Victoria Gold Corp said on Monday that its Eagle Gold Mine had produced 41,982 ounces of gold in the fourth quarter of 2023.
Meanwhile, full-year 2023 gold production amounted to 166,730 ounces, up from 150,182 ounces in 2022.
“The Eagle Gold Mine achieved our 2023 production guidance of 160,000-180,000 ounces of gold,” John McConnell, President and Chief Executive Officer, said in a press release.
“This is a record level of production for Eagle and an 11% increase year-over-year. In 2023, we successfully demonstrated the feasibility of year-round stacking on the heap leach facility, resulting in more consistent quarterly gold production and a mitigation of the impacts of seasonality. We intend to continue year-round stacking in 2024 and look forward to increased year-over-year production levels again this year,” the CEO added.
“We generated positive free cash flow during the fourth quarter and continued to reduce our net debt position, including a Cdn$11 million payment against our Term Loan Facility, which we expect to fully repay during the third quarter of 2024,” McConnell said.
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