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
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...