Business
Guanajuato Silver Reports Q2 2023 Financial and Operating Results
~ Q2 Production of Over 941,338 AgEq Ounces ~ VANCOUVER, BC / ACCESSWIRE / August 25, 2023 / ...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"Guanajuato Silver Reports Q2 2023 Financial and Operating Results~ Q2 Production of Over 941,338 AgEq Ounces ~VANCOUVER, BC / ACCESSWIRE / August 25, 2023 / Guanajuato Silver Company Ltd. (the \"Company\" or \"GSilver\") (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce financial and operating results for the six months ended June 30, 2023. All dollar amounts are in US dollars (US$) and prepared in accordance with International Financial Reporting Standards (\"IFRS\") as issued by the International Accounting Standards Board. Production results are from the Company's wholly owned El Cubo Mines Complex (\"El Cubo\"), Valenciana Mines Complex (\"VMC\") and San Ignacio mine (\"San Ignacio\") in Guanajuato, Mexico, and the Topia mine (\"Topia\") located in Durango, Mexico.James Anderson, Chairman & CEO of Guanajuato Silver, said, \"Over the past twelve months we have made great strides in bringing our newly purchased mining assets back into optimal production. Significant infrastructure investments made since August of last year include: the rehabilitation of the Cata shaft; the installation of a new locomotive haulage system and the establishment of an environmentally superior tailings backfill system at VMC; the installation of new Falcon concentrators at both of our Guanajuato processing facilities; and the development of new mining areas at Santa Cecilia, San Ignacio, and Topia. These capex investments are now poised to deliver improved efficiencies as we head into the second half of the year. The ramp-up at our four producing silver mines remains on schedule; however, our business is not immune to inflationary pressures and extraordinary currency market volatility - most notably the remarkable rise of the Mexican peso, which has appreciated approximately 20% against the US dollar over the past year. Our Q2 cash flows have been impacted as approximately 75% of our expenditures are denominated in Mexican pesos; we have therefore implemented a number of cost reductions, including some staff reductions, and will continue to prioritize cost controls going forward.\"Q2 2023 HighlightsRecord production during the quarter of 941,338 AgEq (silver equivalent) ounces derived from 477,649 ounces of silver; 4,719 ounces of gold; 875,802 pounds of lead; and 897,258 pounds of zinc (see footnote to table below for assumptions reg...