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Santacruz Silver Reports First Quarter 2019 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2019) - Santacruz Silver Mining Ltd. (...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports First Quarter 2019 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - May 31, 2019) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports on the operating and financial results from the Veta Grande Project in Zacatecas, Mexico and the Rosario Project in San Luis Potosi, Mexico for the first quarter of 2019. The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All amounts are in thousands of US dollars unless otherwise indicated.Q1 2019 HighlightsConsolidated mining operations resulted in a loss of $1,846 (Q1 2018 - loss of $806), a $2,393 improvement over Q4 2018;Consolidated cash cost per silver equivalent ounce sold decreased by 55% and 57% to $20.64 as compared respectively to Q1 2018 and Q4 2018 \"During the first quarter we saw again a significant improvement in our mining operations as our quarter over quarter revenues from mining operations and reduced production costs demonstrate. This trend of increased metal production, reduced production costs and improved cash flow from mining operations has continued into Q2 and is expected to continue for the rest of the year,\" stated Arturo Préstamo, Chief Executive Officer of Santacruz. \"These positive operations developments reflect the results of our ongoing exploration program and mill operational efficiencies at Veta Grande as well as significant mine development works being carried out at both Veta Grande and Rosario. They confirm that the operations initiatives and strategies put in place by our Operating Team, headed by Mr. Carlos Silva, COO, are working.\" Selected operating and financial information for the three-month periods ended March 31, 2019, December 31, 2018 and March 31, 2018 is presented below: 2019 Q12018 Q42018 Q1Financial Revenue - Mining Operations2,4901,258753Revenue - Mining Services7901,4662,413Gross (Loss) Profit (4)(514)(3,073)(117)Impairment-(1,486)-Net Loss(1,846)(4,239)(806)Net Loss Per Share - Basic ($/share)(0.01)(0.03)(0.00)Adjusted EBITDA (4)(921)(2,404)(209)Operating Material Processed (tonnes milled)42,90453,39648,068Silver Equivalent Produced (ounces) (1)257,138237,542154,175Silver Equivalent Sold (payable ounces) (2)195,976106...