“Success in our 2021 exploration program will build our confidence in the potential to advance the project to an initial open pit resource and elevate the profile of the Cervantes project in a region that has both porphyry copper and heap leach gold production in Mexico.”
The Company finished the year with a strong balance sheet, including $25.4 million in cash, which provides us with flexibility as we move to reinvest capital in Mexico to increase the productivity and the life of the operations.
While certainly uncommon, sharp selloffs naturally freak out traders crushing any bullish sentiment. Serious gold down days are nearly always driven by heavy speculator selling in super-leveraged gold futures.
Looking to the future, I am excited about the 30% production growth we expect to deliver in 2021 as we commence first ore deliveries from our Pavon Norte open-pit mine this month. With strong cash flow generation, we will be reinvesting in the business through an increased exploration budget and development.