Business
Endeavour Mining reports Q1 all-in sustaining margin of $39 million and cash cost improvement at Tabakoto
VANCOUVER, May 14, 2013 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporatio...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 14, 2013 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\")\n (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces Q1/2013 gold production of\n 73,654 ounces and an all-in sustaining margin of $39 million.  The\n three operating mines continue to fund investments in new mine\n development and growth, which totalled $55.6 million during Q1/2013. \n The all-in sustaining cash cost was $1,083 per ounce sold, and\n Endeavour is intensifying cost reduction efforts. The Tabakoto cost\n reduction program has decreased cash costs by 25% from $1,250 in late\n 2012 to $932 per ounce produced in Q1/2013, with further cost benefits\n expected from the program and the recently completed mill expansion.  \n\n\n(All amounts in US dollars unless otherwise indicated)\n\n\nQ1/2013 Financial and Operating Highlights\n\n\n\n\n\n\nGold production was 73,654 ounces\n\n\n\n\nGold sold was 71,926 ounces for a mine cash margin of $46 million\n (equivalent to 28,400 ounces of gold), and after corporate costs,\n sustaining capital and near-mine exploration expenses generated an\n all-in sustaining margin of $39 million (equivalent to 23,994 ounces of\n gold or a 33% margin)\n\n\n\n\nTotal cash cost per ounce sold was $897\n\n\n\n\nIncluding royalties, corporate costs, sustaining capital and near-mine\n exploration, the all-in sustaining cash cost per ounce sold was\n $1,083.  See Table 4 for calculation details\n\n\n\n\nEndeavour invested $55.6 million in new mine construction, development\n and exploration, as detailed in Table 2, leading to negative free cash\n flow of $16.6 million after all operating and development activities\n\n\n\n\nAdjusted net earnings of $9.0 million or $0.02 per share\n\n\n\n\nAs of March 31, 2013, Endeavour had cash, cash equivalents, and gold\n bullion of $128 million with long-term debt of $200 million drawn from\n a corporate facility\n\n\n\n\n\n\n\nFinancial Statements and related MD&A will be available on SEDAR, the\n ASX website, OTC Markets website, and in the Investor Relations section\n of Endeavour's website www.endeavourmining.com.\n\n\nIn order to access the Corporation's MD&A and financial statements\n directly, please click the following URL: http://files.newswire.ca/910/EDVIntegratedFSMDA.pdf\n\n\n\n\n\n\nNeil Woodyer, CEO, stated\n\n\n\"We hav...