Majestic Gold Corp. Reports 2015 Third Quarter Results
(firmenpresse) - Majestic Gold Corp. Reports 2015 Third Quarter Results
Vancouver, British Columbia - August 27, 2015 - Majestic Gold Corp. (Majestic or the Company) (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the third quarter ended June 30, 2015. This release should be read in conjunction with the Companys unaudited condensed consolidated interim financial statements and associated management discussion and analysis for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.
2015 Third Quarter Overview
- Gold production from the Songjiagou Gold Mine (Songjiagou) in the third quarter of 2015 was 4,605 ounces, an 8% increase over 4,269 ounces produced in the comparative quarter of 2014;
- Average ore head grade was 0.43 g/t for the third quarter of 2015, compared to 0.42 g/t in the comparative quarter of 2014;
- Revenue was $2.8 million for the third quarter of 2015 from the sale of 2,251 ounces at an average price of $1,239/oz, compared to $8.6 million from 6,590 ounces sold at an average price of $1,311/oz. The 68% decrease in revenue over the 2014 comparative quarter is attributed primarily to the decrease gold ounces sold;
- Total cash costs per ounce were $1,290/oz for the third quarter of 2015 (2014 Q3 - $1,189/oz), an 8% increase over the 2014 comparative quarter;
- Net loss was $1,137,335 for the third quarter of 2015 (2014 Q3 - ($932,047));
- General and administrative (G&A) expenses were $637,416 for the third quarter of 2015 (2014 Q3 - $763,705). The 17% decrease over the 2014 comparative quarter indicates the Companys continued control of its G&A expenditures;
- The Company received final government approval to expand its Mining License at its Songjiagou Gold Mine from 0.342 km² to 0.594 km²; and
- During the third quarter of 2015, Majestic entered into a Letter of Intent (LOI) with Yantai Baiheng Gold Mining Co. Ltd. (Baiheng) on the Shuang Shan Tun and Xia Yu Cun properties, located in the Muping-Rushan Gold Belt in Shandong Province, China.
FINANCIAL INFORMATION
Three months ended JNine months ended Jun
une e
30
30, ,
2015 2014 2015 2014
Operating data
Gold produced (ozs) 4,605 4,269 14,476 14,824
Gold realized net of 4,246 4,080 13,517 13,896
smelting fees
(
ozs)
Gold sold (ozs) 2,251 6,590 12,217 14,950
Average realized gold $ 1,239 $ 1,311 $ 1,264 $ 1,322
price
($/
oz sold)
Total cash costs ($/oz s 1,290 1,189 1,165 1,060
old)
(1,2)
All-in sustaining costs 1,552 1,302 1,333 1,368
($/
oz sold) (1,2)
Financial data
Total revenues $ 2,787,4$ 8,641,68$ 15,440,1$ 20,127,4
30 3 65 07
Gross profit (3) (436,38 456,620 (293,474 3,118,46
6) ) 0
Net loss attributable (903,03 (979,226 (2,371,4 (3,253,0
to 4 ) 78 46
shareholders ) ) )
Basic and diluted loss (0.00) (0.00) (0.00) (0.00)
per
share
Cash and cash 7,090,5 12,444,5 7,090,59 12,444,5
equivalents 95 92 5 92
Total assets 99,160, 99,279,8 99,160,1 99,279,8
178 78 78 78
Total debt 27,494, 20,445,6 27,494,4 20,445,6
464 77 64 77
(1) Per ounce sold.
(2) See Additional Financial Measures in the Companys MD&A.
(3) Gross profit represents total revenues, net of cost of goods sold.
PRODUCTION RESULTS
Three months ended Nine months ended J
June une
30, 30,
2015 2014 2015 2014
Production data
Tonnes mined 386,408 361,361 1,205,445 1,231,838
Tonnes milled 374,457 380,744 1,170,375 1,225,076
Head grade (g/t) 0.43 0.42 0.42 0.41
Mill recovery 89% 88% 88% 88%
Gold produced (ozs) 4,605 4,269 14,476 14,824
Gold realized, net of 4,246 4,080 13,517 13,896
smelting fees
(
ozs)
About Majestic Gold
Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the Company and its projects is available at www.sedar.com and on the Companys website at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P.Geo., President and CEO
Telephone: (604) 560-9060
Email: info(at)majesticgold.com
Website: www.majesticgold.com
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: info(at)majesticgold.com
Cautionary Notes
Certain statements contained herein may constitute forwardlooking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forwardlooking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
In some cases, you can identify forwardlooking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forwardlooking statements.
While these forwardlooking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forwardlooking statements to conform these statements to actual results.
Leseranfragen:
Majestic Gold Corp. ist ein Unternehmen mit Sitz in Vancouver (British Columbia), das sich mit der kommerziellen Goldproduktion beschäftigt.
Datum: 28.08.2015 - 08:01 Uhr
Sprache: Deutsch
News-ID 416511
Anzahl Zeichen: 8262
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 234 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Majestic Gold Corp. Reports 2015 Third Quarter Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Majestic Gold Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
