July 14, 2021
Toronto, Ontario – July 14, 2021 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company“), is pleased to report June 2021 production of 5,398 oz gold (“Au”) a record to date. Additionally, the strip ratio for the month of June was 2.9, another record for the company. Q2 2021 gold production was 11,713 ounces at its San Francisco Mine in Sonora, Mexico. Gold sold during the quarter was 11,777 ounces at an average realized gold price of $1,752 per ounce (1). With 21,498 ounces of gold produced through the second quarter and achievement of full-scale commercial production on June 1, 2021, the Company reiterates full year gold production guidance of 55,000 to 65,000 ounces.
Magna Gold plans to release its full second quarter 2021 financial and operational results on or around August 30, 2021. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly results.
Arturo Bonillas, President & CEO of Magna Gold, stated:
“The end of Q2 marked a major milestone for the Magna Gold team. We achieved commercial production on schedule and had our highest production total in the month of June. We are seeing production ramp up every day and look to end the year producing ~7,500 oz Au per month. Figure 1 demonstrates just how far we have come as our strip ratio has been brought down to near life of mine averages and our production continues to steeply trend upwards.”
“Magna Gold is in a phase of rapid expansion and advancement of our assets. Having said that our commitment to health and safety remains a priority, this evidenced by our unblemished ~3.5M man hours without a lost time incident. We look to continue our dedication to best practices as we are well on our way to become a mid tier producer.”
- Realized gold price for Q2 2021 includes gains and losses on derivatives.