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63 About this deal
Our depth of experience on similar projects, as well as across the region, was fundamental in our securing this assignment – delivering the schedule and cost certainty Argonaut needed with an EPC contract. Our teams from Perth, Vancouver, Burlington, Toronto and Halifax were able to coordinate their expertise seamlessly to improve the efficiency of the flowsheet, and provide our client with capital cost reductions that would help them secure the financing needed to move the project forward. Roth, Ariel Ilan (2010). Leadership in International Relations: The Balance of Power and the Origins of World War II. Palgrave Macmillan. ISBN 978-0-230-10690-1. Flood zones were natural basins or rivers that could be flooded on demand and thus constitute an additional obstacle in the event of an enemy offensive. Argonaut noted it is also pursuing additional growth opportunities at Magino, adding that the company is scheduled to begin a 12 to 15-month exploration and reserve development program, in the third quarter, to convert open pit resources to reserves within the current resource pit cone, test deep underground high-grade targets, and test open pit targets along strike west of the current deposit.
Argonaut Gold Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
Magino gold project reserves
Narrow gauge railway system: A network of 600mm ( 1ft 11 + 5⁄ 8in) narrow gauge railways was built to rearm and resupply the main fortresses ( ouvrages) from supply depots up to 50km (31mi) away. Petrol-engined armoured locomotives pulled supply trains along these narrow-gauge lines. (A similar system was developed with armoured steam engines in 1914–1918.)
Magino is parked just to the west of Alamo Gold’s prolific Island Gold underground mine, now undergoing a third phase of expansion. Argonaut Gold (TSX:AR) is expecting to produce between 210,000 and 250,000 gold equivalent ounces in 2021. The company is shifting to longer-lived assets with greater production and lower costs. The company hopes to hit 300,000 to 500,000 ounces of production mid-decade. The Magino Gold Project is located in Finan Township, Ontario, approximately 10km south-east of Dubreuilville, 40km north-east of Wawa, and 195km north of Sault Sainte Marie. The latest metallurgical testwork for the project was conducted in two phases by McClelland Laboratories, whereas three separate series of column leach tests to probe the feasibility of heap leaching material from the project were conducted by Kappes Cassidy and Associates (KCA).In January 1923, after Weimar Germany defaulted on reparations, the French Premier Raymond Poincaré responded by sending French troops to occupy Germany's Ruhr region. During the ensuing Ruhrkampf ("Ruhr struggle") between the Germans and the French that lasted until September 1923, Britain condemned the French occupation of the Ruhr. A period of sustained Francophobia broke out in Britain, with Poincaré being vilified in Britain as a cruel bully punishing Germany with unreasonable reparations demands. The British—who openly championed the German position on reparations—applied intense economic pressure on France to change its policies towards Germany. At a conference in London in 1924 to settle the Franco-German crisis caused by the Ruhrkampf, the British Prime Minister Ramsay MacDonald successfully pressed the French Premier Édouard Herriot to make concessions to Germany. The British diplomat Sir Eric Phipps, who attended the conference, commented afterwards that: Magino is a long life, low cost mine in an outstanding mining jurisdiction. This debt financing arrangement, alongside the proposed equity financing, will put Argonaut Gold in a strong financial position to complete the Magino project and move it forward into production by the end of Q1 2023,” said president and CEO Larry Radford. Through capital-efficient design and procurement processes, we were able to achieve significant capital cost reductions for the client. Our Supply Chain and Construction teams engaged with our key partners to provide project delivery certainty, while our HSE teams delivered stringent safety plans in accordance with Covid-19 protocols. Telephone network: This system connected every fortification in the Maginot Line, including bunkers, infantry and artillery fortresses, observation posts and shelters. Two telephone wires were placed parallel to the line of fortifications, providing redundancy in case a wire gets cut. There were places along the cable where dismounted soldiers could connect to the network.
Argonaut said the slow ramp-up means Magino will not hit its gold target of between 72,000 ounces and 81,000 ounces for this fiscal year. But Magino should be squared away by 2024 to produce 148,000 ounces in its first full year of production. Argonaut is in the process of preparing an updated National Instrument ("NI") 43-101 Technical Report for the Magino project, which it expects will be published during the first quarter of 2022. In the interest of finalizing the updated technical report in a timely manner, this updated report will be focused on the Project currently under construction and will not include expansion opportunities, including future potential underground mining. The updated report will include the current EAC and other items including, but not limited to, revised gold price assumptions, an updated mineral resource model which includes all grade control drilling data to date, optimizations to equipment sizing and the processing facilities, updated operating cost and sustaining capital. While the updated report will not contemplate expansion potential and future potential underground mining, Argonaut believes that these are future opportunities for Magino. Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects or future financial or operating performance, constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. This press release contains forward-looking statements and forward-looking information including, but not limited to: Magino becoming one of the largest and lowest cost Canadian gold mines, the likelihood of success of the Magino reserve development drilling program to increase reserves, the likelihood of the engineering studies to increase mill throughput, organic growth through mineral resource expansion delivering significant value, the Company becoming a low-cost, mid-tier North American gold producer, the Company achieving its full year 2023 production and cost guidance, the Magino mill achieving crushing and grinding circuit throughput targets, completion of mining the current reserve base at San Agustin, optimizing the value of the Mexican assets, Magino production increasing, Magino costs including consolidated cost of sales per ounce, cash cost per ounce, and all-in sustaining cost per ounce decreasing, and the exploration cost being greater than original guidance.Production during the third quarter measured 53,911 gold ounces, including pre-commercial production of 10,693 ounces. The specification of the defences was very high, with extensive and interconnected bunker complexes for thousands of men; there were 45 main forts ( grands ouvrages) at intervals of 15km (9.3mi), 97 smaller forts ( petits ouvrages) and 352 casemates between, with over 100km (62mi) of tunnels. Artillery was coordinated with protective measures to ensure that one fort could support the next in line by bombarding it directly without harm. The largest guns were, therefore 135mm (5.3in) fortress guns; larger weapons were to be part of the mobile forces and were to be deployed behind the lines. We believe organic growth through mineral resource expansion will deliver significant value within the Company's asset base and lays the long-term foundation to grow our current production profile as we seek to become a low-cost, midtier North American gold producer," comments Young. Argonaut Gold Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 Pre-production operations at the mine commenced in the first quarter of 2021. Construction was 80% complete by the end of 2022. The project achieved its first gold pour in June 2023 and is expected to produce up to 81,000 ounces (oz) of gold in 2023. Commercial production is expected to begin in the third quarter of 2023.
The project has total proven and probable reserves of 59-million ounces grading 1.13 g/t gold. A feasibility study on the project has identified it as a strategic, long-life asset. The London Conference was for the French 'man in the street' one long Calvary as he saw M. Herriot abandoning one by one the cherished possessions of French preponderance on the Reparations Commission, the right of sanctions in the event of German default, the economic occupation of the Ruhr, the French-Belgian railway Régie, and finally, the military occupation of the Ruhr within a year. [12] The 63,000-metre reserve development drill program began on schedule on August 1 and is expected to be completed by mid-2024. The goal is to increase proven and probable reserves by between 500,000 and 1.0 million ounces of gold. Postwar assessment of whether the Maginot Line served its purpose has been mixed. Its enormous cost and its failure to prevent German forces from invading France have caused journalists and political commentators to remain divided on whether the line was worthwhile. [39] [40] Consolidated production of 53,911 GEOs, including pre-commercial production of 10,693 GEOs from the Magino mine, was 17% higher compared to 45,939 GEOs from the third quarter of 2022. The increase in production was largely due to initial production from the Magino mine, as higher production from the Florida Canyon mine offset lower production from the Company's Mexican mines.In a press release, the company said that 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. Although Argonaut has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. A special committee, consisting of unconflicted members of the board, has considered the proposed terms of the offering, including the number of securities issuable, the number of offered shares issuable to insiders and the offering price being at a discount to the market price. The committee has recommended that the company approve the terms of the offering, Argonaut stated.
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