Author: Josue Gomez

Based on life-of-mine planning at December 31, 2016, the Company anticipates it will achieve production growth on a gold equivalent ounce basis as its San Agustin and La Colorada projects ramp up and lower the overall cost profile. The Company’s goal is to achieve annual all-in sustaining costs per gold ounce sold at or below $950.

“Continued strong operating results in the fourth quarter of 2016 allowed us to exceed our production forecast and beat our cost guidance for the fifth consecutive year and positions us to complete the development of our growth projects over the next two years”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Our primary focus will be on developing and expanding our business in Nunavut as we complete the construction of a new mine at Meliadine and develop the Amaruq satellite deposit at Meadowbank. These new operations, along with optimizations at existing mines, are expected to result in production growth from current levels to approximately 2.0 million ounces in 2020, along with a decline in unit costs”, added Mr. Boyd.

YAMANA GOLD INC. is pleased to announce the appointment of Kimberly Keating to its Board of Directors and the formal appointment of Jason LeBlanc as Chief Financial Officer.

“In 2016, we undertook a significant restructuring to substantially grow the NAV per share of our company by decentralizing the business to drive accountability down to the mine sites, significantly reducing operating costs, selling non-core assets and reinvesting that capital into a robust internal pipeline and a new geologically prospective mining camp in the Yukon,” said David Garofalo, President and Chief Executive Officer. “This culminated in the January 2017 announcement of our ambitious 20/20/20 five year growth program that would see Goldcorp deliver a 20% increase in production, a 20% increase in gold reserves and a 20% decrease in all-in sustaining costs, positioning the company to drive increasing NAV per share.”

“Our solid operating performance in 2016 enabled us to deliver record low all-in sustaining costs, resulting in strong margins and cash flow,” stated Hannes Portmann, President and Chief Executive Officer. “Our three primary areas of focus in 2017 are enhancing our financial flexibility, executing our updated Rainy River plan and continuing to deliver operationally. Looking further ahead, we feel well positioned for the long-term with a robust gold reserve base of 15 million ounces.”

“Our strong operating performance in 2016 exceeded guidance, setting records at Pinto Valley, Minto and for Capstone as a whole,” said Darren Pylot, President and CEO of Capstone. “All three of our mines generated positive net earnings, with throughput success at Pinto Valley and processing of high grade Minto North ore being key drivers in 2016.”

“Exploration advanced aggressively across the Company’s project portfolio during the fourth quarter of 2016, in line with the brownfields strategic focus of reserve replacement, as well as providing a pipeline of future opportunities for evaluation,” said Paul Harbidge, Senior Vice-President, Exploration. “During the quarter, we also continued to advance generative studies across a number of the districts for re-interpretation of the geological information, with the aim of extending the reserves and resources of our current operations. In 2017, with an exploration budget currently targeted at $100 million, we are focused on expanding and upgrading the quality of our reserves and resources through the continuation of our drill programs and the review of the results as we complete our generative study work.”

The error related to adjusted earnings (a non-GAAP measure) for the fourth quarter of 2016 and for the full 2016 year. The error is due to net realizable value adjustments on the heap pad inventory at the Dolores mine. The impact of this error, after adjusting for the effect on taxes, was to overstate adjusted earnings for Q4 2016 and for the full 2016 year by $8.6 million.