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Santacruz Silver Reports Third Quarter 2019 Financial Results Vancouver, B.C. -- Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") reports on the operating and financial results from its Mexican mining operations for the third quarter of 2019. The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All amounts are in thousands of US dollars unless otherwise indicated. Q3 2019 Highlights Consolidated mining operations generated a gross profit of $102 including gross profit from Zimapan of $992, and gross losses from Rosario and Veta Grande of $672 and $511 respectively plus mine services gross profit of $293; Net loss after taxes of $1,432; Consolidated cash cost per silver equivalent ounce sold $18.52 and AISC of $22.83 Carlos Silva, COO of Santacruz, stated, "The 50% acquisition of Carrizal Mining in early Q3 of 2019 made an immediate impact to our production profile and bottom line by producing 606,589 silver equivalent ounces and generating mine operating earnings of $1 million. Further, consolidated production for Q3 2019 set a new quarterly record of 952,832 silver equivalent ounces. Consolidated production for Q4 2019 is expected to significantly increase as a result of Santacruz acquiring the remaining 50% of Carrizal Mining in early October. Management is continuing discussions with Penoles with respect to reaching an agreement for the outright acquisition of the Zimapan mine prior to the expiry of the current mine lease agreement on December 31, 2020." Mr Silva continued, "Rosario was not as strong in Q3 as the results include a one-time charge for certain mine related expenditures while at Veta Grande operating improvements continued. We expect Rosario to become a consistent cash flow contributor by Q1 2020 and have changed the operating plan at Veta Grande with the expectation of further operating improvements." The Company realized an average silver price of $17.52 per ounce during Q3 2019 which represents a 22% increase from Q3 2018 and a 20% increase from Q2 2019. The Company recorded a net loss of $1,432 in Q3 2019 compared to a net loss of $2,888 in Q3 2018 and a net loss of $1,137 in Q2 2019. The Company expects a continued improvement to operating results moving forward at all three mines. At Veta Grande mineralized material from the Garcia mine and Armados vein is now being milled individually on a campaign basis and not blended. It is anticipated that metal recoveries will improve from this processing change and operating results improve. http://www.santacruzsilver.com/s/news_releases.asp?ReportID=… |
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| aus der Diskussion: | Santacruz Silver Mining (SCZ.V): Der neue Stern am Silberhimmel? |
| Autor (Datum des Eintrages): | check-out (05.12.19 18:28:10) |
| Beitrag: | 4,129 von 5,417 (ID:62089739) |
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