Business
Minera IRL Limited Reports Q2 2017 Results
LIMA, PERU--(Marketwired - Aug. 15, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") (CSE:IRL) (CNSX:IRL) (CSE:IRL.CN) (BVLAC:MIRL), the Latin America
About this update from Minera Irl Limited
[{"type":"text","content":"LIMA, PERU--(Marketwired - Aug. 15, 2017) - Minera IRL Limited (\"Minera IRL\" or the \"Company\") (CSE:IRL) (CNSX:IRL) (CSE:IRL.CN) (BVLAC:MIRL), the Latin America gold mining company, is announcing that it has reported financial and operating results for the quarter ended 30 June 2017. HIGHLIGHTS Financial Gold sales of 6,531 ounces (Q2 2016: 5,635 ounces) at an average realized gold price of $1,253 per ounce (Q2 2016: $1,263 per ounce). Revenue of $8.2 million, (Q2 2016: $7.1 million). Gross profit of $2.7 million (Q2 2016: $2.0 million). Administrative expenses of $0.8 million (Q2 2016: $1.8 million). Loss before tax of $1.2 million (Q2 2016: 2.1 million). Cash balance of $4.2 million at the end of the second quarter (31 December 2016: $6.8 million). Debt of $73.1 million at the end of the quarter (31 December 2016: $69.2 million). Operational Performance Corihuarmi Increase of 17% in gold production from the Corihuarmi Mine over the second quarter 2016; (Q2 2017: 6,678 ounces, Q2 2016: 5,700 ounces). Increase of 15% in tonnes of ore mined and stacked over the second quarter 2016; (Q2 2017: 803,111 tonnes, Q2 2016: 697,213 tonnes). Waste of 584,949 tonnes (Q2 2016: 366,141 tonnes). The mine renewed its dump truck fleet (10 trucks) through a $1.5 million lease agreement, reducing operating costs. Total cash costs were $812 per ounce produced (2016: $784). Total all-in sustaining costs (AISC) were $1,025 per ounce produced (2016: $1,090). Exploration work extends the life of mine through mid-2020. Currently updating Corihuarmi's technical report NI43-101. Ollachea With assistance from Mining Plus and Ernst & Young the mining plans and financial models have been updated in order to optimize the project reducing CAPEX and increase the cut-off grade. The Company obtained a precautionary order from the Superior Court of Justice of Lima to protect its assets and investments in the Ollachea Project and initiate an arbitration process to resolve discrepancies regarding the COFIDE Bridge Loan. COFIDE and the Company have appointed their arbitrators. These two arbitrators will appoint a third arbitrator to complete the Arbitration Panel. Ongoing discussions with potential investors The Company continues with its community programs and maintaining a positive relationship with the Ollachea Community. Commenting on the quarterly resul...