By a News Reporter-Staff News Editor at Journal of Engineering -- Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") is pleased to announce the financial and operating results for the second quarter of 2014 ("Q2"). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in US dollars unless otherwise indicated.
"During the second quarter we have been successful in reducing our operating costs significantly while keeping on-track with our 2014 mine plan, in particular we have reduced our all-in sustaining cost per silver equivalent ounce sold by more than 28% from the first quarter of 2014," said Arturo Prestamo, President and CEO. "We exited the second quarter at a 300-tpd production rate and currently are averaging mine production of 380-tpd with a targeted third quarter exit rate of 400-tpd. We expect an increase on the Rosario Mines head grades, as less development ore will be included with production going forward (during 2Q/14, 70% of all ore milled was from development and 30% from production stopes). In addition, during the second quarter the Company incurred approximately $450,000 for engineering consultant fees. These are the final engineering consultant fees to be paid as the Company has successfully reached the objectives outlined under this technical support agreement. Finally, the recent addition of Mr. Robert Byrd as Chief Operating Officer of the Company will assist us greatly in our efforts to become cash flow positive in the near term at the Rosario Mine."
Second Quarter 2014 Financial Summary
Keywords for this news article include: Engineering, SantaCruz Silver Mining Ltd.
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