up 4% or 2c per share to 46c per share in afternoon trading on Thursday after announcing that it achieved first gold pour at its Magino Mine on June 14th. Process plant ramp-up remains on schedule with commercial production expected in the third quarter of 2023. Magino is Argonaut’s first Canadian operation and is located in Dubreuilville, Ontario. “With the first gold pour milestone behind us, we are now focused on completing commissioning and ramping up the mill to steady state. In addition, we are looking to further grow our flagship gold mine as we commence a reserve development drilling program intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer,” stated Marc Leduc, Chief Operating Officer. Magino is expected to produce between 72,000 to 81,000 ounces of gold in 2023 at cash costs of between $850 and $950 per ounce and approximately 148,000 ounces of gold at a cash cost of $868 per ounce in 2024, its first full year of production.