Business
Majestic Gold Corp. Reports 2015 Annual Results and Option Grant
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / January 28, 2016 - Majest...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2015 Annual Results and Option Grant(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / January 28, 2016 - Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSX.V: MJS, FSE: A0BK1D) announces its financial and operational results for the year ended September 30, 2015. The following financial results are expressed in US dollars unless otherwise stated.\n\n \n \nThis release should be read in conjunction with the Company's audited consolidated financial statements for the years ended September 30, 2015, and 2014 and associated Management Discussion and Analysis (\"MD&A\") which are available on SEDAR www.sedar.com and on the Company's website www.majesticgold.com. \n\n\n \nOVERVIEW\n\n\n \n-Gold production from the Songjiagou Gold Mine was 19,488 ounces in fiscal 2015, a 1% decrease in production, compared to 19,630 ounces produced in the fiscal 2014; \n\n\n \n-Tonnes of ore milled was 1.6 million tonnes in fiscal 2015, with an average head grade of 0.43 g/t, compared to 1.6 million tonnes milled, with an average head grade of 0.42 g/t, in fiscal 2014; \n\n\n \n-Gold sales revenue was $22.4 million in fiscal 2015, from the sale of 18,133 ounces, at an average realized gold price of $1,235 per ounce, compared to gold sales revenue of $23.5 million in fiscal 2014, from the sale of 18,165 ounces, at an average realized gold price of $1,291 per ounce. The average realized gold price in fiscal 2015 decreased by 4%, over the comparative year, reflecting the continued decline in the gold price during the current year;\n\n\n \n-Total cash costs were $1,210 per ounce and total production costs were $1,347 per ounce in fiscal 2015, compared to cash costs of $1,165 per ounce and production costs of $1,302 per ounce in fiscal 2014. The 4% increase cash and production costs, in fiscal 2015, were due primarily to an increase in waste removal costs. Fiscal 2015 had a full 12 months of waste removal costs, compared to only 6 months in fiscal 2014 as the Company did not begin implementation of its grade control program until April 2014. The Company expects the grade control program to allow for improvement of the average head grade, and thereby lowering the average cash and production costs per ounce;\n\n\n \n-General and administrative expenses (\"G&A\") were $3.3 million in fiscal 2015,...