AuRico Reports Record Revenues And Earnings For Q4 And Full Year 2011

TORONTO, March 28, 2012 /PRNewswire/ --

- Ore Processing Commenced at the Young-Davidson Mine - Q4 2011 and Analyst Day Webcast Scheduled for 10:00 a.m. Eastern Time

AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico" or "the Company") is pleased to report financial results for the fourth quarter and year ended December 31, 2011. All amounts are in U.S. dollars unless otherwise indicated.

Fourth Quarter Highlights ^(1),(2)

• Revenues of $154.8 million, a 118% increase over 2010
• Net earnings of $77.9 million, or $0.31 per share, a 166% increase over 2010
• Operating cash flow of $42.1 million, or $0.17 per share, an 18% increase over 2010
• Production of 72,141 gold ounces and 1.1 million silver ounces, or 92,837 gold equivalent ounces using the actual gold      equivalency ratio of 46:1, a 75% increase over 2010
• Cash costs of $681 per gold equivalent ounce, using the actual gold equivalency ratio of 46:1
• Margins of $991 per ounce, or 59%

Full Year Highlights ^(1),(2)

• Revenues of $450.1 million , an increase of 89% over 2010
• Net earnings of $176.9 million, or $0.96 per share, an increase of 231% over 2010
• Operating cash flow of $181.8 million, or $0.99 per share, an increase of 86% over 2010
• Production of 187,423 gold ounces and 4.7 million silver ounces, or 293,760 gold equivalent ounces using the actual gold equivalency ratio of 46:1, a 50% increase over 2010
• Cash costs of $501 per gold equivalent ounce, using the actual gold equivalency ratio of 54:1
• Margins of $1,098 per gold equivalent ounce, or 69%

"In 2011 we have achieved many key milestones that support our vision of being a low cost intermediate gold producer focused in North America.  We completed two accretive acquisitions that have significantly enhanced our production growth profile and, combined with the success of our exploration programs, have delivered a 217% increase in our total reserve inventory to over 8.63 million gold equivalent ounces ^{( 3 )}. Year over year we increased our earnings by 231%, our operating cash flow by 18% and finally our reserves per 1,000 shares by 56%," stated René Marion, Chief Executive Officer. He continued, "With the sale of the Australian operations, we begin 2012 with a portfolio of quality core assets focused in North America that provide a peer-leading growth profile and a compelling value opportunity. In 2012, our efforts will be focused on commissioning the Young- Davidson mine and bringing underground production forward to the end of 2012, two years earlier than originally targeted in the 2009 Feasibility Study. With the first gold pour at Young- Davidson imminent, we believe the Company is poised for a meaningful re-rating as we strengthen our position as an intermediate gold producer."

 

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