Business
Endeavour Mining reports strong Q2, with cash flow of $47.6 million from production of 50,728 ozs of gold
VANCOUVER, Aug. 7, 2012 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporat...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 7, 2012 /CNW/ - Endeavour Mining Corporation (\"Endeavour\" or the \"Corporation\")\n (TSX:EDV, ASX:EVR, OTCQX:EDVMF) announces strong financial and\n operational results for the second quarter of 2012, including adjusted\n operating cash flow of $47.6 million. As previously announced on July\n 16, Endeavour's two operating mines exceeded prior guidance by\n producing 50,728 ounces during Q2 and 102,691 ozs for H1 2012.\n\n\nNeil Woodyer, CEO, stated\n\n\n\"Our strong Q2 results clearly demonstrate the benefits of the merger we\n completed last year with Adamus as both mines continue to perform above\n previous guidance. Endeavour's adjusted cash flow has increased from\n $32 million in the previous quarter to $48 million this quarter and our\n cash position, net of debt, has also increased, from $11 million to $36\n million. This financial strength positions us well as we continue to\n expand in West Africa, with our most significant growth initiative\n being construction of our third mine, Agbaou. We were very pleased to\n be informed recently by the Ivorian government that our Mining Permit\n for Agbaou has been granted and we are expecting receipt of the\n official permit shortly.\" \n\n\n(All amounts in US dollars unless otherwise indicated)\n\n\nQ2/H1 2012 Financial and Operational Highlights\n\n\nGold production totaled 50,728 ounces for the quarter and totaled\n 102,691 ounces for the first half, significantly above annualized\n previous guidance\n\nThe full year 2012 production guidance has been updated to between\n 187,000 and 202,000 ounces of gold from 170,000 to 190,000 ounces.\n Total cash cost per ounce for production from the two mines (excluding\n royalties and purchased ore) has been updated to $670 to 690 from $645\n to 685 previously.\n\n\nQ2 2012 total cash cost1 (excluding royalties and purchased ore) was $618 per gold ounce\n produced, which is below prior guidance.\n\nH1 Cash margin2 (revenues from gold sales less cash costs and royalties) of $84.0\n million continues on plan to meet our $150 million estimate for the\n full year (based on a $1,600/oz gold price).\n\nQ2 operating cash flow from mine operations was $56.1 million, which,\n after adjusting for $8.5 million of cash proceeds received in early\n April for March production, resulted in adjusted operating cash flow of\n...