Orosur Mining Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2017; Reports Production Results for the Second Quarter and Year to Date Ended November 30, 2017; Provides Production Guidance At San Gregorio for Fiscal Year 2018; Expects to Conclude Its First Phase of Drilling at the APTA Zone
For the six months, the company reported sales of USD 20,979,000 against USD 23,423,000 a year ago. Loss before income tax was USD 540,000 against profit before tax USD 3,726,000 a year ago. Net loss for the period was USD 542,000 against profit before tax USD 3,701,000 a year ago. Basic and diluted loss per share was USD 0.00 against earnings per share 0.04 a year ago. Net cash generated from operating activities was USD 3,939,000 against USD 8,085,000 a year ago. Purchase of property, plant and equipment and development costs was USD 6,164,000 against USD 5,617,000 a year ago.
The company reported production results for the second quarter and year to date ended November 30, 2017. For the quarter, the company produced 7,052 oz of gold, compared to 6,852 oz a year ago.
For the year to date, the company produced 15,677 oz of gold, compared to 16,802 oz a year ago.
Orosur remains focused on profitability over production and as a result is targeting the lower end of its production guidance at San Gregorio for fiscal year 2018 at 30,000 ounces of gold.
The company expects to conclude its first phase of drilling at the APTA zone, which is part of the Anzá project in Colombia next month. Additional drill results are expected by the end of February. In Uruguay, a final infill drilling campaign and block model were finalised for San Gregorio Central ("SGC"), with mine development planned to start in third quarter of 2018. The company is accelerating the preparation and permitting of Veta A Underground, a new underground project with higher grades next to the San Gregorio CIL Plant.