- Cash costs of $685 per ounce, a 36% reduction from cash costs in Q4-11 which totaled $1,066.
- Increased operating margin by 81% to $964 per ounce compared to $533 per ounce in Q4-11.
- Increased production by 57% to 22,672 gold ounces compared to 14,457 ounces in Q4-11.
- Generated cash flow from operations, before working capital adjustments and the goldstream repurchase, of $17.4 million, compared to $6.6 million in Q4-11.
|Cash Costs/ ounce||$858||$799||$728||$685|
- Achieved record production of 77,374 gold ounces, a 39% increase over the 55,756 ounces produced in 2011.
- Significantly increased average head grade to 3.43 gpt in 2012 compared to 2.54 gpt in 2011.
- Generated cash flow from operations, before working capital adjustments and the goldstream repurchase, of $52.4 million, compared to $20.2 million in 2011.
- Generated positive income from mining operations of $23.3 million, compared to a loss of $4.0 million in 2011.
- Capital spending for the year totaled $53.5 million, below the prior year’s capital spending of $60.2 million.
- In Q4-12, the Company completed a $10.0 million flow-through financing to fund the Company’s 2013 exploration program.
- In Q4-12, the Company released exploration drill results from the Black Fox underground mine, which showed excellent gold grades over significant widths. Additional results from the underground exploration program will be released Q2-13.
- An updated NI 43-101 resource estimate on the Grey Fox property will be released next month followed by a bankable feasibility study in Q3-13.
- The Company completed a review of the Stock Mine property and concluded that the Stock Mine ore body remains open for expansion and potential future mining. For 2013, the Company will focus on development activities for Grey Fox and will not carry out further work on the Stock Mine property.
|For the three months ended December 31||For the twelve months ended December 31|
|Average realized gold price – including Goldstream||$1,649||$1,599||$1,597||$1,533|
|Average realized gold price – excluding Goldstream||$1,712||$1,668||$1,665||$1,589|
|Open pit ore tonnes mined||277,338||137,271||907,077||433,267|
|Open pit waste tonnes mined||1,054,830||1,426,653||5,008,332||4,849,506|
|Open pit capital stripping tonnes mined||222,900||1,072,924||2,300,545||4,644,079|
|Open pit overburden tonnes mined||1,148,408||-||1,187,040||293,680|
|Total open pit tonnes mined||2,703,476||2,636,848||9,402,994||10,220,532|
|Underground ore tonnes mined||49,671||64,216||164,926||170,899|
|Total tonnes mined||2,753,147||2,701,064||9,567,920||10,391,431|
|Tonnes milled per day||2,019||1,904||2,010||1,988|
|Head grade of ore (gpt)||4.04||2.66||3.43||2.54|
|Gold ounces produced||22,672||14,457||77,374||55,756|
|Total cash costs ($/ounce):||$685||$1,066||$762||$958|
|Operating margin ($/ounce):||$964||$533||$835||$575|
|($ thousands, except per share and ounces)||For the three months ended December 31||For the twelve months ended December 31|
|Revenue from the sale of gold||$33,266||$21,179||$117,681||$71,855|
|Mining operating costs||$23,990||$21,548||$94,335||$75,865|
|Income (loss) from mining operations||$9,276||$(369)||$23,346||$(4,010)|
|Net income and comprehensive income||$4,390||$2,407||$19,111||$15,769|
|Basic and diluted earnings per share||$0.02||$0.01||$0.09||$0.08|
|Adjusted cash flows from operations (1)||$17,456||$6,573||$52,446||$20,221|
|Gold sales in ounces||20,175||14,702||73,691||57,001|
|Total cash cost per ounce of gold sold (1)||$685||$1,066||$762||$958|