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AuRico Reports Second Quarter Financial Results

Due to the lower metal price environment currently being experienced, the Company's second quarter net earnings were adjusted by $104.9 million, net of taxes, for non-cash impairments and revaluations.  Of that amount, $80 million, net of tax, is related to an impairment charge associated with the El Chanate mine. This impairment charge was related to a reduction in the estimated short and long-term metal prices used in life-of-mine plans, and was charged entirely against goodwill.  The Company also determined that an impairment charge of $16.5 million, net of tax, was required for the retained interest royalty in the future life-of-mine free cash flows of the Fosterville and Stawell mines, which were disposed of in 2012.  The remaining $8.4 million, net of tax, is related to net realizable value adjustments for heap leach and long-term, low-grade stockpile inventories.

Operational Highlights - Continuing Operations


                              Young-Davidson      El Chanate           Total
    (in thousands,            Quarter Quarter  Quarter  Quarter   Quarter  Quarter
    except ounces,              Ended   Ended    Ended    Ended     Ended    Ended
    average realized             June    June     June     June      June     June
    prices and total              30,     30,      30,      30,       30,      30,
    cash costs)                  2013    2012     2013     2012      2013     2012
    Gold ounces
    produced                   19,435       -   18,751   17,882    38,186   17,882
    Pre-production
    gold ounces
    produced[(3)]               9,817  11,950        -        -     9,817   11,950
    Total gold
    ounces produced            29,252  11,950   18,751   17,882    48,003   29,832
    Total cash costs
    per gold
    ounce[(1)(2)(3)]             $716       -     $602     $457      $655     $457
    Revenue from
    mining
    operations                $26,670       -  $30,990  $27,458   $57,660  $27,458
    Average realized
    gold price per
    ounce                      $1,366       -   $1,373   $1,610    $1,369   $1,610

                              Young-Davidson       El Chanate           Total
                                  Six     Six      Six      Six       Six      Six
    (in thousands,             Months  Months   Months   Months    Months   Months
    except ounces,              Ended   Ended    Ended    Ended     Ended    Ended
    average realized             June    June     June     June      June     June
    prices and total              30,     30,      30,      30,       30,      30,
    cash costs)                  2013    2012     2013     2012      2013     2012
    Gold ounces
    produced                   39,987       -   36,640   36,975    76,627   36,975
    Pre-production
    gold ounces
    produced[(3)]              17,546  11,950        -        -    17,546   11,950
    Total gold
    ounces produced            57,533  11,950   36,640   36,975    94,173   48,925
    Total cash costs
    per gold
    ounce[(1)(2)(3)]             $705       -     $585     $435      $645     $435
    Revenue from
    mining
    operations                $63,435       -  $59,110  $60,731  $122,545  $60,731
    Average realized
    gold price per
    ounce                      $1,507       -   $1,481   $1,670    $1,494   $1,670

 

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