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Santacruz Silver Reports Second Quarter 2020 Financial Results and Resignation of Chief Financial Officer
Vancouver, British Columbia--(Newsfile Corp. - September 1, 2020) - Santacruz Silver Mining L...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Reports Second Quarter 2020 Financial Results and Resignation of Chief Financial OfficerVancouver, British Columbia--(Newsfile Corp. - September 1, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (FSE: 1SZ) (the \"Company\" or \"Santacruz\") reports on the operating and financial results Zimapan Mine in Zimapan Hidalgo Mexico and the Rosario Project in San Luis Potosi, Mexico for the second quarter of 2020. 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.Q2 2020 HighlightsCash Cost per tonne decreased 34% from $62.80/t to $41.44/t as compared to Q2 2019;Gross Profit from mining operations of $796, notwithstanding the mine suspension period for 42 days at the Zimapan Mine and a 40% personnel reduction at the Rosario Project; and,Consolidated cash cost per silver equivalent ounce sold $15.25/oz and AISC of $16.90/oz.Carlos Silva, CEO of Santacruz stated, \"The global outbreak of COVID-19 and the steps necessary to mitigate the impact of this disease on our operations has created a more agile decision making process at all levels and strong leadership to guide these efforts as we strive to be more efficient and productive in these trying times. Some of the operational and administrative adjustments undertaken in Q2 are here to stay, specifically those aimed at the safety of our employees and our performance target metrics.\" Mr. Silva continued, \"We are enjoying a solid third quarter, leaving behind the COVID-19 mandatory suspension and aiming to re-establish our mines' production targets and improved profitability with stronger metal prices.\" The Company also announces the resignation of Mr. Rob McMorran from the office of Chief Financial Officer of the Company which he has held since the Company's formation in April 2012. Mr. McMorran will remain as an advisor to the Company's Board of Directors. Arturo Prestamo, Executive Chairman, has been appointed Interim CFO while the Company finds an appropriate candidate for this position. The Company would like to thank Mr. McMorran for his valuable service these past eight years. Mr. Arturo Prestamo, Executive Chairman stated, \"I would like to personally...