Welcome!

News Feed Item

Majestic Gold Corp. Announces Third Quarter 2014 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/29/14 -- Majestic Gold Corp. ("Majestic" or the "Company") (TSX VENTURE:MJS)(FRANKFURT:A0BK1D) announces its financial and operational results for the third quarter ended June 30, 2014. This release should be read in conjunction with the Company's condensed consolidated interim financial statements and related management discussion and analysis. The following financial results are expressed in US dollars unless otherwise stated.

2014 Third Quarter Overview


--  Gold production in the third quarter of 2014 decreased to 4,269 ounces,
    compared to 5,119 ounces produced in the third quarter of 2013. Total
    gold production for the nine months ended June 30, 2014, increased to
    14,824 ounces, compared to 14,769 ounces produced for the comparative
    period of 2013. 
--  Gold sales revenue in the third quarter of 2014 was $8.6 million from
    the sale of 6,590 ounces, at an average realized gold price of $1,311
    per ounce, compared to revenue of $3.3 million from the sale of 2,251
    ounces, at an average realized gold price of $1,470 per ounce, for the
    comparative quarter of 2013. Gold sales revenue for the nine months
    ended June 30, 2014, was $19.8 million from the sale of 14,950 ounces,
    at an average realized gold price of $1,322 per ounce, compared to
    revenue of $15.8 million from the sale of 9,734 ounces, at an average
    realized gold price of $1,621 per ounce, for the comparative period of
    2013. 
--  Average cash costs for the third quarter of 2014 were $1,189 per ounce,
    compared to $1,040 per ounce for the third quarter of 2013. For the nine
    months ended June 30, 2014, average cash costs were $1,060 per ounce
    compared to $1,043 per ounce for the comparative period of 2013. 
--  Gross profit was $0.5 million for the third quarter of 2014, compared to
    $0.9 million for the third quarter of 2013. Gross profit for the nine
    months ended June 30, 2014, was $3.1 million compared to $5.4 million
    for the comparative period of 2013. 
--  General and administrative expenses ("G&A") were $0.8 million for the
    third quarter of 2014, compared to $1.9 million for the third quarter of
    2013. G&A expenses were $4.7 million for the for the nine months ended
    June 30, 2014, compared to $5.6 million for the comparative period of
    2013.

                                                                            
PRODUCTION RESULTS                                                          
                                                                            
----------------------------------------------------------------------------
                             Three months ended June  Nine months ended June
                                                 30,                     30,
                                    2014        2013        2014        2013
----------------------------------------------------------------------------
                                                                            
Production data                                                             
  Tonnes mined                   361,361     501,851   1,231,838   1,431,589
  Tonnes milled                  380,744     499,175   1,225,076   1,444,307
  Head grade (g/t)                  0.42        0.36        0.41        0.36
  Mill recovery                      88%         86%         88%         86%
  Gold produced (ozs)              4,269       5,119      14,824      14,769
  Gold realized, net of                                                     
   smelting fees (ozs)             4,080       4,770      13,896      13,764
----------------------------------------------------------------------------
                                                                            
                                                                            
FINANCIAL                                                                   
 INFORMATION                                                                
                                                                            
----------------------------------------------------------------------------
                     Three months ended June 30,  Nine months ended June 30,
                              2014          2013          2014          2013
----------------------------------------------------------------------------
Operating data                                                              
  Gold produced                                                             
   (ozs)                     4,269         5,033        14,824        14,769
  Gold realized net                                                         
   of smelting fees                                                         
   (ozs)                     4,080         4,681        13,896        13,764
  Gold sold (ozs)            6,590         2,251        14,950         9,734
  Average realized                                                          
   gold price ($/oz                                                         
   sold)             $       1,311 $       1,470 $       1,322 $       1,621
  Total cash costs                                                          
   ($/oz sold) (1)           1,189         1,040         1,060         1,043
Financial data                                                              
  Total revenues     $   8,641,683 $   3,551,168 $  20,127,407 $  16,576,510
  Gross profit (2)         456,620       858,996     3,118,460     5,444,311
  Net loss                                                                  
   attributable to                                                          
   shareholders          (979,226)   (1,663,360)   (3,253,046)   (2,782,687)
  Basic and diluted                                                         
   loss per share           (0.00)        (0.00)        (0.00)        (0.00)
  Cash and cash                                                             
   equivalents          12,444,592    16,255,747    12,444,592    16,255,747
  Total assets          99,279,878   108,561,402    99,279,878   108,561,402
  Total debt            20,445,677    19,566,849    20,445,677    19,566,849
----------------------------------------------------------------------------
                                                                            
(1) "Total cash costs" are presented on a per ounce sold basis.             
(2) "Gross profit" represents total revenues, net of cost of goods sold.    

Stephen Kenwood, President and CEO of Majestic Gold Corp., is the Company's Qualified Person as defined by National Instrument 43-101 and is the non-independent Qualified Person that has reviewed and approved the geological and technical information contained in this press release.

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.com.

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
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
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.
SYS-CON Events announced today that Enzu 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, 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...