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Orosur Mining Inc. announces
Third Quarter Results of Financial Year 2013
SANTIAGO, Chile, April 11 2013, Orosur Mining Inc (�OMI� or the �Company�) (TSX: OMI) (AIM: OMI), the South American focused gold producer and explorer, today announces its results for the third quarter ending 28 February 2013.
Further to the announcement of 8 March, the Company reiterates that production for the quarter was 18,401 ounces (making 47,822 ounces for the three quarters ended 28 February 2013) and Orosur remains on track to achieve its forecast production target of 63,000 to 68,000 ounces for the full year. The Arenal Deeps ramp has been completed, with ore production targeted for April when development for the initial mining levels is complete.
On April, 9 the Company issued a progress report on its exploration at the Anillo and Pantanillo projects in Chile.
Operating and Financial Summary
| Key Results Summary |
3 months ended
28th February |
9 Months Ended 28th February |
| 2013 |
2012 |
2013 |
2012 |
| Operating Results |
|
|
|
|
|
| Gold produced |
Ounces |
18,401 |
13,668 |
47,822 |
38,072 |
| Cash cost2 |
$US/oz |
999 |
1,104 |
1,093 |
1,020 |
| Average price received |
$US/oz |
1,653 |
1,691 |
1,646 |
1,674 |
| |
|
|
|
|
|
| Financial Results |
|
|
|
|
|
| Revenue |
$US �000s |
30,033 |
26,013 |
80,535 |
68,024 |
| Net income for the period after tax |
$US �000s |
3,494 |
4,954 |
6,995 |
11,931 |
| Cash flow from operations3 |
$US �000s |
8,029 |
6,808 |
16,552 |
17,031 |
| Cash at the end of the period |
$US �000s |
5,156 |
15,381 |
5,156 |
15,381 |
| Total debt at the end of the period |
$US �000s |
9,437 |
6,376 |
9,437 |
6,376 |
1Results are based on IFRS and expressed in US dollars
2Operating cash cost is total cost excluding royalties and capital tax on production assets
3Before non-cash working capital movements
Ignacio Salazar, Interim Managing Director, commented:
�In this quarter, the Company has completed the ramp at Arenal Deeps, production and costs have been brought in line with expectations, we have identified high priority drill targets at Anillo to start drilling in May and have been re-evaluating Quebrada Pantanillo as a high sulfidation gold system to improve the economics of the project. All of this is in line with our strategy to optimise returns to shareholders�.
To read the complete news release, please see the following link:
http://www.orosur.ca/_resources/news/nr_2013_04_11.pdf |