ENP Newswire -
Release date- 21052014 -
This press release should be read in conjunction with the Company's condensed consolidated interim financial statements for the three-month period ended
Highlights for the First Quarter Ended
10,294 ounces of gold were produced at the
Increased revenues of 13.2 million compared to 11.7 million during Q1 of 2013, due to a 46% increase in ounces of gold sold offset by a lower average gold price during Q1 of 2014.
Total cash cost per ounce of gold sold of 794 compared to 774 during Q1 of 2013 representing a 3% increase.
Higher production levels during Q1 of 2014 did not completely offset the decrease in the average gold price which consequently negatively impacted the following:
Mine operating earnings of 1.3 million compared to 3.6 million during Q1 of 2013, mainly due to the lower average gold price during Q1 of 2014.
Net earnings and adjusted net earnings of 0.4 million (0.00 basic and diluted per share), compared to net earnings and adjusted net earnings of 2.1 million (0.01 basic and diluted per share) during Q1 of 2013.
Adjusted EBITDA of 3.9 million (0.02 basic and diluted per share) compared to 6.9 million (0.04 basic and diluted per share) during Q1 of 2013.
Receipt of approval for the new plan of operations at the
Sale of the Pinon property on
The discussion of financial results in this press release includes reference to Adjusted EBITDA, Total cash cost per ounce of gold sold and Adjusted Net Earnings, which are non-IFRS measures. The Company provides these measures as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three months ended
Tel: (819) 825-7618
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration, development and exploitation of its
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration and development programs and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
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