New English version: correction in translation The Laiva mine produced 130 kilos of gold Q1, 2012
(Thomson Reuters ONE) -
During the first quarter 2012 a total of 130 kilos of gold was produced at the
Laiva mine. More than half of this, 68 kilos, was produced in March. However, as
this is still less than predicted, the Board has decided to strengthen the
liquidity of the company primarily through further forward sales of gold.
During the first two months of the year, an average of 1 kilo of gold was
produced per day. At the end of February, the high-grade leach circuit was taken
into operation and after this the production has increased.
At the end of March, the production level was around 3 kilos of gold per day -
compared to the planned capacity of the plant of around 10 kilos per day.
- The trend is positive and we are now working intensely on reach a production
level that corresponds with our long-term production goal, says Michael Nilsson,
CEO of Nordic Mines.
According to existing project loan agreements with the bank syndicate Standard
Bank, UniCredit Bank and Finnvera, the company has paid MEUR 6.3 in amortization
and MEUR 1.0 in interest as of March 30. As the gold price was higher than the
price of the existing sales contract, the company also had to pay the difference
of MEUR 2.5 in accordance with the loan agreement.
As a consequence of these payments, a major part of the net liquidity from the
recent share issue has been used.
The present production level generates around MSEK 30 per month of income and
the Board estimates that the production will continue to increase successively.
Despite this, the Board estimates that the liquidity of the company has to be
strengthened, primarily through further forward sales of gold.
For further information contact:
Michael Nilsson, CEO of Nordic Mines, phone. +46 18 84 345 01
Nordic Mines is a Nordic mining and exploration company whose goal is to be one
of the leading gold producers in Europe and a role model in respecting the
environment. In 2011, the company started mining gold in Laiva, Finland. These
gold deposits are among the largest in the Nordic region. Exploration is also in
progress in other areas of Finland and Sweden. Nordic Mines has 86 employees and
its head office is in Uppsala. The Nordic Mines share is traded on the Nasdaq
OMX Small Cap list in Stockholm. For more information, go to nordicmines.se
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic Mines AB via Thomson Reuters ONE
[HUG#1602212]
Unternehmensinformation / Kurzprofil:
Datum: 13.04.2012 - 09:23 Uhr
Sprache: Deutsch
News-ID 134708
Anzahl Zeichen: 3111
contact information:
Town:
Uppsala
Kategorie:
Business News
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