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The mine operating statement for the production period is as follows:
-------------------------------------------------------------------------- Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 --------------------------------------------- Gold sales (ounces) 111,104 95,424 95,675 92,400 75,100 Silver sales (ounces) 74,100 49,751 48,880 52,800 42,100 -------------------------------------------------------------------------- ($000) ($000) ($000) ($000) ($000) --------------------------------------------- Revenues 191,080 158,503 157,134 158,658 128,100 -------------------------------------------------------------------------- Production Costs (101,239) (81,841) (98,837) (71,910) (74,841) Royalties (2,546) (1,998) (2,021) (2,359) (1,933) Depreciation (19,198) (14,605) (15,289) (13,877) (11,800) --------------------------------------------- Total (122,983) (98,444)(116,147) (88,146) (88,574) --------------------------------------------- Earnings from mine operations 68,097 60,059 40,987 70,512 39,526 --------------------------------------------------------------------------
Following the commencement of commercial production, steady improvements have been made despite some setbacks in the fourth quarter and the May 9th fire at the mill which affected production during a 10-day period. Improved productivity at the mine was noted throughout 2012 as the pit floor was further developed, mobile equipment efficiencies improved, and throughput at the mill increased. As the ramp up continues towards the 55,000 tonnes per day nameplate mill capacity, cash cost per ounce is expected to decrease.
Key operating results
(in thousands of Canadian dollars, unless otherwise noted)
-------------------------------------------------------------------------- Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 ----------------------------------------Gold Production (oz) 101,544 103,753 92,003 91,178 79,718Gold Sales (oz) 111,104 95,424 95,675 92,400 75,100Average Sale Price (US$/oz) 1,709 1,659 1,605 1,698 1,655Average Market Price (US$/oz) 1,722 1,652 1,609 1,691 1,688Cash Costs per Ounce(4) (C$/oz) 903 864 1,015 860 936Cash Costs per Ounce(4, 5) (US$/oz) 911 867 1,004 858 914Cash Margin per Ounce(4) (US$/oz) 798 792 601 840 741Revenues 191,080 158,503 157,134 158,658 128,100Earnings from Mine Operations 68,097 60,059 40,987 70,512 39,526Net Earnings 9,638 26,156 13,271 29,359 37,802Net Earnings per Share 0.02 0.07 0.03 0.08 0.10Operating Cash Flows(6) 77,725 68,010 50,521 77,437 46,633--------------------------------------------------------------------------4) Reconciliation of non-IFRS measures is provided under Note RegardingCertain Non-IFRS Measures of Performance of this press release.5) Using the average exchange rate for the period.6) Before change in non-cash working capital items.
