Q ok
Roxgold earns $13.92-million (U.S.) in Q1
2018-05-15 20:59 ET - News Release
Mr. John Dorward reports
ROXGOLD DELIVERS RECORD GOLD PRODUCTION AND CASH FLOW IN FIRST QUARTER 2018; ANNOUNCES INCREASE IN FULL YEAR PRODUCTION GUIDANCE
Roxgold Inc. has released its first quarter financial results for the period ended March 31, 2018.
For complete details of the unaudited Condensed Consolidated Financial Statements and associated Management's Discussion and Analysis please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website (www.roxgold.com). All amounts are in U.S. dollars unless otherwise indicated.
HIGHLIGHTS
For the three-month period ended March 31, 2018, the Company:
- Completed over 4,500,000 hours free of lost time injuries ("LTI") since the mine commenced operations;
- Achieved record production of 40,452 ounces of gold;
- Increased gold sales by 24% with 40,050 ounces of gold sold totalling revenues of $53 million;
- Incurred a cash operating cost1 of $381 per ounce for a total cash cost1of $451 per ounce sold and an all-in sustaining cost1of $658 per ounce sold;
- Generated cash flow from mining operations1 totalling $30.9 million for cash flow from mining operations per share1 of $0.08 (C$0.11/share);
- Increased 2018 production guidance to be between the range of 120,000 and 130,000 ounces (previously 110,000 and 120,000); 2018 cost forecasts reduced: cash operating cost1 to be between the range of $450 to $475 per ounce produced (previously $450 to $500) and all-in sustaining cost1 to between the range of $740 to $790 per ounce sold (previously $780 to $830);
- Received permitting approval to develop the Bagassi South project;
- Continued the construction work at Bagassi South according to plan with
- the boxcut excavated to the second bench level;
- underground mobile equipment ordered and expected on site in June;
- Civil work ahead of schedule allowing for early mobilization of the structural, mechanical and piping ("SMP") personnel.
"As a result of the continued outperformance at Yaramoko that delivered record cash flow and gold production in the first quarter, we have increased our full year production guidance to be between the range of 120,000 to 130,000 ounces and have reduced our cash operating cost and all-in sustaining cost guidance for the year. Our balance sheet remains strong and we continue to build net cash and pay down debt," commented John Dorward, President and Chief Executive Officer. "Our Bagassi South expansion is tracking well to the schedule and budget and will be completed in the fourth quarter, while we continue executing on our extensive regional exploration program."
2018 INCREASED PRODUCTION GUIDANCE AND REDUCED COSTS
Based on the strong operational results to date, the Company has increased production guidance and reduced cost forecasts for the twelve-month period ending December 31, 2018. The Company's objectives for fiscal year 2018 include the following:
- Gold production between 120,000 and 130,000 ounces (previously 110,000 and 120,000);
- Cash operating cost1 between $450 and $475/ounce (previously $450 and $500);
- All-in sustaining cost1 between $740 and $790/ounce (previously $780 and $830);
- Underground capital expenditure between $22 million and $26 million
- Bagassi South pre-production capital expenditure of $30 million
- Exploration budget of $9 million