Hemlo Gold boosts earnings, gold output at Golden Giant

For the 9-month period, Hemlo earned $29.7 million or 34 cents per share, compared with $32.6 million or 37 cents per share in the same period last year.

At the Golden Giant mine near Hemlo, Ont., production was 104,783 oz during the quarter. The average head grade was 14.1 g gold per tonne (0.41 oz per ton), which reflected production from above average grading stopes. Mill recoveries also improved to 95.9%.

The company plans to complete a second backfill raise this month which will allow for regular delivery of backfill to all areas of the mine.

Hemlo also had a busy exploration agenda in the last quarter. The company spent $8.2 million to fund its share of exploration on 73 gold projects. In the Mishibishu area west of Wawa, Ont., Hemlo plans to drill several quartz veins during the fourth quarter on property held by Caribbean Resources (VSE).

At the Central Crude (TSE) property, a ramp has reached the No 8 vein, and drifting is in progress. The second part of the Central Crude project will cost Hemlo $5.1 million to complete.

A dividend of 10 cents per share has been declared payable on Dec 14 to shareholders of record on Nov 16.

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