ENP Newswire -
Release date- 14082014 -
All amounts are in
A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended
Second Quarter 2014 Highlights
Operating cash cost of
o As disclosed in the Company's press release of
Net loss of
Cash balance has been maintained above
Cash flows from operating activities of
Cash flows used in investing activities of
Produced 7,196 ounces of gold.
Total ore mined of 137,114 tonnes at an average grade of 1.92 grams per tonne.
The highlight being 3,384 tonnes of ore from Tau Underground at an average grade of 2.85 grams per tonne.
Total ore milled of 181,011 tonnes at a head grade of 1.58 grams per tonne.
Due to the failure of the SAG mill motor and the reduction in milling capacity the Company focused on mining and processing softer material. As a result less Tholo ore which has a higher grinding index and a higher grade was processed. This higher grade ore will be processed in future quarters when the Company has replaced the mill motor.
We expect that a replacement mill motor with the same capacity as the original motor will be installed within the next three to five weeks.'
Certain statements contained in this press release constitute 'forward-looking statements'.
All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words 'believe', 'expect', 'aim', 'intend', 'plan', 'continue', 'will', 'may', 'would', 'anticipate', 'estimate', 'forecast', 'predict', 'project', 'seek', 'should' or similar expressions or the negative thereof, are forward-looking statements.
These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially are set out under the heading 'Risks and Uncertainties' in
Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained or referenced herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.
These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Tel: (647) 987-7663
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