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01.03.2017 13:30:00
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Superior Gold Inc. Announces Strong Operating Results for December 2016 Quarter
ALL IN SUSTAINING COSTS OF US$869 PER OUNCE1
(ALL AMOUNTS EXPRESSED IN US$ UNLESS OTHERWISE STATED)
TORONTO, March 1, 2017 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV:SGI) is pleased to announce operating results for its first quarter of production (the quarter ending December 31, 2016) from the Company's 100%-owned Plutonic Mine in Western Australia. The Company completed the acquisition of the Plutonic Mine on October 12, 2016.
QUARTER HIGHLIGHTS
- Gold Produced was 22,994 ounces
- Gold Sold was 20,352 ounces
- Total Cash Costs1 of $771 per ounce sold
- All-In Sustaining Costs1of $869 per ounce sold
- Cash Flow2 from Operations was $8.5 million
- Cash at the end of the quarter was $6.1 million
Chris Bradbrook, President and CEO of Superior Gold stated "I am extremely pleased to make such a positive announcement so soon after completing our Initial Public Offering on February 23, 2017. We had a very strong operational start to our ownership of the Plutonic Gold Mine, and I want to thank our operating team, led by our VP Operations, Plutonic, Corey Doust, for their outstanding work at the mine. It is extremely encouraging that we were able to generate positive free cash flow, and we anticipate building on this momentum."
The Company plans to provide investors with further information regarding its exploration and corporate plans in the near future.
Financial and operating results for the quarter are summarized in the table below.
Three Month Period Ending December 31, 2016 | |
Gold Produced (oz) | 22,994 |
Gold Sold (oz) | 20,352 |
Total Cash Costs ($/oz sold)1 | 771 |
All In Sustaining Costs ($/oz sold)1 | 869 |
Realized Price ($/oz) | 1,214 |
Revenue ($ '000's) | 24,750 |
Net income ($ '000's)2 | 9,432 |
Cash Flow from Operations ($ '000's)2 | 8,467 |
Cash at Quarter End ($ '000's) | 6,096 |
1 | Total cash costs per gold ounce and all in sustaining costs per gold ounce are non-IFRS performance measures, do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. In addition to conventional measures prepared in accordance with IFRS, certain investors may use these measures to evaluate the Plutonic Gold Operation's performance. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Refer to the Non-IFRS Performance Measures contained in the prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a reconciliation of total cash costs per ounce and all in sustaining costs per ounce. |
2 | Net Income and Cash flow from operating activities are calculated based on the period of incorporation to December 31, 2016 less the period of incorporation to September 30, 2016. |
More detailed financial information is available in Superior Gold's prospectus dated February 15, 2017, which is available on the SEDAR website at www.sedar.com.
About Superior Gold
Superior Gold's principal business objectives are the acquisition, exploration, development and operation of gold resource properties. The Corporation's principal asset is the Plutonic Gold Operations, located in Australia. The Plutonic Gold Operations include the Plutonic Gold Mine which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Superior Gold
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