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Vancouver, BC - Timmins Gold Corp. (TSX: TMM, NYSE.MKT: TGD) (the "Company") is pleased to report its financial results for the third quarter ended September 30, 2013. The comparative period is the three months ended September 30, 2012. All results are presented in United States dollars ("US dollars") unless otherwise stated. Readers should refer to the Q3 2013 Management's Discussion and Analysis and condensed interim consolidated financial statements for complete information. THIRD QUARTER HIGHLIGHTS Metal revenues were $38.1 million, compared to $41.7 million during the same prior year period. This represents an 9% decrease in revenue over the prior year, primarily due to the sustained decrease in gold price since April 2013, offset by increased production. The average London PM Fix price was $1,326 per ounce, compared to $1,652 per ounce during the same prior year period. This represents a 20% decrease over the prior year. Profit from operations was $9.3 million, compared to $19.2 million during the same prior year period. This represents a 52% decrease over the prior year. This was mainly due to the reduced revenues realized from the lower gold price. Earnings were $4.8 million or $0.03 per share, compared to $13.7 million or $0.09 per share during the same prior year period. This represents a 65% and 70% decrease, respectively, over the prior year. Cash flows from operations before changes in non-cash working capital were $13.7 million or $0.09 per share, compared to $22.5 million or $0.16 per share during the same prior year period. Cash at September 30, 2013 was $14.4 million after investing $10.3 million in exploration, plant expansion and spending on deferred stripping. Cash at September 30, 2012 was $28.3 million after investing $8.1 million in exploration, plant expansion and spending on deferred stripping. The Company produced a record 29,139 ounces of gold and sold a record 28,637 ounces of gold, compared to 25,153 and 25,153, respectively, during the same prior year period. This represents a 16% and 14% increase of ounces produced and sold, respectively, over the prior year due to increased throughput and crushing capacity. The Company's cash cost per ounce on a by-product basis was $738 (all-in sustaining cash cost per ounce on a by-product basis - $898), compared to $668 (all-in sustaining cash cost per ounce on a by-product basis - $884) during the same prior year period. This increase in cash costs is primarily driven by lower grades realized in the current quarter of 0.77 grams of gold per tonne ("g/t Au"), compared to the same prior year quarter 0.89 g/t Au. In addition, due to changes in accounting methods caused by the drop in gold price, the inclusion of approximately 50% of the mining costs associated with the unprocessed ore stockpile resulted in a $16 per ounce increase to the cash cost per ounce. These increases are partially offset by cost reduction initiatives. During July 2013, the Company announced postponing the installation of a new crushing circuit as well as the commencement of La Chicharra operations until the new mine plan has been produced. During August 2013, the Company entered into an agreement with an equipment supplier to finance the remaining portion of an equipment purchase totalling $4.9 million (excluding VAT) of which the Company had previously paid $1.5 million (excluding VAT). The financing agreement carries an annual interest rate of 7.2% and the remaining balance of $3.4 million (excluding VAT) is payable in 36 monthly instalments which include equal principal repayments of $0.1 million. http://www.timminsgold.com/s/NewsReleases.asp?ReportID=60946… |
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| aus der Diskussion: | Alio Gold -- ehem. Timmins Gold |
| Autor (Datum des Eintrages): | Global-Player83 (02.11.13 23:17:00) |
| Beitrag: | 1 von 884 (ID:45748737) |
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