Business
Majestic Gold Corp. Reports 2019 Q2 Results
VANCOUVER, BC / ACCESSWIRE / May 29, 2019 / Majestic Gold Corp. ("Majestic" or the "Co...
About this update from Majestic Gold Corp.
[{"type":"text","content":"Majestic Gold Corp. Reports 2019 Q2 ResultsVANCOUVER, BC / ACCESSWIRE / May 29, 2019 / Majestic Gold Corp. (\"Majestic\" or the \"Company\") (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the second quarter ended March 31, 2019. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis (\"MD&A\") for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. The following financial results are expressed in US dollars unless otherwise stated.SECOND QUARTER 2019 HIGHLIGHTS Gold production decreased by 12% to 7,276 ounces for the second quarter of 2019, compared to 8,297 ounces for the 2018 comparative quarter due primarily to a 21% decrease in tonnes milled and was partially offset with higher average head grade for the quarter. Gold production for the second quarter of fiscal 2019, was from 324,783 tonnes milled with an average head grade of 0.73 g/t and a 96% recovery rate, compared to 410,703 tonnes milled, with an average head grade of 0.64 g/t, and a 96% recovery rate for 2018 comparative quarter. Gold production for the second quarter of 2019, included 2,027 ounces from the underground development from the 24,909 tonnes milled at an average head grade of 2.53 g/t; Gold sales revenue reached $11 million for the second quarter of fiscal 2019, from the sale of 8,612 ounces, at an average realized gold price of $1,281 per ounce, compared to gold sales revenue of $8.2 million from the sale of 6,030 ounces, at an average realized gold price of $1,354 per ounce, for the 2018 comparative quarter. The 35% increase in gold sales revenue for the current quarter is primarily due to a 43% increase in ounces sold and partially offset by a lower average realized gold price; Total cash costs and all-in sustaining costs (\"AISC\") for the second quarter of fiscal 2019 were $659 per ounce and $741 per ounce, compared to $605 per ounce and $719 per ounce for the second quarter of fiscal 2018. The cash costs and all-in sustaining costs for the first six months of fiscal 2019 were $614 per ounce and $712 per ounce, compared to $631 per ounce and $738 per ounce for the 2018 comparative period. The Company continues to anticipate that its cash costs and AISC averages for the...