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
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...