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
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, paneli...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 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 software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized 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 acr...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...