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Cerro Negro poured first gold on July 25, 2014 with commercial production achieved on January 1, 2015. Gold production for 2015 totaled 507,400 ounces. Cerro Negro is a high-grade gold mine located in the Santa Cruz province of Argentina. The operational focus remains on improving productivity which is expected to maximize net asset value over the long-term.
Cerro Negro contains several high-grade vein structures, including Mariana Central, Mariana Norte, San Marcos and Eureka. Since the acquisition in 2010 the gold reserves and resources have nearly doubled, and new discoveries support the Company's expectations that Cerro Negro will be a long-lived, high quality asset with low production costs. The property contains a large, very prospective land package, with a rich network of near-surface gold veins. Recent tax reforms have improved the climate for exploration of new veins within the Company's exploration concession within the Province of Santa Cruz. Integration and interpretation of geological, geophysical and field data has identified a total of 32 exploration targets and an aggressive program will commence in the near-term.
* Due to rounding, numbers may not add up.