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AuRico Gold Crashes to 52-Week Low; Updates 2012-2013 Operational Guidance - Down 20%
9/5/2012 10:50:00 AM
By: MT Newswires
AuRico Gold Inc. ( AUQ )is down 19.9% at $5.60 after crashing to a new year low of $5.25 earlier this morning after the company issued an update on its operational guidance for 2012-2013.
For its Ocampo Mine, Mexico, mine, AUQ increases the level of low-cost underground production in 2013 and beyond, the cost per ounce profile is expected to reduce significantly. Capital expenditure estimates have been increased for 2012 and 2013, reflecting the accelerated development work being carried out. In addition, reserves originally planned to be mined in 2012 and 2013 have been pushed out into subsequent production periods; the mineral reserve and resource estimate at Ocampo has not changed. The Young-Davidson mine recently declared commercial production with the mine and process operations currently achieving targeted levels. AUQ updated gold production forecasts to between 55,000 and 65,000 ounces.
AUQ has a 52-week high of $12.79; shares have fallen 54% in the last 12 months.