White Tiger Gold Announces Production Update for Lamaque Mine
ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS -- (Marketwire) -- 02/21/12 -- White Tiger Gold ('White Tiger' or the 'Company') (TSX: WTG) is pleased to provide a production update for the Lamaque Mine in Val d'Or, Quebec.
Highlights:
-- Daily tonnage mined at Lamaque increases sharply with addition of North
Wall long-hole stopes
-- Average tonnes per day mined for the past week at 1286 tpd, with last 5
days exceeding 1600 tpd.
White Tiger previously announced on February 3, 2012, that it was to start mining long-hole stopes in the North Wall. After the initial cut blasts the Company is pleased to announce that mine has been able to ramp up production such that over the week ending February 19, 2012 it has achieved an average ore tonnes mined of 1286 tonnes per day, with the last 5 days of the week exceeding 1600 tpd. This a considerable improvement over the average of 757 tpd achieved in 2011, and highlights the benefits the long-hole stopes bring to productivity on the mine.
'These initial production results demonstrate a significant improvement in mining productivity for the Lamaque mine. Our objective is to stabilise the production from the North Wall and to continue to push for production improvement towards the planned long term production rate of 2000 tonnes per day,' said Daniel Major, President and CEO of White Tiger Gold.
About White Tiger
The Company is a TSX-listed mining and exploration company, focused on mine expansion and the development of mineral resources in Canada, the Russian Federation, and Peru. The Company currently operates the Lamaque Mine in Val D' Or, Quebec; Savkino heap leach gold operation located in south eastern Siberia; and the San Juan Gold Mine in San Juan Valley, Peru. Plans are underway to expand gold production at each of Lamaque, San Juan and Savkino and to develop a gold-copper mine at the Company's Nasedkino property situated in Chita Region in southeast Siberia with the goal of becoming a mid-tier gold producer. The Company also holds three additional early-stage gold exploration licenses in prospective geological environments located in central and northeast Siberia.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, 'forward-looking statements') relating, but not limited to, White Tiger's expectations, intentions and beliefs (including, without limitation, statements regarding White Tiger's projects and licence areas, exploration, development and production plans and targets, projected production, mineral resource and mineral reserve estimates, exploration results, future plans and objectives, including the expansion of the Savkino Gold Mine, plans to increase gold production at the Savkino, Lamaque and San Juan gold mines, the potential for increasing and/or upgrading the Company's mineral resources, plans regarding the preparation of new technical reports for the Company's Nasedkino and Lamaque projects, anticipated improvements in ore grades and the planned level of output at the Lamaque Mine, anticipated improvements in ore grades and the planned level of throughput at the San Juan Mine, plans regarding modifications to the San Juan processing plant and the opening up of new mining areas and plans to convert historical Russian approved C1 + C2 gold resources into National Instrument 43-101-compliant mineral resources).
Words such as 'may', 'will', 'should', 'anticipate', 'plan', 'expect', 'believe', 'estimate' and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of White Tiger in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to continue development, production and exploration activities; development, production and exploration costs varying significantly from estimates; gold production varying significantly from estimates; delays in the development of, and/or production from, the Company's projects and licence areas;
failure to establish increased mill throughput and increased grades for both Lamaque and San Juan Mines; failure to stabilise the increased production at Lamaque and/or to achieve the planned long term production rate of 2000 tonnes per day; that planned modifications to the San Juan processing plant and/or the establishment of three new mining areas at San Juan fail to result in the anticipated increase in mine throughput; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to White Tiger of suitable financing alternatives; the ability of White Tiger to service its existing debt facilities; fluctuations in gold and other commodity prices; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability in, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from White Tiger's activities in Russia; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in White Tiger's Annual Information Form dated March 30, 2011 and its annual and quarterly Management's Discussion and Analysis and in other filings made by White Tiger with Canadian securities regulatory authorities and available at www.sedar.com.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although White Tiger believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Contacts:
White Tiger Gold Ltd.
Daniel Major
Chief Executive Officer
info@whitetigergold.com
www.whitetigergold.com
Terre Partners
Joanna Longo
Investor Relations
(416) 238 1414 (ext 233)
jlongo@terrepartners.com