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Endeavour Mining Reports Record Gold Production in Q1 2014 at an AISC of $1,059/oz
VANCOUVER , May 12, 2014 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corp...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\nVANCOUVER, May 12, 2014 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\")\n (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces record quarterly gold\n production of 105,912 ounces resulting in gold revenue of $137 million\n in Q1 2014 that generated an all-in sustaining margin of $25 million.\n Agbaou, which achieved commercial production in Q1 2014, continues to\n demonstrate strong sustained performance by running above plan on mined\n grade, throughput and recoveries.\n\n\n(All amounts in US dollars unless otherwise indicated)\n\n\nQ1 2014 Financial and Operating Highlights\n\n\n\n\n\n\nRecord gold production of 105,912 ounces compared to 73,654 ounces in Q1\n 2013\n\n\n\nGold sold was 105,666 ounces (excludes 6,132 ounces pre-commercial\n production sold from Agbaou) for a mine cash margin of $37.2 million,\n and after corporate costs, sustaining capital and sustaining\n exploration costs the all-in sustaining margin was $25.3 million.\n\n\n\nCash cost per ounce sold was $879, compared to $897 in Q1 2013\n\n\n\nAll-in sustaining cost (\"AISC\") per gold ounce sold was $1,059, compared\n to $1,174 in Q1 2013, representing a 10% cost reduction over the past\n year.  Q1 2013 has been re-calculated to be on same basis as Q1 2014\n\n\n\nAgbaou declared commercial production on January 27, 2014 following\n successful commissioning of the processing plant and signing of the\n Mining Convention. Agbaou has been performing above plan since\n commissioning\n\n\n\nDuring Q1 2014, $20.2 million was invested in new mine construction,\n development and exploration.  This includes $16.5 million at Tabakoto\n for the purchase of underground mining equipment for the owner mining\n conversion and continued development at Segala\n\n\n\nEndeavour ended the quarter with $67.7 million in cash\n\n\n\n\n\n\n\nNeil Woodyer, CEO, stated\n\n\n\"We are very pleased to have achieved record quarterly gold production\n of 106,000 ounces with the increase coming from the successful start-up\n and subsequent strong operating performance at Agbaou along with the\n 10% reduction in AISC per ounce compared to Q1 2013.  \n\n\nAgbaou continues to outperform on all of our key metrics and we expect\n the mine to be a strong cash flow generator for the group going\n forward.  \n\n\nThe transition to owner mining at Tabak...