|By PR Newswire||
|March 17, 2014 06:21 PM EDT||
VANCOUVER, March 17, 2014 /PRNewswire/ - Golden Queen Mining Co. Ltd. (TSX:GQM) (OTCQX:GQMNF) (the "Company") is pleased to announce its financial results for the twelve months ended December 31, 2013 and to provide an update on the construction underway on its Soledad Mountain Project (the "Project"). Amounts shown in U.S. dollars.
- The Company was accepted by the International Cyanide Management Institute as a signatory of the International Cyanide Management Code in May.
- The key highlight for 2013 was the start of construction of infrastructure-related items during the second quarter of 2013.
- The widening of Silver Queen Road with turning lanes was completed on May 3. The turning lanes were extended with a "dip crossing" across a floodplain.
- A number of access roads and haul roads were constructed and this included the north-south access road, the interconnecting roads and the main haul road to the East waste rock storage pad
- Drilling and blasting was also required in a few areas and was successfully completed in December 2013.
- The pad where the workshop-warehouse will be constructed was excavated.
- The first phase of the site drainage system was completed in December 2013.
- The overland conveyor route was constructed and this is a key part of the infrastructure related to the construction of the Phase 1 heap leach pad.
- The site was fenced.
- A test was conducted with lignin sulfonate as a dust control agent and this appears to be a cost-effective agent for future use.
- Detailed engineering for construction of the key facilities for the Project continued and this was required to obtain final cost estimates for construction.
- We awarded several key contracts for key turn-key projects in the fourth quarter of 2013.
- We purchased an administrative office in downtown Mojave in July that has quickly become a hub of activity both for the Company's administrative staff and for the Mojave community at large.
- The Company maintained an active community outreach program in 2013.
Management and Board
The Company strengthened its management team in 2013 with the appointment of Laurence Morris as Chief Operating Officer in April and Andrée St-Germain as Vice President Finance and Chief Financial Officer in September.
Bryan A. Coates, Bernard Guarnera and Guy Le Bel joined our Board in June 2013.
The Company had net income of $2.0 million ($0.02 per share) in 2013 whereas in 2012, the Company had a net loss of $1.3 million ($0.01 per share). The net income in 2013 was largely the result of a $5.4 million reduction in the fair value of derivative liabilities. The Company had $15.8 million in assets, including $5.0 million in cash, and a working capital balance of $3.6 million as at December 31, 2013 compared with $6.6 million in assets, including $4.0 million in cash, and a working capital balance of $4.0 million as at December 31, 2012.
The Company incurred significantly higher general administrative expenses in 2013 due to an increase in corporate activities both at the Company's head office and on site as the Company continues to prepare the site for production.
The Company incurred development costs of $8.1 million in 2013 as compared to development costs of $1.8 million in 2012. Construction costs included $2.7 million in site development, $1.6 million in infrastructure, $1.0 million for road construction, $0.7 million to excavate the pad where the workshop-warehouse will be constructed and $0.6 million for the construction of the overland conveyor route. The Company also spent $1.4 million to acquire property interests.
Shareholders are reminded that the Company has no revenues as its gold and silver Project is not yet in production.
Results for the year ended on:
Dec. 31, 2013
Dec. 31, 2012
|Mineral Property Interests||9,919,486||1,799,301|
|Total long term liabilities||8,028,857||3,998,009|
|Net income (loss) and comprehensive income (loss)||1,978,014||(1,270,988)|
|Basic income (loss) per share||0.02||(0.01)|
|Diluted income (loss) per share||(0.01)||(0.01)|
Financial results discussed in this news release for the financial years ended December 31, 2012 and 2013 have been audited by the Company's independent accountants.
The Company's audited consolidated financial statements and management's discussion and analysis for fiscal 2013 will be available on the Company's website at www.goldenqueen.com and on SEDAR and EDGAR.
The Company secured a $10 million loan in January 2014 to continue the development work on site (please refer to our press release dated January 6, 2014 for further details). The Company is evaluating various financing options for the Project, including equity, debt, and other alternatives. The Company estimates that construction can be completed in approximately 15 months once project financing has been secured.
The Company awarded a contract for the construction of the workshop-warehouse and wash slab. A key milestone was reached when the prepared pad was formally handed over to the contractor in mid-January to start construction of the footings as shown in Photograph 1. This is the first of a number of important turn-key projects for the Project.
Photograph 1 - Workshop-warehouse foundation concrete pour
Our general contractor is preparing the site where the crushing-screening plant will be constructed as shown in Photograph 2. This project is scheduled to be completed in late-March.
Photograph 2 - Crushing plant build-up in progress - lower area
The fill material required for the above project is being sourced from the overflow or events pond, which is located just downstream of the Merrill-Crowe plant. An independent consulting engineer has just issued final construction drawings for the events pond and the excavation is therefore being done to a final design as shown in Photograph 3.
Photograph 3 - Events pond excavation
Petition Filed with the United States Fish and Wildlife Service
On January 31, 2014 the Center for Biological Diversity filed an emergency petition with the United States Fish and Wildlife Service (the "USFWS") asking the USFWS to list the Mojave Shoulderband snail as a threatened or endangered species. Citing a report published more than 80 years ago, the Petition claims that the snail exists in only three places, and that most of the snail habitat occurs on Soledad Mountain. The Company is working with its environmental and legal advisors to prepare a detailed and complete response to the Petition and expects to submit a response to the USFWS in late-March 2014.
About Golden Queen Mining Co. Ltd:
The Company is developing a gold-silver, open pit, heap leach operation on its fully-permitted Soledad Mountain property, located just outside the town of Mojave in Kern County in southern California. The Project will use conventional open pit mining methods and the cyanide heap leach and Merrill-Crowe processes to recover gold and silver from crushed, agglomerated ore.
Technical information in this news release was approved by H. Lutz Klingmann, President, and a Qualified Person as defined under NI 43-101.
Caution With Respect To Forward-looking Statements: The information in this news release includes certain "forward-looking statements". All statements in this news release, other than statements of historical fact, including, without limitation, plans for and intentions with respect to construction and other development activities on the Soledad Mountain Project, and future mining operations on the Project, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from statements in this news release regarding our intentions include the uncertainties involving the availability of project financing in the debt and capital markets; risks of construction and mining such as accidents, equipment breakdowns, non-compliance with environmental and permit requirements, and other risks and uncertainties disclosed in the section entitled "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2013. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, should not to put undue reliance on forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made.
SOURCE Golden Queen Mining Co. Ltd.
Image with caption: "Workshop-warehouse foundation concrete pour (CNW Group/Golden Queen Mining Co. Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140317_C5651_PHOTO_EN_38040.jpg
Image with caption: "Crushing plant build-up in progress - lower area (CNW Group/Golden Queen Mining Co. Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140317_C5651_PHOTO_EN_38041.jpg
Image with caption: "Events pond excavation (CNW Group/Golden Queen Mining Co. Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140317_C5651_PHOTO_EN_38042.jpg
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Mar. 30, 2017 02:15 AM EDT Reads: 4,090
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 30, 2017 01:30 AM EDT Reads: 2,615
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 30, 2017 01:15 AM EDT Reads: 1,213
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Mar. 30, 2017 01:00 AM EDT Reads: 8,294
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Mar. 30, 2017 12:45 AM EDT Reads: 657
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 30, 2017 12:30 AM EDT Reads: 1,524
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Mar. 30, 2017 12:15 AM EDT Reads: 3,563
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Mar. 29, 2017 11:45 PM EDT Reads: 3,217
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 29, 2017 09:30 PM EDT Reads: 2,457
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 29, 2017 07:30 PM EDT Reads: 921
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Mar. 29, 2017 06:30 PM EDT Reads: 2,761
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Mar. 29, 2017 05:15 PM EDT Reads: 3,834
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 29, 2017 04:30 PM EDT Reads: 1,708
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 29, 2017 04:15 PM EDT Reads: 3,920
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 29, 2017 04:00 PM EDT Reads: 3,248