Detour Gold Reports First Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/28/15 -- Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") reports its operational and financial results for the first quarter of 2015. This release should be read in conjunction with the Company's first quarter 2015 financial statements and MD&A on the Company's website or on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.
Q1 2015 Highlights
"While first quarter gold production was shy of the lower end of our first quarter forecast, we remain on track to meet our production and cost guidance for 2015," said Paul Martin, President and CEO. "Following the challenges faced in the first half of the quarter, the operation has since stabilized and has gained significant momentum with the mill operating at design capacity for the last 82 days and mining rates exceeding budget at 250,000 tpd for the last 69 days. Our objective is to maintain and build upon this progress for the remainder of the year. On the exploration front, we have confirmed a high-grade gold mineralized system at Lower Detour and plan to spend an additional $5 million to continue the drilling program this summer."
Q1 2015 Summary Operational Results
Detour Lake Mine Operation Statistics
Q1 2015 Selected Financial Information
Q1 2015 Financial Performance
Q1 2015 Liquidity and Capital Resources
Financial Risk Management
Outlook
Annual General Meeting
Detour Gold's Annual General Meeting of Shareholders will be held on Tuesday, May 5, 2015 at 10:00 AM E.T. in the St. Andrew's Hall (27th Floor) of the St. Andrew's Club & Conference Centre at 150 King Street West in Toronto.
Technical Information
The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., Senior Vice President, Technical Services, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects."
Conference Call
The Company will host a conference call on Wednesday, April 29, 2015 at 10:00 AM E.T. where senior management will discuss the first quarter operational and financial results. The details of the conference call are as follows:
The conference call will be recorded and playback of the call will be available after the event by dialing toll free in Canada and the United States 1-800-319-6413, or internationally 604-638-9010, pass code 1532 (available up to May 31, 2015).
About Detour Gold
Detour Gold is an intermediate gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long life large-scale open pit operation.
Non-IFRS Financial Performance Measures
The Company has included certain non-IFRS measures in this press release. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
The non-IFRS measures are defined below and are reconciled with the reported IFRS measures. Refer to the Company's MD&A for the three months ended March 31, 2015 for full details. The tables below are in thousands of dollars, except where noted.
Total cash costs
Detour Gold reports total cash costs on a sales basis. Total cash costs include production costs such as mining, processing, refining and site administration, agreements with Aboriginal communities, less non-cash share-based compensation and net of silver sales divided by gold ounces sold to arrive at total cash costs per gold ounce sold. The measure also includes other mine related costs incurred such as mine standby costs and current inventory write downs. Production costs are exclusive of depreciation and depletion. Production costs include the costs associated with providing the royalty in kind ounces.
All-in sustaining costs
Commencing in 2015, the Company adopted all-in sustaining costs on a prospective basis.
The Company believes this measure more fully defines the total costs associated with producing gold. The Company calculates all-in sustaining costs as the sum of total cash costs (as described above), share-based compensation, corporate general and administrative expense, exploration and evaluation expenses that are sustaining in nature, reclamation cost accretion, sustaining capital including deferred stripping, and realized gains and losses on hedges due to operating and capital costs, all divided by the total gold ounces sold to arrive at a per ounce figure.
Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise to a different definition of sustaining versus non-sustaining capital.
Average realized price and Average realized margin
Average realized price is calculated as metal sales per the statement of comprehensive loss and includes realized gains and losses on gold forwards, less silver sales. Average realized margin represents average realized price per gold ounce sold less total cash costs per ounce sold.
Adjusted net loss and Adjusted basic net loss per share
Adjusted net loss and adjusted basic loss per share are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.
Adjusted net loss is defined as net loss adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including: fair value change of the convertible notes, the impact of foreign exchange gains and losses, including the foreign exchange on deferred income and mining taxes, non-cash unrealized gains and losses on derivative instruments, accretion on convertible notes, unwinding of discount on decommissioning and restoration provisions, impairment provisions and reversals thereof, and other non-recurring items. Adjusted basic net loss per share is calculated using the weighted average number of shares outstanding under the basic method of loss per share as determined under IFRS.
The Company has included the additional IFRS measure "Earnings (loss) from mine operations" in this press release. Management noted that "Earnings (loss) from mine operations" provides useful information to investors as an indication of the Company's principal business activities before consideration of how those activities are financed, sustaining capital expenditures, corporate administration expense, exploration and evaluation expenses, loss on disposal of assets, finance income and costs, and taxation.
Forward-Looking Information
This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this news release contains forward-looking statements regarding the Company's expectation to recover the first quarter Phase 2 production shortfall before the end of the year; receipt of an HST refund of $12.3 million during the second quarter of 2015; production of between 475,000 and 525,000 ounces of gold in 2015 at an estimated total cash cost of $780 to $850 per ounce of gold sold and all-in sustaining costs of between $1,050 and $1,150 per ounce sold; estimated total cash costs of approximately $900 per ounce sold in the first nine months of 2015 and below $700 per ounce sold in the fourth quarter of 2015; sustaining capital expenditures in 2015 to range from $90 to $100 million; capitalized stripping costs in 2015 of between $20 and $25 million; the re-building of run-of-mine stockpiles during 2015; the purchase of a diesel product at a fixed price of $1.76/gallon between between April and September 2015; increasing exploration expenditures for 2015 to $8 million as the Company plans to complete a 30,000 metre drilling program at Lower Detour; and amendments to credit facility to be finalized in the second quarter of 2015.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold's ability to predict or control and may cause Detour Gold's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled "Description of Business - Risk Factors" in Detour Gold's 2014 AIF and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at . Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities; operating and capital costs; the Company's ability to attract and retain skilled staff; the mine development schedule; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; market competition; ongoing relations with employees and impacted communities and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Contacts:
Paul Martin, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2200
Toronto, Ontario
M5J 2J1
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Datum: 28.04.2015 - 22:30 Uhr
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News-ID 389245
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