Business
Farallon Announces Year-End 2008 Financial Results
G-9 MINE COMMISSIONING PHASE SUCCESSFUL, RAMPING UP TO FULL PRODUCTION VANCOUVER, April 1 /CNW/ -...
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\nG-9 MINE COMMISSIONING PHASE SUCCESSFUL, RAMPING UP TO FULL PRODUCTION\n\n\nVANCOUVER, April 1 /CNW/ - Farallon Resources Ltd. ("Farallon" or the\n"Company") (TSX: FAN) announces the Company's year-end financial results at\nDecember 31, 2008. Farallon changed its fiscal year-end date from June 30 to\nDecember 31; therefore, these financials are for the six month period ended\nDecember 31, 2008. All currency amounts are in US$ unless otherwise stated.\nThe full version of the financial statements can be viewed on the Company's\nweb site at www.farallonresources.com or on SEDAR at www.sedar.com.\n\n\nDuring the period ending December 31, the Company carried out\ncommissioning and ramp up activities at the G-9 Mine, located in Guerrero\nState Mexico, to bring the operation towards the full design production\ncapacity of 1,500 tonnes per day. Further to the update of operational\nactivities at the G-9 Mine provided in its news release of January 22, 2009,\nthe Company's initial production targets were met during the period. The\nCompany incurred a loss for the period of $40.1 million, including $19.1\nmillion in commissioning costs that reflect the higher costs associated with\ncommissioning and ramp up. These costs are higher than those anticipated once\ndesign production is achieved.\n\n\nThe Company's final reconciliation of the capital costs associated with\nthe construction and development of the G-9 Mine have been completed. The\nfinal capital cost is $149.7 million, which is approximately 20% higher than\nthe estimate of $124 million in the December 2007 Preliminary Economic\nAssessment ("PEA").\n\n\nConcentrate production at the G-9 Mine during the period was 13,362\ntonnes of zinc concentrate, 1,943 tonnes of copper concentrate, and 1,143\ntonnes of lead concentrate. Production and grade for each concentrate is\nprovided in the table below.\n\n\n-------------------------------------------------------------------------\n G-9 Mine Zinc Concentrate Production\n-------------------------------------------------------------------------\n Grade\n ----------------------------\n Period Tonnes Zn% Ag g/t Au g/t\n-------------------------------------------------------------------------\nJuly 1 to Dec 31, 2008 13,362 48.2 273 2.53\n-------------------------------------------------------------------...