Newly appointed chief executive officer Zach Casley has also budgeted fourth quarter 2013 revenues from gold and silver sales at an average of US$5 million per month.
This is expected to rise to an average of US$6 million per month in the first quarter of 2014 with direct operating costs remain on budget at about US$2.5 million per month.
Casley, who marked his first month at the company with a review of operations, confirmed that despite the commissioning and ramp up phase of the Albion/CIL process plant being prolonged and negatively impacted by design and equipment issues, he was confident that plant performance would be fully optimised within the next three months.
He also advised that he is satisfied with the skill set of on-site management and operators of the Albion process in its first application for recovery of precious metals from refractory ore.
Casley has moved to appoint a chief operating officer with a strong hydrometallurgical background and extensive experience with refractory ores to take responsibility for the operation of the Dominican project and also implement other projects where the unique intellectual property gained at Las Lagunas may be successfully applied.
Candidates have also been identified and interviewed for the role of exploration manager with an appointment expected in early 2014 following the granting of the two remaining concessions under application with the Dominican Government.
The Las Lagunas project had produced doré worth $2.32 million in the period from 5 August to 25 August after the Albion/CIL process plant was re-commissioned at the beginning of August 2013 with the new Albion circuit agitators functioning as required - and the CIL tanks freshly charged with highly activated carbon.
This was followed by a shutdown in early September to modify pipework associated with the flotation circuit.
The Las Lagunas project involves reprocessing 5.137 million tonnes of high grade refractory tailings at 3.8g/t gold and 38.6g/t silver from the Pueblo Viejo mine.
Investors have a clear goal to look forward to in the next three months with new chief executive officer Zach Casley mapping out expected improvements to production in that period.
Guidance is Q4 2013 revenues of US$5 million increasing to US$6 million in Q1 2014.
We expect PGI share prices to track this production growth with the current share price of $0.076 offering a good buying opportunity.
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