FIRST QUARTER 2017
Production at Mineral Ridge in Q1 of 2017 totalled 5,741 ounces of gold and 2,854 ounces of silver. Based on the Company's updated mine plan, the Company currently anticipates mining of gold at Mineral Ridge through August 2017. Due to permitting timelines, the Company anticipates production of gold at Mineral Ridge to be 20,000 - 25,000 ounces through to August 2017 from the Mary LC, Brodie and Bluelite South pits. The Custer pit and other areas for which permitting is outstanding, are not included in this production estimate and will be evaluated for economics of associated mining timelines when permits are received. There can be no assurances that, when the permits are received, production on the Custer Pit and other areas will commence if it is not economically viable to do so. Total cash costs are expected to be $1,050 - $1,100 per ounce of gold sold. This increase in costs is due to the projected lower production level in 2017 while fixed costs remain relatively constant.
A summary of the Q1 2017 operating and financial results is presented in the Company's April 28, 2017
and May 30. 2017
news releases, with complete details provided in the Q1 2017 Financial Statements
and Management Discussion & Analysis
Highlights for the First Quarter Ended March 31, 2017:
(1) This is a non-IFRS measure; refer to Non-IFRS Measures section of this press release and the Company's Management Discussion & Analysis for Q1 of 2016 for a complete definition and reconciliation to the IFRS results reported in the Company's financial statements for Q1 of 2016.
- 5,741 ounces of gold were produced at the Mineral Ridge mine during Q1 of 2017, compared to 8,508 ounces during Q1 of 2016.
- Revenue of $9.9 million, compared to $9.4 million during Q1 of 2016.
- Total cash cost per ounce of gold sold(1) of $876 compared to $801 during Q1 of 2016.
- Mine operating earnings of $2.4 million compared to $1.9 million during Q1 of 2016.
- Net earnings of close to nil ($0.00 basic and diluted per share), compared to $1.1 million ($0.01(2) basic and diluted per share) during Q1 of 2016.
- Adjusted net earnings(1) of $1.5 million ($0.01 basic and diluted per share) compared to $1.1 million ($0.01(2) basic and diluted per share) during Q1 of 2016.
- Adjusted EBITDA(1) of $2.1 million ($0.01 basic and diluted per share) compared to $1.6 million ($0.01 basic and diluted per share) during Q1 of 2016.
(2) This number was adjusted following a change in the calculation of the non-controlling interest's share of MRG's net income (loss). See the section of the MD&A entitled "Equity" for a description of the resulting changes.
You can view the Previous
Mineral Ridge item: Introduction
You can view the Next
Mineral Ridge item: Deposits