On the positive side > cash position of $10.4 million
- The Company's cash position of $10.4 million at September 30, 2015 improved in October 2015 by a C$6.0 million private placement of common shares and warrants with Goldcorp Inc. and by sales of 8,178 ounces of gold. The Company has a $10.2 million loan facility maturing on December 31, 2015, and the Company is negotiating with the lender to extend the maturity date over fiscal 2016.
- The Company produced and sold 23,387 ounces of gold, compared to 26,671 during Q3 2014. The change from prior year is primarily due to the grade of the ore stacked during the preceding quarter (0.53 g/t during Q2 2015 versus 0.64 g/t during Q2 2014).
- The Company's cash cost per ounce on a by-product basis was $1,026 (all-in sustaining cash cost per ounce on a by-product basis - $1,105), compared to $856 (all-in sustaining cash cost per ounce on a by-product basis - $994) during Q3 2014. This increase in cash costs is primarily driven by the higher amount of waste tonnes being costed to inventory due to the higher strip areas within the pit phases being mined during the current quarter.
SUMMARIZED FINANCIAL STATEMENTS AND OPERATING RESULTS
| US dollars (thousands) except where noted |
Q3 2015 |
|
Q3 2014 |
| Gold sold (oz) |
23,387 |
|
26,671 |
| Silver sold (oz) |
10,539 |
|
18,800 |
| Metal revenues |
$26,585 |
|
$34,235 |
| Production costs, excluding depreciation and depletion |
$24,132 |
|
$23,142 |
| (Loss) earnings from operations |
$(230,243 |
) |
$3,914 |
| (Loss) earnings |
$(180,713 |
) |
$1,567 |
| (Loss) earnings per share, basic and diluted |
$(0.63 |
) |
$0.01 |
| Cash flows (used in) provided by operating activities |
$(909 |
) |
$4,819 |
| Total cash and cash equivalents, end of period |
$10,431 |
|
$50,210 |
| Total assets, end of period |
$147,697 |
|
$299,181 |
| Total cash costs per gold ounce on a by-product basis |
$1,026 |
|
$856 |
| All-in sustaining cash cost per ounce gold |
$1,105 |
|
$994 |
| Average realized gold price per gold ounce |
$1,137 |
|
$1,284 |
Reminder of Q3 2015 results conference call:
The Company's senior management will host a conference call November 3, 2015 at 11:00 am (ET) to discuss the third quarter 2015. Participants may join the call by registering online through a link on the Timmins Gold website homepage www.timminsgold.com and entering the passcode 550368 or by following this link:
https://selfreg-inscriptionauto.confsolutions.ca/webportal/reg.html?Acc=0130510669&Conf=175861
After entering y
Read more at https://www.stockhouse.com/news/press-releases/2015/11/02/timmins-gold-reports-2015-third-quarter-results#xsDie2ik1OLtB6zt.99On