AuRico Reports First Quarter Financial Results

About this update from Alamos Gold Inc.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 9, 2013 /CNW/ - AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), (\"AuRico\" or the \"Company\") reports financial results for the three\n months ended March 31, 2013. All amounts are in U.S. dollars. The\n Company will host a conference call on Friday, May 10, 2013 beginning\n at 8:30 a.m. Eastern Time (details below).\n\n\nFinancial Highlights \n\n\nFor the first quarter, the Company reported the following results:\n\n\nRevenues of $64.9 million\n\n\nNet earnings of $18.3 million, or $0.07 per share\n\n\nAdjusted net earnings(1) of $10.9 million, or $0.04 per share\n\n\nProduction of 46,170 gold ounces(2)\n\nCash costs of $635 per gold ounce(1)\n\nAll-in cash costs of $985 per gold ounce(3)\n\nOperating cash flow before changes in working capital(1) of $20.1 million, or $0.08 per share\n\n\nRecent Highlights \n\n\nReaming of the second leg of the Young-Davidson shaft was completed in\n mid-April. The shaft now extends 900m from surface, providing vertical\n access to approximately 1.8 million ounces, or 50% of reserve ounces,\n the focus of the next 8 years of production. Construction activities\n continue to focus on the crushing and mid-shaft loading pocket\n infrastructure in preparation for commissioning during the third\n quarter.\n\n\nCommissioning of the MCM shaft at the Young-Davidson mine was completed\n in mid-February. The MCM shaft is currently being used to hoist waste\n to surface, which reduces congestion in the ramp system and improves\n overall productivities in the underground mine.\n\n\nFollow-up drilling on the three new areas of mineralization identified\n at El Chanate as part of the 2012 program has begun with one drill\n currently on site. These areas are all located along trend of the open\n pit and could increase resources and mine life.\n\n\nThe Company's inaugural quarterly dividend of $0.04 per share was paid\n on April 18, 2013. In 2013, the Company will pay a dividend of $0.16\n per share (payable quarterly) and subsequent to 2013, the Company's\n dividend will be linked to operating cash flow, whereby the Company\n intends to pay out 20% of the operating cash flow generated in the\n preceding quarter.\n\n\n\"We delivered another quarter of solid results, paid our first quarterly\n dividend and reported continued progress at the Young-Davidson mine.\n With the reaming of the seco...

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