Vancouver – The third quarter was full of records for Alamos Gold (AGX-T).
Alamos, with gold mining operations in Mexico, made record earnings (US$14.1 million), cash flows (US$22.7 million), cash holdings (US$154 million) and cash-cost per oz. gold lows (US$314).
Alamos also reached a new record for monthly gold production of 19,500 oz. in October. All told it produced 42,500 oz. gold during the third quarter and sold 43,201 oz. gold at an average price of US$956.
Production came from Alamos’ Mulatos mine 220 km east of Hermosillo where it crushed, on average, 12,200 tonnes ore per day and stacked ore grading 1.68 grams gold per tonne.
Alamos says that it is on track to spend US$10 million on exploration in 2009.
During the quarter Alamos also entered into a memorandum of understanding (MOU) with Fronteer Development Group (FRG-T, FRG-X) and Teck Resources (TCK.B-T, TCK-N) to acquire 100% of their Agi Dagi and Kirzali gold projects in Turkey for US$40 million. Currently, the company says, it is conducting due diligence to assess the state of the projects before finalizing the transaction.
On news of Alamos’ record quarter the company’s shareprice gained 58¢ to $9.98. The company has about 108 million shares outstanding.
Be the first to comment on "Alamos hits record quarter"