Business
Q1 Production results
Q1 Production results.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 5137K Hochschild Mining PLC 21 April 2010 \n \n\n\n\n________________________________________________________________________\n \n21 April 2010 \n \nProduction Report and Interim Management Statement \nfor the three months to 31 March 2010 (\"Q1 2010\")\n \nHighlights \n \n· Q1 2010 production of 6.1 million attributable silver equivalent ounces comprised of 4.0 million ounces of silver and 35.0 thousand ounces of gold \n· On track to achieve 2010 target of 26.3 million attributable silver equivalent ounces from current operations with an additional 1.5 - 2.5 million silver equivalent ounces from stakes in Lake Shore Gold and GRC \n· Continued delivery of growth strategy: \no $4.9 million invested in Lake Shore Gold, increasing the Company's stake to 38%\no $9.5 million invested in Gold Resource Corporation, increasing the Company's stake to 29%\no Exploration projects Azuca and Crespo progressing towards scoping study \n· Continued focus on profitability and cost control \n· Solid financial position with cash balance of approximately $79 million as at 31 March 2010\n \nIgnacio Bustamante, Chief Executive Officer commented:\n\"In my first month as CEO of Hochschild, I am pleased to report a solid first quarter of production which means we are firmly on track to achieve our full year target of 26.3 million attributable silver equivalent ounces from our current operations. We remain committed to delivering our three-part strategy which is focused on maximising life of mine and profitability at existing operations, adding to production through selective acquisitions and delivering growth through our extensive exploration programme. With our solid asset base, strong project pipeline and experienced management team, we are extremely confident about Hochschild's long term growth prospects\". \n \nOverview \n \nHochschild achieved attributable production of 6.1 million silver equivalent ounces in Q1 2010, comprised of 4.0 million ounces of silver and 35.0 thousand ounces of gold. Excluding Selene, which was closed in May 2009, this represents a marginal year-on-year decrease of 1%. Q1 2010 production was 10% below that of Q4 20...