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Enter Symbol
or Name
USA
CA



Majestic Gold Corp
Symbol MJS
Shares Issued 839,765,216
Close 2015-02-27 C$ 0.04
Market Cap C$ 33,590,609
Recent Sedar Documents

Majestic talks sales, omits Q1 FY 2015 P&L from NR

2015-02-27 21:40 ET - News Release

Mr. Stephen Kenwood reports

MAJESTIC GOLD CORP. REPORTS 2015 Q1 RESULTS

Majestic Gold Corp. has released its financial and operational results for the first quarter ended Dec. 31, 2014. This release should be read in conjunction with the company's unaudited condensed consolidated interim financial statements and associated management's discussion and analysis for the same period that are available on SEDAR and the company's website. (The following financial results are expressed in U.S. dollars unless otherwise stated.)

Overview:

  • Gold production from the Songjiagou gold mine was 5,064 ounces for the three months ended Dec. 31, 2014, compared with 4,843 ounces produced for the comparative period.
  • Tonnes of ore milled were 431,686 tonnes for the three months ended Dec. 31, 2014, with an average head grade of 0.42 gram per tonne, compared with 418,629 tonnes milled, with an average head grade of 0.41 g/t, for the comparative period.
  • Gold sales revenue was $6.8-million for the three months ended Dec. 31, 2014, from the sale of 5,466 ounces, at an average realized gold price of $1,237 per ounce, compared with gold sales revenue of $3.7-million from the sale of 2,894 ounces, at an average realized gold price of $1,263 per ounce, for the comparative period. The increase in gold revenue in the current period was due to the additional 2,572 ounces sold over the comparative period.
  • Total cash costs were $1,138 per ounce, and total production costs were $1,254 per ounce for the three months ended Dec. 31, 2014, compared with cash costs of $865 per ounce and production costs of $993 per ounce for the comparative period. The increase in cash costs in the current period, over the comparative period, is due primarily to increased waste removal costs incurred as the company implements its strict grade control program. The company expects the grade control program will allow for continued improvement in the average head grade during 2015, thereby lowering the average cash cost per ounce.
  • General and administrative expenses were $753,718 for the three months ended Dec. 31, 2014, a decrease of 73 per cent, compared with $2,773,511 of G&A expenses for the comparative period. The decrease reflects the positive impact of the company's efforts of spending reductions implemented in fiscal 2014. In fiscal 2015, the company will benefit from the impact of a full year of the 2014 cost reductions.

We seek Safe Harbor.

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