Aurcana Reports 2013 Financial Results

(firmenpresse) - Aurcana Reports 2013 Financial Results
 
 
Aurcana Corporation ("Aurcana" or the "Company") (TSXV:
AUN, OTCQX: AUNFF)

is pleased to report its audited financial results for
December 31, 2013. The summary of the selected
financial information should be read in conjunction
with the audited financial statements and the related
management's discussion and analysis dated April 30,
2014 together referred to as the "Financial
Statements", which have been filed on SEDAR
(
www.sedar.com) and the Company's website (http://www.au
rcana.com
). All figures are in US dollars unless otherwise
noted.

The 2013 Earnings Conference Call will be at 1:00 pm
Eastern Time on Friday, May 2. See bottom of press
release for
details.

The most significant highlights for 2013 were:
1. Silver Equivalent production increased 14% to
2,868,460
ounces in 2013 compared to 2,523,441 ounces in 2012.
2. Ore mined from La Negra increased 30% to 869,027 ton
nes
in 2013 from 670,930 tonnes in 2012.
3. Ore milled from La Negra increased 19% to 825,014 to
nnes
in 2013 from 691,260 tonnes in 2012.
4. Upgraded La Negra mill from 2,500 tpd to 3,000 tpd i
n 2013, a 20% increase in processing
capacity.

5. Earnings from mining operations in 2013 decreased to

$11.5 million, compared to $25.0 million in 2012, due
to decreases in metals prices and producing lower
grade
silver.

6. Revenues decreased to $45.0 million in 2013 from $56
.9
million in 2012 due to decreases in metals prices and
producing lower grade
silver
.
7. Cash cost per tonne milled increased to $34.76 from
$
34.39 in 2012.
8. Production cash cost per silver equivalent to
$10.00 ounce in 2013, from $9.42 in

2012.

9. Silver production of 1,255,444 ounces in 2013 compar
ed
to 1,374,166 ounces in 2012.
10. Shafter Silver Mine in Texas was put on care and
maintenance on December 19, 2013 mainly as a result
of lower metal prices and their impact on the
projects mineral resources.



Earnings
The Company had earnings from mining operations of
$11.5 million for the year ended December 31, 2013
(2012: $25.0 million); loss before taxes of ($131.2)
million (2012: $15.3 million); earnings ($134.8)
million net loss (2012: $10.0 million).



The decrease in earnings from mining operations was
related to the decrease in the selling prices of
metals produced by the Company in 2013 as well as
lower grades of silver. The loss resulting
from
the impairment of the Shafter property, plant and
equipment, and Mineral property assets in Shafter
mine, currently on care and maintenance had an effect
of $114.1 million plus another $15.9 million
expense.

Revenue
During the year ended December 31, 2013, the Company
generated revenues from the sale of 10,082

tonnes of copper concentrate (2012: 9,181 tonnes);
15,887

tonnes of zinc concentrate (2012: 15,415 tonnes);
3,006

tonnes of Lead Concentrate (2012: 3,441 tonnes); and
1,073,072 ounces of silver (2012: 1,231,740 ounces)
for total net revenues of $45.0 million (2012: $56.9
million).



The average price for sales of copper, silver, zinc
and lead during the year were copper; $3.29 (2012:
$3.59) per pound; silver $22.92 (2012: $31.12) per
ounce; zinc $0.86 (2012: $0.88) per pound and lead
$0.97 (2012:
$0.94).


On December 31, 2013 the Company had $20.3 million in
cash and a working capital deficiency of ($3.7)
million.


La Negra Mine Production Highlights
· 19% increase in milled tonnes processed for a total o
f
825,014 tonnes during the year ended December 31, 2013
,
(201
2: 691,260).
· 7% increase in copper, zinc and lead concentrate for
a total

of 30,418 tonnes produced during 2013 (2012: 28,363 ton
nes
).
· Average silver grade per tonne was 60 grams in 2013
compared to 78 grams in 2012. The La

Negra mine plan includes a transition to mining higher
grade mineralized zones from upper levels of the mine
in 2014 and
2015.

· Higher copper grades were mined in 2013 resulting in
constrained mill through-put in 2013. A new larger
capacity filter press has been commissioned in Q1
2014.

· La Negras production increase was supported by 13,37
4
metres of diamond drilling for mining operations and e
xploration
in 2013.

Aurcana has announced its re-financing from Orion Mine
Finance (Master) Fund I LP, an affiliate of Orion
Mine Finance Group. Details are in the Press Release
dated April 29,
2014.

Mr Lenic Rodriguez, President & CEO stated The continu
ed production growth in

2013 and the completion of the expansion at La Negra po
sition
Aurcana Corporation to become a mid-tier silver
producer in 2014 from the La

Negra mine alone.
Summary

During 2013 Aurcana continued to upgrade and expand
the La

Negra Mine. Metal concentrate prices continued to drop,
and the Company continued to adjust its cost
structure, both on the operational and administrative
side. In December 2013, the Shafter mine was placed
on care and maintenance, due to

economic conditions and low silver prices. With
improved silver prices the Company will re-evaluate
initiating mining at Shafter. The Company expects
significant increases in production in 2014 and
beyond.


To read complete Financial Statement click on this
link:

http://www.aurcana.com/i/pdf/2013-Q4-FS.pdf


To read complete MD&A click on this link:
http://www.aurcana.com/i/pdf/2013-Q4-MDA.pdf

Aurcana Corporation is scheduling a conference call to
discuss the audited 2013 results at 1000

Hs PST on Friday , May 2, 2014.

Conference Call Details:
Date: Friday, May 2, 2014
Time: 1:00 PM EDT (10:00 AM Pacific)
Attendee Access Information:
1-800-319-4610 Canada and USA  Toll-free
604-638-5340 Vancouver
1-604-638-5340 Outside of Canada & USA
A replay of the conference call will be available
immediately following the conference by dialing
1-800-319-6413 in Canada & USA (Toll-free) or
1-604-638-9010 outside of Canada and USA. The
required pass code is 2729 followed by the # sign.
Please dial-in to the meeting at least 5 minutes
prior to the start time using one of the attendee
phone
numbers.

Corporate
The Companys shares are also traded in the United
States on OTCQX

under the symbol "AUNFF". Investors can find current f
inancial
disclosure and Real-Time Level 2 quotes for the
Company on

www.otcqx.com and www.otcmarkets.com.

About Aurcana Corporation:
Aurcana Corporation is a primary silver producing
company with two properties: the La

Negra Mine in Mexico and the Shafter Mine in Texas,
US. The latter was put on care and maintenance in
December 2013, in part due to depressed silver
prices. The Company continues to plan further
expansion at its La

Negra Mine and to focus on surface exploration on its
extensive land holdings in the

Maconi Mining District.

The technical information in this release has been
reviewed by J. Blackwell
(
PGeo.), a Qualified Person as defined by National
Instrument 43-101.



ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION

"Lenic Rodriguez", President & CEO

For further information, visit the website at www.aurca
na.com
or contact:

Aurcana Corporation
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179

Gary Lindsey, Corporate Relations
Phone: (720)-273-6224
Email: gary(at)strata-star.com

NR-14-5

This news release contains certain forward-looking stat
ements
, including statements regarding forecast silver produc
tion
, silver grades, recoveries, potential mineralization,
exploration
result, future plans and objectives of the Company and
the

business and anticipated financial performance of the
Company. These

statements are forward-looking statements that involve
various
risks and uncertainties. These forward-looking statem
ents
include, but are not limited to, statements with respe
ct
to mining and processing of mined ore, achieving proje
cted
recovery rates, anticipated production rates and mine
life
, operating efficiencies, costs and expenditures, chang
es
in mineral resources and conversion of mineral resourc
es
to proven and probable reserves, and other information

that is based on forecasts of future operational or fin
ancial
results, estimates of amounts not yet determinable and

assumptions of management.

Exploration results that include geophysics, sampling a
nd
drill results on wide spacings may not be indicative o
f
the occurrence of a mineral deposit. Such results do
not

provide assurance that further work will establish suff
icient
grade, continuity, metallurgical characteristics and e
conomic
potential to be classified as a category of mineral re
source
. A mineral resource which is classified as inferred

or indicated has a great amount of uncertainty as to i
ts
existence and economic and legal feasibility. It cann
ot
be assumed that any or part of an indicated mineral r
esource
or inferred mineral resource will ever be upgraded
to
a higher category of resource. Investors are cautione
d
not to assume that all or any part of mineral deposits
in

these categories will ever be converted into proven and
probable

reserves.

Any statements that express or involve discussions with

respect to predictions, expectations, beliefs, plans, p
rojections
, objectives, assumptions or future events or performan
ce
(often, but not always, using words or phrases such as

expects or does not expect, is expected, anticipate
s
or does not anticipate plans, estimates or int
ends
or stating that certain actions, events or results
may
, could, would, might or will be taken, occur
or
be achieved) are not statements of historical fact and

may be forward-looking statements. Forward-looking s
tatements
are subject to a variety of risks and uncertainties wh
ich
could cause actual events or results to materially dif
fer
from those reflected in the forward-looking statements
.



Actual results may differ materially from results conte
mplated
by the forward-looking statements. Important factors
that
could differ materially from the Companys expectation
s
include, among others ,risks related to international
operations
, unsuccessful exploration results, conclusions of econ
omic
evaluations and changes in project parameters as plans

continue to be refined as well as changes in metal pric
es
, changes in the availability of funding for mineral ex
ploration
and development, unanticipated changes in key manageme
nt

personnel and general economic conditions. When relyin
g
on forward-looking statements to make decisions, inves
tors
and others should carefully consider the foregoing fac
tors
and other uncertainties and should not place undue rel
iance
on such forward-looking statements. The Company does
not

undertake to update any forward-looking statements,
oral

or written, made by itself or on its behalf. According
ly
, readers should not place undue reliance on forward-lo
oking
statements.

Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.

Unternehmensinformation / Kurzprofil:
Leseranfragen:
Bereitgestellt von Benutzer: irw
Datum: 02.05.2014 - 08:16 Uhr
Sprache: Deutsch
News-ID 330967
Anzahl Zeichen: 14455

contact information:
Town:

Wien

Kategorie:

Business News

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"
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