Vancouver, British Columbia / TheNewswire / June 1, 2015 - Majestic Gold Corp. ("Majestic" or the "Company") (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the second quarter ended March 31, 2015. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.
OVERVIEW
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-Gold production from the Songjiagou Gold Mine was 4,807 ounces for the second quarter of 2015, a 16% decrease over the comparative quarter of 2014, primarily due to a 14% decline in throughput to the mill in the current quarter (2014 Q2 - 5,712 oz);
-Average ore head grade was 0.42 g/t for the second quarter of 2015 (2014 Q2 - 0.41 g/t);
-Revenue was $5.9 million for the second quarter of 2015 from the sale of 4,501 ounces, a 23% decrease over the comparative quarter of 2014 due to the combination of a 18% decrease in golds sales and a 5% decline in the average realized gold price on sales (2014 Q2 - $7.6 million from 5,466 ounces sold);
-Total cash costs per ounce were $1,135/oz for the second quarter of 2015, a 12% increase over the comparative quarter of 2014 (2014 Q2 - $1,009/oz);
-Net loss was $544,246 for the second quarter of 2015 (2014 Q2 - ($134,218)) and
-General and administrative (G&A) expenses were $694,763 for the second quarter of 2015, a 41% decrease over the comparative quarter of 2014 (2014 Q2 - $1,175,127).
PRODUCTION RESULTS
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Three months ended March 31,
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Six months ended March 31,
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|
2015
|
2014
|
2015
|
2014
|
|
|
|
|
|
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Production data
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|
|
|
|
|
Tonnes mined
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384,945
|
314,461
|
819,037
|
870,477
|
|
Tonnes milled
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364,232
|
425,703
|
795,918
|
844,332
|
|
Head grade (g/t)
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0.42
|
0.41
|
0.42
|
0.41
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|
Mill recovery
|
88%
|
88%
|
88%
|
88%
|
|
Gold produced (ozs)
|
4,807
|
5,712
|
9,871
|
10,555
|
|
Gold realized, net of smelting fees (ozs)
|
4,476
|
5,312
|
9,271
|
9,816
|
FINANCIAL INFORMATION
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Three months ended March 31,
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Six months ended March 31,
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|
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2015
|
|
2014
|
|
2015
|
|
2014
|
|
Operating data
|
|
|
|
|
|
|
|
|
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Gold produced (ozs)
|
|
4,807
|
|
5,712
|
|
9,871
|
|
10,555
|
|
Gold realized net of smelting fees (ozs)
|
|
4,476
|
|
5,312
|
|
9,271
|
|
9,816
|
|
Gold sold (ozs)
|
|
4,501
|
|
5,466
|
|
9,967
|
|
8,360
|
|
Average realized gold price ($/oz sold)
|
$
|
1,309
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$
|
1,367
|
$
|
1,269
|
$
|
1,331
|
|
Total cash costs ($/oz sold) (1)
|
|
1,135
|
|
1,009
|
|
1,136
|
|
959
|
|
Financial data
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|
|
|
|
|
|
|
|
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Total revenues
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$
|
5,889,843
|
$
|
7,614,531
|
$
|
12,652,735
|
$
|
11,485,724
|
|
Gross profit(2)
|
|
235,283
|
|
1,662,609
|
|
142,912
|
|
2,661,840
|
|
Net loss attributable to shareholders
|
|
(544,256)
|
|
(134,218)
|
|
(1,468,444)
|
|
(2,273,820)
|
|
Basic and diluted loss per share
|
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
(0.00)
|
|
Cash and cash equivalents
|
|
9,899,586
|
|
10,678,892
|
|
9,899,586
|
|
10,678,892
|
|
Total assets
|
|
96,367,547
|
|
98,564,306
|
|
96,367,547
|
|
98,564,306
|
|
Total debt
|
|
23,884,663
|
|
19,246,974
|
|
23,884,663
|
|
19,246,974
|
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(1)"Total cash costs" are presented on a per ounce sold basis. See "Additional Financial Measures" in the Company's MD&A.
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(2)"Gross profit" represents total revenues, net of cost of goods sold.
About Majestic Gold
Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available atwww.sedar.com and on the Company's website atwww.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P.Geo., President and CEO
Telephone: (604) 560-9060
Email: info@majesticgold.com
Website: www.majesticgold.com