- Gold sales improved by 60% to 16,033 ounces compared to 10,003 in Q1-11.
- Operating margin increased 191% to $753 per ounce in Q1-12 from $259 per ounce in the prior year.
- Cash flow from operations, before working capital adjustments, was $9.9 million during Q1-12, compared to $0.7 million in Q1-11.
- Cash costs decreased to $858 per ounce, a 22% reduction from Q1-11 and 11% lower than Q1-12 guidance of $962.
- Capital expenditures at Black Fox totaled $17.8 million, consisting of $8.1 million for underground development, $4.3 million for property, plant and equipment, $2.3 million related to capital stripping and $3.1 million related to exploration expenditures.
- Raised $15.0 million from the issuance of common shares.
- Raised $15.0 million from the sale leaseback of certain Black Fox Mill assets.
- Subsequent to the quarter, Brigus divested of the Calais Notes for proceeds of $6.0 million to be received in the second and third quarters.
|CONSOLIDATED FINANCIAL RESULTS|
|($ thousands, except per share and ounces)||For the three months ended|
|March 31, 2012||March 31, 2011|
|Revenue from the sale of gold||$||25,823||$||13,570|
|Direct operating costs||$||14,032||$||10,972|
|Income (loss) from operations||$||3,480||$||(3,376)|
|Net income and comprehensive income||$||5,520||$||4,261|
|Basic earnings per share||$||0.03||$||0.02|
|Cash flows from operations, before working capital adjustments||$||9,942||$||741|
|Gold sales in ounces||16,033||10,003|
|Total cash cost per ounce of gold sold||$||858||$||1,097|
- Gold production increased by 93% to 16,922 compared to 8,773 in Q1-11.
- Underground production steadily improved during the quarter with average grade increased by 95% to 5.28 gpt compared to 2.71 gpt in Q4-11.
- The open pit mined 220,580 ore tonnes at an average grade of 2.29 gpt, a 60% increase over the ore tonnes mined in Q4-11.
- The Black Fox Mill processed 180,965 tonnes of ore, at a grade of 3.04 gpt and a recovery of 95.7%.
- Continued positive drilling results from Grey Fox including 5.95 gpt over 56.7 m and 26.83 gpt over 15.50 m during the quarter.
|RESULTS OF OPERATIONS|
|For the three months ended|
|March 31||March 31|
|Average realized gold price – including Sandstorm||$||1,611||$||1,356|
|Average realized gold price – excluding Sandstorm||$||1,687||$||1,380|
|Open pit ore tonnes mined||220,580||29,809|
|Open pit operating waste tonnes mined||1,327,362||91,067|
|Open pit capital stripping tonnes mined||753,360||1,890,451|
|Open pit overburden tonnes mined||–||293,680|
|Total open pit tonnes mined||2,301,302||2,305,007|
|Total underground ore tonnes mined||35,147||8,816|
|Total tonnes mined||2,336,449||2,313,823|
|Tonnes milled per day||1,989||1,991|
|Head grade of ore (gpt)||3.04||1.67|
|Gold ounces produced||16,922||8,773|
|Total cash costs ($/ounce):||$||858||$||1,097|
|Operating Margin ($/ounce):||$||753||$||259|