Starcore Reports Q2 2018 Results
(firmenpresse) - Starcore Reports Q2 2018 Results
Vancouver, B.C. - Starcore International Mines Ltd. (TSX: SAM) (the Company ) has filed the results for the second quarter ended October 31, 2017 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, Mexico. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in thousands of Canadian dollars unless otherwise indicated.
We have reported the lowest production and earnings over the last two quarters in the ten years that we have operated San Martin mine. reported Robert Eadie, President of the Company. The San Martin mine has gone through a transition period where we experienced a lack of developed ore and capex investment during the change in management and introduction of the CIL plant. Our priorities going forward remain focused on exploration in areas that are open at depth, developing a mine plan that addresses our previous undeveloped ore stopes, and continuing with our strategy to carry out cost efficient mining.
Financial Highlights for the three-month period ended October 31, 2017 (unaudited):
- Cash and short-term investments on hand is $5.1 million at October 31, 2017;
- Gold and silver sales of $6.4 million;
- Loss of $1.945 million, or $(0.04) per share;
- EBITDA(1) for the 6 month period ended October 31, 2017 in a loss of $1,146;
The following table contains selected highlights from the Companys unaudited consolidated statement of operations for the three and six months ended October 31, 2017 and 2016:
(in thousands of Three Months Six Months ended
Canadian ended October 31,
dollars October
) 31,
(Unaudited)
2017 2016 2017 2016
Revenues $-6,40$-7,061$-14,50$-14,249
7 2
Cost of Sales -(7,76-(5,792-(16,23-(11,832)
1 ) 5
) )
Earnings (Loss) from -(1,35-1,269 -(1,733-2,417
mining 4) )
operations
Administrative expenses -(1,31-(1,230-(1,831-(2,087)
1 ) )
)
Income tax recovery -720 -148 -1,405 -343
Net income (Loss) $-(1,9$-187 $-(2,15$-673
45) 9)
(i) Income (Los -(0.04-0.00 $-(0.04$-0.01-
s) ) )
-
per share - basic
(ii) Income (Los -(0.04-0.00 $-(0.04$-0.01-
s) ) )
-
per share - diluted
Reconciliation of Net income to EBITDA(1)
For the six months ended October 31, 2017 2016
Net income (Loss) $-(2,159$-673
)
Income tax recovery -(1,405)-(343)
Interest -- -320
Depreciation and depletion -2,418 -2,795
EBITDA $-(1,146$-3,445
)
EBITDA MARGIN(2) (7.9 2
0%) 4.18%
(1) -EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporations market share price.
(2)-EBITDA MARGIN is a measurement of a companys operating profitability calculated as EBITDA divided by total revenue. EBITDA MARGIN is a non-GAAP financial performance measure with no standard definition under IFRS. It is therefore possible that this measure could not be comparable with a similar measure of another Corporation. The Corporation uses this non-GAAP measure which can also be helpful to investors as it provides a result which can be compared with the Corporations market share price.
Production Highlights for the three month period ended October 31, 2017:
- Equivalent gold production of 2,739 ounces;
- Mine operating cash cost of US$1,457/EqOz;
- All-in sustaining costs of US$1,558/EqOz;
Actual Results for
Unit of 3 6 12 months
measure months months ended
ended ended
OctoberApril 30,
October 31, 2017
31, 2017
2017
Mine Production of thousand 2.5 6.2 14.2
Gold in ounces
Dore
Mine Production of thousand 14.8 30.0 66.1
Silver in ounces
Dore
Gold equivalent ounces thousand 2.7 6.6 15.2
ounces
Silver to Gold 75.6 75.3 70.2
equivalency
ratio
Mine Gold grade grams/tonn1.56 1.78 1.97
e
Mine Silver grade grams/tonn13.6 13.1 16.1
e
Mine Gold recovery percent 80.9% 83.3% 81.5%
Mine Silver recovery percent 54.0% 52.7% 46.5%
Milled thousands 62.4 132.1 275.1
of
tonnes
Mine operating cash US dollars64 61 53
cost per
tonne milled
Mine operating cash US dollars1,457 1,220 969
cost per equivalent
ounce
The full version of the Company's Financial Statements and Management's Discussion and Analysis can be viewed on the Company's website at www.starcore.com, or SEDAR at www.sedar.com.
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiaries, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico, and Altiplano Gold Silver, S.A. de C.V., which operates the newly commissioned Altiplano Concentrate Processing Plant located in Matehuala, Mexico. The Company is a public reporting issuer on the Toronto Stock Exchange. The Company is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. The Company has interests in properties which are exclusively located in North America.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed Gary Arca-----
Gary Arca, Chief Financial Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
GARY ARCA-
Telephone: (604) 602-4935 --
Facsimile: 1-604-602-4936--
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
This news release contains forward-looking statements. These statements may reflect managements current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Companys control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. The Company undertakes no obligation to publicly update or revise forward-looking information.
The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.
Leseranfragen:
Starcore konzentriert sich auf die Exploration, Gewinnung und Verarbeitung von Gold- und Silbervorkommen. Das Unternehmen besitzt, erwirbt, fördert, exploriert und bewertet Rohstoffprojekte. Die weitere Bearbeitung dieser Projekte erfolgt entweder über Joint Ventures oder durch das Unternehmen selbst. Das Unternehmen besitzt ausschließlich Beteiligungen an Konzessionsgebieten in Mexiko.
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Datum: 18.12.2017 - 10:48 Uhr
Sprache: Deutsch
News-ID 570170
Anzahl Zeichen: 9012
contact information:
Town:
Wien
Kategorie:
Business News
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