Allied Nevada Gold Corp ANV

News February 24

[arielpls]

Allied Nevada Reports 2013 Financial and Operating Results

 

 

RENO, NEVADA--(Marketwired - Feb. 24, 2014) - Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV)(NYSE MKT:ANV) provides financial and operating results for the year ended December 31, 2013.

2013 Highlights:

• Record gold and silver sales in 2013, up 59% and 23%, respectively, from the previous year 
   
• Fourth quarter 2013 sales represented 33% of total 2013 gold sales and 41% of total 2013 silver sales, benefiting from the heap leach expansion 
   
• Adjusted cash costs per ounce(1) (before write-down) of $802 for the full year 2013, was at the lower end of our guidance range 
   
• Lowered mining costs by approximately $0.45 per ton during 2013 
   
• Operating full complement of shovel and haul fleet to achieve an average of over 250,000 tons per day 
   
• Increased square footage under leach by 72% 
   
• Increased Merrill Crowe processing capacity with completion of the new 21,500 gallons per minute (gpm) plant, along with the existing 5,000 gpm plant, which we expect will allow us to eliminate carbon columns in 2014 
   
• Amended revolving credit agreement to remove covenants restricting us from using the facility and we now have $40 million in available borrowing capacity 
   
• Adjusted net income(2) of $17.2 million ($0.17 per share) 
   
• Advanced the onsite oxidation process testing through two phases with positive results leading to the decision to move forward with a pilot plant study to process sulfides