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30.04.2018 22:30
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Guyana Goldfields Inc. Reports First Quarter 2018 Results; Sold 38,000 oz Au Generating US$18.9M in Operating Cash Flow and Net Earnings of US$0.05 Per Share
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Canada NewsWire
TORONTO, April 30, 2018
TORONTO, April 30, 2018 /CNW/ - Guyana Goldfields Inc. (TSX: GUY) (the "Company") reports its 2018 first quarter operational and financial results. All amounts are expressed in U.S. dollars unless otherwise stated. A conference call will be held tomorrow, Tuesday, May 1st at 10:00 am ET to discuss first quarter results and details of the call can be found at the end of this release. The Company previously announced its first quarter gold production from mining operations on April 9, 2018.
Q1 2018 Highlights
- Gold production for the quarter of 38,500 ounces with cash flow generation from operations of $18.9 million ("M").
- Record mill throughput achieved averaging 6,720 tonnes per day ("tpd") for the quarter, of which 100% was hard rock.
- Strong balance sheet ending the quarter with positive working capital of $98.9M.
- Operating costs (including depreciation and royalty) of $913 per ounce, cash costs1 (before royalty) of $611 per ounce, and all-in sustaining costs1 ("AISC") of $934 per ounce.
- Completed the 2018 Optimized Life of Mine study, which provides for smoother life-of-mine production and cost profiles while reducing overall capital, operating costs and further improving cash flows.
- Completed first phase of the mill expansion on-time and under budget, allowing for increased mill throughputs and recoveries going forward.
Scott Caldwell, President & CEO stated, "Aurora delivered as per plan for the first quarter of 2018 and we are excited to continue to observe the effects of the phase one mill expansion on operations for the second quarter to date. With increased throughput and higher grades expected in the second half of the year, we are confident in our ability to meet 2018 guidance. We look forward to initiating the development of the underground in the fourth quarter of this year in our effort to accelerate selective mining of higher grade stopes starting in 2019. We have begun the bidding process to bring on the required underground mining technical expertise, as well as initiated the movement of previously purchased underground mining equipment to site."
Aurora Gold Mine Operational Statistics
| | | Q1 2018 | Q1 2017 |
| Ore mined (tonnes) | Tonnes (000's) | 517 | 499 |
| Waste mined | Tonnes (000's) | 2,767 | 2,390 |
| Total Mined | Tonnes (000's) | 3,284 | 2,889 |
| Strip ratio | Waste:ore | 5.4 | 4.8 |
| Tonnes mined per day | tpd | 36,489 | 32,094 |
| Ore processed | Tonnes (000's) | 605 | 603 |
| Tonnes processed per day | tpd | 6,720 | 6,698 |
| Head grade | g/t Au | 2.18 | 2.44 |
| Recovery | % | 91.7 | 89.7 |
| Gold Produced | ounces | 38,500 | 40,900 |
| Gold Sold | ounces | 38,000 | 40,700 |
| Average Realized Gold Price | ($/ounce) | 1,333 | 1,227 |
Q1 2018 Operational Results Summary
- Gold production of 38,500 ounces based on mill throughput of 605,000 tonnes at an average head grade of 2.18 grams per tonne gold ("g/t Au") and a new record average recovery of 91.7%. Please note, the first quarter preliminary production press release recorded an incorrect head grade of 2.35 g/t Au. All other figures were correct.
- The mill achieved a new record average throughput during the first quarter of 6,720 tpd which was achieved while processing 100% hard rock and was largely a result of mill optimization work completed in 2017 resulting in increased utilization. Throughput was in line with the comparative quarter in the prior year, however the comparative quarter had the benefit of incorporating 23% of saprolite feed.
- Grade and gold production is expected to be weighed towards the second half of the year due to mine sequencing and incorporating a higher throughput capacity with the completion of the phase 1 and 2 mill expansions.
Q1 2018 Selected Financial Information
| (in thousands of dollars, except ounces, per ounce and | Q1 2018 | Q1 2017 | ||
| Revenues | $ | 50,734 | $ | 49,957 |
| Earnings from mine operations | $ | 15,989 | $ | 16,317 |
| Net Income | $ | 8,390 | $ | 9,938 |
| Comprehensive (loss) income | $ | (611) | $ | 28,935 |
| Net earnings per share | $ | 0.05 | $ | 0.06 |
| Net earnings per diluted share | $ | 0.05 | $ | 0.06 |
| | | | | |
| Total assets | $ | 473,439 | $ | 468,782 |
| Total debt | $ | 55,000 Werbung Mehr Nachrichten zur Guyana Goldfields Aktie kostenlos abonnieren
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