Business
U.S. Silver & Gold reports fourth quarter and year-end 2013 financial results
TORONTO , March 24, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA ) (OTCQX: USGIF)...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\n\nTORONTO, March 24, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA)\n (OTCQX: USGIF) (\"U.S. Silver & Gold\" or the \"Company\") today reported\n year-end financial and operational results for 2013.\n\n\nThis earnings release should be read in conjunction with the Company's\n MD&A, Financial Statements and Notes to Financial Statements for the\n corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.us-silver.com. All figures are in U.S. dollars unless otherwise noted. As a cost\n containment measure, the Company has discontinued quarterly conference\n calls until further notice.\n\n\nFinancial Highlights\n\n\nFor the fourth quarter of 2013, the Company reported the following\n results from continuing operations:\n\n\n\nProduction of 450,000 silver ounces and 543,000 silver equivalent1 ounces at a cash cost of $16.26 and an all-in sustaining cost of $21.002 per ounce, which represent decreases of 3% in production, 8% in cash\n costs and 9% in all-in sustaining costs per ounce over Q3 2013.\n\n\nRevenues of $10.5 million and a net loss of ($0.4) million or ($0.01)\n cents per share.\n\n\nCash balance of $7.2 million at December 31, 2013 with net working\n capital of approximately $12.2 million.\n\n\n\n\n\n\nFor the full year 2013, the Company reported the following results from\n continuing operations:\n\n\n\nGalena Complex production of 2.12 million silver ounces at a cash cost\n of $17.76 per ounce and an all-in sustaining cost of $24.242, which represent decreases of 6% in production, 7% in cash costs and\n 20% in all-in sustaining costs per ounce year-over-year.\n\n\nRevenues of $64.2 million and a net loss of ($15.6) million or $0.25 per\n share, a reduction of 12% year-over-year.\n\n\nIf Small Mine Plan implementation costs were excluded, the Galena\n Complex would have made an operating profit of approximately $0.9\n million in the second half of the year.\n\n\n\n\n\n\n\"Our focus over the last year has been on increasing profitability and\n positive cash flow in a low silver price environment,\" stated Darren\n Blasutti, President and CEO of U.S. Silver and Gold. \"In 2013, we saw a\n consistent reduction in costs as we applied disciplined cost\n containment, implemented a Small Mine Plan, addressed working capital\n issues and protect...