Welcome!

News Feed Item

Majestic Gold Corp. Provides 2014 Second Quarter Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/30/14 -- Majestic Gold Corp. ("Majestic" or the "Company") (TSX VENTURE:MJS)(FRANKFURT:A0BK1D) is pleased to report the financial and operational results for the second quarter of the 2014 fiscal year, ended March 31, 2014.

This release should be read in conjunction with the Company's condensed consolidated interim financial statements and related management discussion and analysis for the same period. The following financial results are expressed in US dollars unless otherwise stated.

2014 Second Quarter Overview


--  Gold production for the second quarter of 2014 increased by 13.5% to
    5,712 ounces compared to 5,033 ounces produced in the second quarter of
    2013.  
    
--  Gold sales revenue for the second quarter of 2014 was $7.5 million from
    the sale of 5,466 ounces, at an average realized gold price of $1,367
    per ounce, compared to revenue of $8.4 million from the sale of 5,144
    ounces, at an average realized gold price of $1,626 per ounce, for the
    second quarter of 2013;  
    
--  Second quarter of 2014 average cash costs were $1,009 per ounce,
    compared to $1,161 per ounce for the second quarter of 2013.  
    
--  Gross profit was $1.7 million for the second quarter of 2014, compared
    to $2.4 million for the comparative quarter of 2013; 
    
--  General and administrative expenses decreased to $1.2 for the second
    quarter of 2014. This represents a 58% decrease of $1.6 million from the
    first quarter of 2014 and over a 50% decrease of $1.2 million from the
    comparative quarter of 2013. 

FINANCIAL INFORMATION


----------------------------------------------------------------------------
                         Three months ended March    Six months ended March 
                                    31,                       31,           
                                2014         2013         2014          2013
----------------------------------------------------------------------------
Operating data                                                              
  Gold produced (ozs)          5,712        5,033       10,555         9,656
  Gold realized net of                                                      
   smelting fees (ozs)         5,312        4,681        9,816         8,994
  Gold sold (ozs)              5,466        5,144        8,360         7,483
  Average realized gold                                                     
   price ($/oz sold)     $     1,367 $      1,626 $      1,331 $       1,666
  Total cash costs ($/oz                                                    
   sold) (1)                   1,009        1,161          959         1,044
Financial data                                                              
  Total revenues         $ 7,614,531 $  8,681,386 $ 11,485,724 $  13,025,342
  Gross profit (2)         1,662,609    2,415,302    2,661,840     4,585,315
  Net loss attributable                                                     
   to shareholders         (134,218)  (1,021,783)  (2,273,820)   (1,119,327)
  Basic and diluted loss                                                    
   per share                  (0.00)       (0.00)       (0.00)        (0.00)
  Cash and cash                                                             
   equivalents            10,678,892   20,256,494   10,678,892    20,256,494
  Total assets            98,564,306  108,037,245   98,564,306   108,037,245
  Total debt              19,246,974   35,102,877   19,246,974    35,102,877
----------------------------------------------------------------------------
(1) "Total cash costs" are presented on a per ounce sold basis.             
(2) "Gross profit" represents total revenues, net of cost of goods sold.    
                                                                            
PRODUCTION RESULTS                                                          
----------------------------------------------------------------------------
                            Three months ended March Six months ended March 
                                       31,                     31,          
                                    2014        2013        2014        2013
----------------------------------------------------------------------------
Production data                                                             
  Tonnes mined                   314,461     484,385     870,477     929,739
  Tonnes milled                  425,703     487,481     844,332     943,968
  Head grade (g/t)                  0.41        0.35        0.41        0.37
  Mill recovery                      88%         86%         88%         87%
  Gold produced (ozs)              5,712       5,033      10,555       9,656
  Gold realized, net of                                                     
   smelting fees (ozs)             5,312       4,681       9,816       8,994
----------------------------------------------------------------------------

The geological and technical information contained in this news release has been reviewed and approved by Stephen Kenwood, P.Geo., who is a qualified person under the definitions established by National Instrument 43-101.

About Majestic Gold

Currently focused solely in China, Majestic Gold Corp. is a Vancouver, BC based company engaged in commercial gold production at the Songjiagou Gold Mine in Yantai, China. The mine is an open pit and underground operation. Additional information on the Company and its projects is available at www.sedar.com and on the Company's website at www.majesticgold.net.

Cautionary Notes

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward-looking statements to conform these statements to actual results

Production Disclaimer

The Company's production decision was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. The Company's production decision was made based on the open pit optimization resource model set out in the Preliminary Economic Assessment ("PEA"), which takes into account the relatively low mining costs negotiated by the Company. The pit optimization that was conducted in the preliminary assessment generated a production schedule summary at grade cut-off of 0.30 gram per tonne Au.

The PEA includes the inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will ever be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., 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. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, 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. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...