Alio Gold said Thursday that Q2 gold production from its San Francisco mine in Mexico was near high end of guidance, at 22,011 ounces, through down from 25,863 ounces in Q2 2016. The mine, which is Alio’s sole producing asset, also produced 10,332 ounces of silver, compared to 14,884 ounces a year earlier.
Alio Gold (formerly Timmins Gold) said it is mining more material to obtain decreasing amounts of gold. The company mined 5.95 million tons of material in Q2, compared to 5.58 million tons in Q2 2016. The company said it is proceeding with the development of the Ana Paula gold-mining project in Guerrero, Mexico, and expects $50 million in equity financing to close on July 20.