ENP Newswire -
Release date- 31052014 -
The summary of the selected financial information should be read in conjunction with the Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended
The most significant highlights for the 1st quarter ending
Revenues increased 2% to
55% increase in silver equivalent ounces produced, with 919,989 ounces produced (798,788 ounces sold) in Q1, 2014, compared to 593,017 ounces produced in Q1, 2013 (506,939 ounces sold).
39% increase in production at the La Negra mill to over 3,000 tonnes per day ('tpd') in Q1, 2014, compared to less than 2,200 tpd in Q1, 2013.
Total cash cost per silver ounce, net of by products, decreased 30% to
Earnings from mining operations decreased 29% to
Comprehensive loss was
During the quarter ended
The average price for sales of silver, copper, zinc and lead during the quarter were Ag
The Company had earnings from mining operations of
The decrease in earnings from operations was mainly related to market prices of the metals sold, which averaged a decrease of 35% as compared with the same period last year.
La Negra Mine Production Highlights
La Negra completed its mine expansion from 2,200 tpd to 3,000 tpd production. Total tonnes of ore milled during the quarter jumped 51% to 257,140 tonnes from 170,081 in Q1, 2013.
55% increase in silver equivalent ounces produced during the quarter, with 919,989 tonnes being produced (Q1, 2013: 593,017).
4% increase in ore mined to 207,544 tonnes in Q1, 2014 from 200,494 tonnes in Q1, 2013.
La Negra's production increase was supported by a continuous in-house diamond drilling program, with the goal to replace each mined tonne with two additional tonnes of identified mineralization.
The raise boring machine is expected to be commissioned at the beginning of Q3, 2014, allowing the La Negra mine to reach the NW trend where higher silver grades of mineralization are located and to improve the mine infrastructure.
During Q1, 2014,
The Company's shares are also traded in
For further information, visit the website at www.aurcana.com
This news release contains certain forward-looking statements, including statements regarding forecast silver production, silver grades, recoveries, potential mineralization, exploration result, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties.
These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects' or does not expect', 'is expected', anticipates' or 'does not anticipate' 'plans', 'estimates' or 'intends' or stating that certain actions, events or results ' may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and may be 'forward-looking statements'.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others, risks related to international operations, unsuccessful exploration results, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions.
When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking statements.
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