TORONTO, ONTARIO--(Marketwire - July 16, 2012) - QMX GOLD CORPORATION (TSX:QMX)(OTCQX:AXSMD) ("QMX Gold" or the "Company") announces that in the second quarter of 2012, the Company produced approximately 5,300 ounces of gold from its Lac Herbin Mine in Val-d'Or, Quebec and has produced 10,800 ounces of gold year to date.
The production results from the Lac Herbin mine continue to reflect the Company's 2012 production guidance of 18,000 to 20,000 ounces for the year. Cash cost information will be released as part of the second quarter financial results expected in mid-August.
Operational Update - Lac Herbin
Since reporting the first quarter 2012 results, QMX Gold continues to see consistently positive results in production levels and mill recovery rates from the Aurbel Mill due to our focus on improving recovery rates, which began at the end of 2011.
QMX Gold is also pleased to announce the appointment of Patrick Sévigny as Vice President of Quebec Operations. Most recently Director of Strategic Development, Patrick has been with QMX Gold for a number of years and worked closely with Sylvain Lehoux on the Lac Herbin turnaround plan which was initiated in 2011. Patrick will be stepping into the role left vacant by Sylvain Lehoux, who has left the Company to pursue other opportunities.
Operational Update - Snow Lake
With the announcement of the credit approval from Credit Suisse (see release dated May 29, 2012), the Company continues to work towards finalization of the credit documents and satisfaction of covenants related thereto. Meanwhile, the Snow Lake project continues to advance towards production. The operating team is presently focused on a review of mineral resources and compilation as well as optimization studies.
On reviewing the second quarter operational results François Perron commented, "I continue to be pleased with the results at the Lac Herbin mine and the Aurbel Mill. We continue to be on target with our production while maintaining a safe and secure workplace. Our focus on improving recoveries is beginning to bear fruit as recoveries have improved to above 90% in the second quarter. With regard to our management change, I am confident that Patrick will be able to pick up where Sylvain left off and I wish Sylvain the best with his future endeavors."
Technical programs and information included in this release have been reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. The Company is listed on the Toronto Stock Exchange ("TSX") and trades under the symbol "QMX", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMD". QMX Gold continues to be a dynamic and aggressive mining company operating in Canada's richest mining regions: Val-d'Or, Quebec, and Snow Lake, Manitoba. QMX Gold continues to operate in the mineral rich Val-d'Or area with production estimated at 18,000-20,000 ounces of gold per year. The Company has also begun to ramp-up pre-production activities at its property at the Snow Lake Mining Camp which has a Measured and Indicated Mineral Resources of over 720,000 oz gold and is expected to produce 80,000 ounces of gold per year.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to this quarter's operational results, the timing and amount of future exploration and development of the property, the timing and amount of future production, the ability of the Company to secure financing and on commercially reasonable terms, and the future financial or operating performance of Alexis and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.