Business
Farallon Announces Second Quarter Financial and Operating Results - Record Production Performance Continues
Farallon Announces Second Quarter Financial and Operating Results - Record Production Performance...
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\n Aug. 11, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n26m lb of Zinc Produced at a Total Cash Cost(1) of $0.05/lb payable zinc\n\nVANCOUVER, Aug. 11 /CNW/ - Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) announces its financial and operating results for the three months ended June 30, 2010. Currency amounts are stated in United States Dollars, unless otherwise noted. This news release should be read in conjunction with the Company's financial statements and MD&A which are available on SEDAR and the Company's website.\nThe Company's G-9 mine produced a record 26.3 million pounds of zinc and 2.3 million pounds of copper in concentrates at a total cash cost(1) of $0.05/lb of payable zinc, generating operating earnings of $11.3 million and $6.6 million in cash from operations before changes in non-cash working capital.\n"The G-9 mine has continued the trend of increasing production on a quarterly basis, and is now achieving its operating cost targets," said President and CEO Dick Whittington. "Production increased 10% from 1,650 tpd in the first quarter to 1,816 tpd in the second quarter, or 21% above the design throughput of 1,500 tpd. At the same time, unit production costs declined 17% from $77/t milled to $64/t milled. As a result, the G-9 mine is now one of the lowest cost zinc mines in the world on a total cash cost(1) basis at $0.05/lb of paid zinc. Operationally, our focus is improving the mine output while, corporately, we continue to seek business combinations that will allow us to deliver on our objective of becoming a mid-tier, multi-mine company."\nA summary of the results for the three months ended June 30, 2010 ("Q2") compared to the three months ended March 31, 2010 ("Q1") are as follows:\n\n\n >\n\n\nDuring Q2, the Company restructured its long-term debt facility with Credit Suisse. As part of the restructuring, the facility was expanded...