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
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
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.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
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...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of 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. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of 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. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
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 ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that Loom Systems 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. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.