(1) Allied Nevada uses a non-GAAP financial measure "adjusted cash costs" in this document. Please see the section at the end of this press release and in the 2012 Annual Report on Form 10-K titled "Non-GAAP Financial Measures" for further information regarding these measures.
"As with any company growing as quickly as Allied Nevada, we experienced some successes as well as some disappointments this past year. With the additions to the mining fleet and the completion of the Lewis leach pad, we were able to increase our tons placed on the leach pads by 77%. Since more than 40% of the ounces were placed on the pad in the fourth quarter, we are well positioned to achieve our 2013 guidance," said Scott Caldwell, Allied Nevada President and Chief Executive Officer. "We've made a number of changes to the employee base over the past year, including doubling of the workforce at Hycroft, working alongside more than 200 contract employees, and strengthening our management team. I am confident that together we have the depth to build one of North America's largest gold and silver mines. It goes without saying that during this effort, safety will continue to be our focus in the coming year as our people are our number one priority at Allied Nevada."
Hycroft Operations Update
Key statistics for the Hycroft Mine for the year ended December 31, 2012, compared with 2011, are as follows:
Years ended December 31, ----------------------------- 2012 2011 -------------- --------------Ore tons mined 000s 30,299 16,638Stockpiled mill ore tons mined 000s 3,346 -Waste tons mined 000s 22,088 11,393 -------------- --------------Total tons mined 000s 55,733 28,031 -------------- -------------- -------------- --------------Excavation and pre-strip tons mined 000s 4,945 5,976 -------------- -------------- -------------- --------------Ore grade - gold oz/ton 0.012 0.013Ore grade - silver oz/ton 0.21 0.34Ounces produced - gold 136,930 104,002Ounces produced - silver 794,097 479,440Ounces sold - gold 114,705 88,191Ounces sold - silver 696,144 372,000Average realized price - gold $/oz $ 1,681 $ 1,577Average realized price - silver $/oz $ 31 $ 35Average spot price - gold $/oz $ 1,669 $ 1,572Average spot price - silver $/oz $ 31 $ 35Total adjusted cash costs(1) 000s $ 73,186 $ 43,062Adjusted cash costs per ounce(1) $ 638 $ 488
(1) Allied Nevada uses a non-GAAP financial measure "adjusted cash costs" in this document. Please see the section at the end of this press release and in the 2012 Annual Report on Form 10-K titled "Non-GAAP Financial Measures" for further information regarding these measures.
