Majestic Gold Corp announces the appointment of Stephen Kenwood as president and CEO. He is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia and received a Bachelor of Science (Geology) degree from the University of British Columbia. Stephen Kenwood has experience in the area of advanced project development in British Columbia, at Snip gold project for Cominco and at Eskay Creek deposit for Prime Exploration. He also worked as a project geologist on the Petaquilla copper gold porphyry project in Panama and has worked on projects in Peru, Chile, and China.
He was onsite earlier this month to join a North American mining engineer with extensive experience in China who is conducting a comprehensive review of Majestic’s operation at Song Jiagou. It is anticipated this review will assist the company in implementing changes to the operation that will result in better grade control in the mine pit resulting in higher grade throughput in the mill.
In the future, overall mine design and planning will be the responsibility of Majestic rather than the contractor, Yantai Dahedong Processing Co. Stephen Kenwood will be in meetings to finalize a revised mining and milling agreement that will allow Majestic to direct the mining activity, including the handling of waste material.
During the December quarter there were 4843 ounces of gold produced at Song Jiagou compared to 4617 ounces in the comparable quarter of 2012. Tonnes of ore milled was 418,629 for the three months ended December 31 compared to 456,487 for the comparative period.
Gold sales revenue for the quarter was US$3,653,833 from the sale of 2894 ounces at an average realized gold price of US$1263 per ounce, compared to revenue of $4,105,581 from the sale of 2399 ounces at an average realized gold price of $1755 per ounce for the comparative period of 2012. Gross profit was $999,231 for the quarter compared to $2,173,943 for the three months ended December 31, 2012. Cash costs were $865 per ounce for the quarter compared to $786 per ounce for the comparative period.