Amsterdam, Netherlands, July 18, 2014 - Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, announces its operating results for the second quarter and six months ended June 30, 2014.
* Including 20.1 thousand ounces of doré produced by Suzdal mine in Q1 2014, but refined and sold during Q2 2014.
Nordgold has achieved yet another outstanding operating performance in the latest quarter. Our relentless focus on maximising operational performance while prudently deploying capex is delivering improved production and efficiencies across all our mine sites. Seven out of nine mines have shown strong YoY growth; six mines — in double digits. While Bissa and Berezitovy continued their flagship performance, production at Lefa and Buryatzoloto has significantly improved confirming success of our turnaround programme. Our optimised blending strategy combined with implementation of plant improvement programme has delivered record recovery at Taparko.
In addition to our success in operating performance and costs, we have made significant progress in enhancing the mineral base of Nordgold. We have acquired two satellite projects, Ronguen next to Bissa and Onot-Kitoiskaya next to Zun-Holba, and made an investment in Northquest Ltd. which owns a promising Pistol Bay project in northern Canada. We have also delivered a robust preliminary economic assessment of the Bouly project in Burkina Faso, moving the project into the feasibility study phase. Finally, pilot stage production at Gross is progressing according to schedule with preliminary leaching data tracking results of the feasibility study.
As always, our focus remains on maintaining cost discipline and improving efficiency and safety across the Group while we continue to work towards our goal of achieving positive free cash flow generation at all our mines. Nikolai ZelenskiChief Executive Officer of Nordgold