Bear Creek Mining produces 12,025 oz gold at Mercedes mine in Q1 2023, Mexico
Bear Creek Mining Corp. [BCM-TSXV, BVL; BCEKF-OTCQX] produced 12,025 ounces of gold and 40,105 ounces of silver from the Mercedes mine, Sonora, Mexico, during the three months ended March 31, 2023. The mine is located approximately 250 km northeast of Hermosillo.
Gold production during Q1 2023 was at roughly the midpoint of guidance provided by the company in its news release dated February 24, 2023 (11,500 to 13,500 ounces of gold).
Eric Caba, president and chief operating officer of Bear Creek, stated: “We are pleased that Q1 2023 production from Mercedes is in alignment with our guidance for the quarter. Our foundational work, stemming from the Mercedes improvement program that concluded in January 2023, has prepared the Mercedes mine for improved production and efficient development, and cost controls are being prioritized. Throughput has steadily increased over the course of the quarter, and we are on the cusp of adding higher-grade ore from San Martin and Rey de Oro into the production pipeline. The anticipated net effect of these developments is an improvement in gold production in the coming quarters and particularly in the second half of 2023.”
Mercedes mine planning and development began the shift toward higher-grade deposits that utilize cut and fill mining methods during Q1 2023, which is expected to support increased production and lower costs through the remainder of the year. Throughput steadily increased over the quarter as the Marianas deposit entered production. A slower-than-expected advance in development work delayed production, and the expected accompanying increase in grade, from the San Martin and Rey de Oro deposits. However, the San Martin and Rey de Oro deposits are expected to enter production and begin contributing to gold output in early Q2 2023.
Bear Creek expects to announce its Q1 2023 financial results on or about May 25, 2023.