Thursday, 4th August 2005 (2679 views)

Glamis Gold has reported that it enjoyed record gold production in the second quarter of 2005, producing more than 109,000 ounces of gold.

The company's net income for the quarter rose from $2.9 million to $8.2 million from the same quarter last year.

In total Glamis produced 109,377 ounces of gold, which was more than double the amount, 48,109 ounces, which it managed in the same quarter in 2004.

One of its mines that enjoyed the greatest success was the El Sauzal mine in Mexico, where production remains on track to hit 170,000 for the full year.

Kevin McArthur, president and chief executive officer of Glamis Gold said: "Glamis continues to make excellent progress towards its target of producing 400,000 ounces of gold in 2005 at a total cash cost of $185 per ounce.

"We set a new quarterly gold production record of more than 109,000 ounces in the latest quarter as our El Sauzal mine continues to meet feasibility expectations."

Looking to the future, Mr McArthur added: "We anticipate gold output returning to forecast levels of approximately 90,000 ounces in the third quarter before seeing a significant increase in the fourth quarter of the year."

 

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