Business
Etruscan's Youga Gold Mine reports positive cash flow in fourth quarter
Etruscan's Youga Gold Mine reports positive cash flow in fourth quarter
About this update from Forge Resources Corp.
[{"type":"text","content":"\n\n\n\nDec. 17, 2009 (Canada NewsWire Group) -- HALIFAX, Dec. 17 /CNW/ -- Etruscan Resources Inc. (EET.TSX) reported today that gold production for the fourth quarter ended November 30, 2009 at the Youga Gold Mine located in Burkina Faso, West Africa was 18,927 ounces bringing the total annual production for fiscal 2009 to 64,879 ounces compared to forecast production of 65,000 ounces.During the quarter, the Company realized an average price of US$1,050 per ounce on the sale of 16,510 ounces, generating revenue of US$17.3 million and positive cash flows of US$3.8 million.Total cash costs of production for the quarter were US$12.1 million, giving the Company its third consecutive quarter of improved cash costs, and three consecutive quarters of increased gold production. During the fourth quarter, the Youga Mine was connected to grid electric power, providing a more stable and lower cost power supply and the Company continues to focus on other cost reduction initiatives.-------------------------------------------Total Cash GoldCosts Per Ounce Production-------------------------------------------Q2 2009 $886 13,024-------------------------------------------Q3 2009 $739 17,747-------------------------------------------Q4 2009* $642 18,927-------------------------------------------*Note: Numbers are preliminary and aresubject to final adjustmentEtruscan's forecast production for fiscal 2010 is 80,000 ounces.Appointment of Chief Financial OfficerEtruscan also announced today that Paul Coombs, CMA, CGA, MBA has been appointed to the position of Chief Financial Officer of Etruscan. Mr. Coombs brings a wealth of mining-related financial experience to Etruscan, having worked with Falconbridge/Xstrata from 1999-2008 where he held senior financial positions and was appointed Controller CCR Division in 2004. Mr. Coombs left Xstrata in 2008 to join Aurora Energy Resources Inc. as Chief Financial Officer and Corporate Secretary where he oversaw that company's successful integration with Fronteer Development Group.Gerald J. McConnell, President of Etruscan, stated: \"I am very pleased that Paul has agreed to join the senior management team at Etruscan. I am confident that Paul's financial experience with mining operations will be a tremendous asset for Etruscan as we continue to strengthen our production capabilities. On behalf of the Board o...