Aurcana Reports 2013 Financial Results - Seite 2

The decrease in earnings from mining operations was related to the decrease in the selling prices of metals produced by the Company in 2013 as well as lower grades of silver. The loss resulting from the impairment of the Shafter property, plant and equipment, and Mineral property assets in Shafter mine, currently on care and maintenance had an effect of $114.1 million plus another $15.9 million expense.

Revenue

During the year ended December 31, 2013, the Company generated revenues from the sale of 10,082 tonnes of copper concentrate (2012: 9,181 tonnes); 15,887 tonnes of zinc concentrate (2012: 15,415 tonnes); 3,006 tonnes of Lead Concentrate (2012: 3,441 tonnes); and 1,073,072 ounces of silver (2012: 1,231,740 ounces) for total net revenues of $45.0 million (2012: $56.9 million).

The average price for sales of copper, silver, zinc and lead during the year were copper; $3.29 (2012: $3.59) per pound; silver $22.92 (2012: $31.12) per ounce; zinc $0.86 (2012: $0.88) per pound and lead $0.97 (2012: $0.94).

On December 31, 2013 the Company had $20.3 million in cash and a working capital deficiency of ($3.7) million.

La Negra Mine Production Highlights

• 19% increase in milled tonnes processed for a total of 825,014 tonnes during the year ended December 31, 2013, (2012: 691,260).
• 7% increase in copper, zinc and lead concentrate for a total of 30,418 tonnes produced during 2013 (2012: 28,363 tonnes).
• Average silver grade per tonne was 60 grams in 2013 compared to 78 grams in 2012. The La Negra mine plan includes a transition to mining higher grade mineralized zones from upper levels of the mine in 2014 and 2015.
• Higher copper grades were mined in 2013 resulting in constrained mill through-put in 2013. A new larger capacity filter press has been commissioned in Q1 2014.
• La Negra's production increase was supported by 13,374 metres of diamond drilling for mining operations and exploration in 2013.

Aurcana has announced its re-financing from Orion Mine Finance (Master) Fund I LP, an affiliate of Orion Mine Finance Group. Details are in the Press Release dated April 29, 2014.