Business
Farallon Announces Third Quarter Operating and Financial Results
Farallon Announces Third Quarter Operating and Financial Results
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\nNov. 16, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 16 /CNW/ -- Dick Whittington, President and CEO of Farallon Mining Ltd. (\"Farallon\" or the \"Company\") (TSX:FAN) is pleased to announce the quarterly operating and financial results for the Company for the three months ending September 30, 2009 and to provide a G-9 mill update.This news release should be read in conjunction with the Company's financial statements and MD&A, which are available on SEDAR. Currency is United States dollars unless otherwise indicated. Farallon will hold a conference call tomorrow, Tuesday November 17th, at 8:00 am Pacific time (11:00 am Eastern) to discuss these results. Call-in details are provided at the end of this release.The Company generated cash flow from operations of $0.3 million and a loss for the period of $0.6 million. Production included zinc contained in zinc concentrates of 22.1 million pounds, copper in copper concentrate of 1.8 million pounds and additional by-product silver and gold. The total cash cost(1) including transportation, treatment and refining charges and by-product credits, was $0.45/lb of payable zinc.In addition, the Company's Board of Directors has approved capital expenditure of $5.3 million to proceed with a mill expansion to increase production at the G-9 mine from 1,500 tonnes per day (\"tpd\") to 2,000 tpd. The Company has engaged Axxent Engineering for engineering, procurement and construction management services related to the project which is expected to be complete by July 2010.President and CEO Dick Whittington said \"The third quarter was an exciting period for the Company in which underground development activity at the mining operations at G-9 were completed. We are now producing high-grade ore at over 1,500 tpd on a consistent basis. As well, many initiatives were undertaken in the milling operations that allowed us to exceed our design throughput rates in the mill during the month of October, operating at an average rate of 1,600 tpd. These initiatives have us well placed to capitalize on strong base metal prices during the fourth quarter, and the initiation of the mill expansion project will further enhance our position as a low-cost zinc producer. We are also very enthusiastic about the resumption of exploration drilling on the property\".Financial and operational highlights for the t...