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Endeavour Reports First Quarter 2016 Results; AISC Continue to Decrease Below $900/oz
George Town, Grand Cayman, United Kingdom, May 2, 2016 (GLOBE NEWSWIRE) -- First Quarter 2016 Highlights Gold production of 132koz, on-track to meet full-year g
About this update from Endeavour Mining Plc
[{"type":"text","content":"George Town, Grand Cayman, United Kingdom, May 2, 2016 (GLOBE NEWSWIRE) -- First Quarter 2016 Highlights Gold production of 132koz, on-track to meet full-year guidance with higher production expected in the upcoming quarters All-in Sustaining Cost further decreased to $900/oz ($889/oz excluding Youga which was divested end of February), in line with full-year guidance of $870 to $920/oz All-in sustaining margin up 54% over the previous quarter to $37m, lifted by lower AISC/oz and higher gold prices Free Cash Flow (before tax, WC & financing costs) of $28m, slightly above guidance Net debt reduced to $136m at quarter-end from $259m as of March 31, 2015; and further reduced to $71m following the La Mancha $65m anti-dilution cash injection under the True Gold acquisition George Town, May 2, 2016 - Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce its financial and operating results for the quarter ended March 31, 2016, with highlights provided in the table below. Table 1 : Key Operational and Financial Highlights All amounts in US$ Q1-2016 Q4-2015 Q1-2015 Gold Production, oz 131,567 136,844 123,744 Realized Gold Price, $/oz 1,192 1,102 1,219 AISC, $/oz 900 934 946 All-in Sustaining Margin, $/oz 292 168 273 All-in Sustaining Margin, $m 37 24 34 Free Cash Flow, $m (before WC, tax & financing costs) 28 12 25 Net Debt At Period End, $m 136 144 259 Neil Woodyer, CEO of Endeavour, stated: \" Our first quarter results have met our expectations and we are on track to achieve our objectives for 2016. The Agbaou and Ity mines are delivering excellent performance and the underground Tabakoto mines should gain momentum in the coming quarters. Our group AISC has continued to decrease, achieving $889/oz from our current operations, which provides a solid cash generation foundation. We have also strengthened our financial position with the cash received from La Mancha following the close of the True Gold transaction. The second quarter will be important for Endeavour with the integration of True Gold's Karma Mine and its ramp-up to commercial production, and the start of construction at our Houndé project which will ultimately become our flagship low-cost mine. Updated guidance for 2016, which will include these recent developments, will be provided with the release of our second quarter result...