yes indeed, bigd100. cheers, dave.
Argonaut Gold Announces Third Quarter 2012 Revenue of $72.9 Million and Net Income of $27.2 Million
| 14 Nov 2012 07:30 ET || |
Argonaut Gold Inc. (TSX:AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce its financial and operating results for the third quarter ended September 30, 2012. All dollar amounts are expressed in United States dollars unless otherwise specified.
THIRD QUARTER 2012 & RECENT HIGHLIGHTS
Financials-- Revenue of $72.9 million ($22.7 million in Q3 2011).-- Net income of $27.2 million, $0.29 per basic share.-- Cash flows from operating activities of $36.5 million.-- Cash on hand was $42.8 million at September 30, 2012.-- Repayment of $6 million debt and the Company is now debt free.Gold Production and Cost-- Ounces loaded to pads: 53,906 gold ounces. -- El Castillo: 41,630 ounces (39% increase from Q3 2011). -- La Colorada: 12,276 gold ounces and 1,164,742 silver ounces.-- Production of 31,074 gold ounces in the third quarter of 2012. -- El Castillo: 24,575 gold ounces. -- La Colorada: 6,499 gold ounces and 41,937 silver ounces.-- Cash cost per gold ounce sold - $577 (Year to date $601).Operational Improvements:-- Capital expenditures of $8.8 million on mineral properties, plant and equipment.-- El Castillo -- Conveying and stacking system on the East Side Pad was fully functional during the third quarter -- West Side Pad 8 permit granted, with pad construction to be commenced in fourth quarter -- Land agreement signed extending term for an additional 10 year period-- La Colorada -- Explosives permit received to begin full scale mining in 2013 -- Phase 2 pad construction is one-third complete -- Refining facility completed; now handling all materials from El Castillo and La Colorada -- During Q3 of 2012, overburden removal commenced to prepare for fresh ore miningExploration-- Signed letter of intent with Bravada Gold Corp. for the Wind Mountain Project in Nevada; the project aligns with jurisdictional focus, low entry risk, reasonable acquisition cost of $30/ounce and good exploration potential on the project.