Au­r­o­ra Mi­ne shi­nes with 107,000 oun­ces gold in first ni­ne months

Times of Suriname - - ENGELS -

Ca­na­di­an-ow­ned Gu­y­a­na Gold­fields Inc. has an­noun­ced a good year so far with 107,700 oun­ces of gold pro­du­ced at the end of Sep­tem­ber.

Bet­ween Ju­ly and Sep­tem­ber (the third quar­ter), the com­pa­ny’s Au­r­o­ra Gold Mi­ne, Gu­y­a­na Gold­field ap­pe­ars well on cour­se of mee­ting this year’s tar­get, the com­pa­ny said in its third quar­ter re­port Thurs­day. Re­gi­on Se­ven, pro­du­ced 34,400 oun­ces of gold, an in­crea­se from 32,000 oun­ces in the pre­vious quar­ter- this was due main­ly by hig­her mill through­put, the com­pa­ny said Thurs­day in its third quar­ter re­port. In the first quar­ter, the com­pa­ny de­cla­red 41,300 oun­ces with 32,000 oun­ces re­cor­ded for the se­cond. The com­pa­ny said that its cost of sa­les (in­clu­ding roy­al­ty and de­pre­ci­a­ti­on) im­pro­ved for the third quar­ter to USD 811 per oun­ce of gold sold (com­pa­red to USD 842 per oun­ce in the pri­or quar­ter). The com­pa­ny said that re­ve­nue de­crea­sed slightly ver­sus the pri­or quar­ter to USD 44.4 mil­li­on due to the ti­ming of sa­les, howe­ver earnings from mi­ne ope­ra­ti­ons in­crea­sed to USD 17.4 mil­li­on re­pre­sen­ting a mar­gin of 39%. The com­pa­ny ap­pe­ars to be sit­ting pret­ty too with the third quar­ter en­ding with a cash ba­lan­ce of USD 128.5 mil­li­on (in­clu­ding re­stric­ted cash of USD 23.3 mil­li­on) and a debt ba­lan­ce of USD 135.7 mil­li­on, fol­lo­wing the com­ple­ti­on of an equi­ty fi­nan­cing that rai­sed ag­gre­ga­te gross pro­ceeds of USD 103.5 mil­li­on du­ring the pe­ri­od. Ac­cor­ding to Scott Cald­well, Pre­si­dent and Chief Exe­cu­ti­ve Of­fi­cer, the com­pa­ny remains well on track to meet its 2016 pro­duc­ti­on and cash cost (be­fo­re roy­al­ty) guid­an­ce. The com­pa­ny is tar­ge­ting up to 160,000 oun­ces for this year.

“On­go­ing ca­pi­tal in­vest­ment in the mi­ne should dri­ve fur­ther ef­fi­cien­cies in mi­ning costs and mill per­for­man­ce as we head in to 2017. The com­pa­ny’s strong cash po­si­ti­on al­so pro­vi­des ample ca­pa­ci­ty to meet our short and long­term li­qui­di­ty re­qui­re­ments in­clu­ding the fun­ding of a po­ten­ti­al mill ex­pan­si­on at the Au­r­o­ra Mi­ne, the re­struc­tu­ring of the pro­ject lo­an fa­ci­li­ty and a sig­ni­fi­cantly ex­pand­ed ex­plo­ra­ti­on pro­gram as we ram­pup dril­ling in 2017″. The com­pa­ny star­ted ope­ra­ti­ons last year, rea­ching com­mer­ci­al ope­ra­ti­ons in Ja­nu­a­ry. Gu­y­a­na Gold­fields is among two of the big gold mi­ning com­pa­nies he­re. The other one is Troy Re­sour­ces.


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