lachlan star ltd (LSA) Snapshot

Lachlan Star Limited announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported revenue of AUD 17,576,000 against AUD 19,332,000 a year ago. Loss before tax was AUD 1,674,000 against AUD 1,077,000 a year ago. Loss for the period was AUD 1,477,000 against AUD 1,110,000 a year ago. Diluted loss per share was AUD 1.6 against AUD 1.5 a year ago. Net cash outflows from operating activities were AUD 351,000 against net cash inflows from operating activities of AUD 7,599,000 a year ago. Payments for acquisition of property, plant and equipment was AUD 15,317,000 against AUD 1,264,000 a year ago. Payments for mine development were AUD 4,873,000 compared to AUD 6,119,000 a year ago. Payments for exploration and evaluation were AUD 2,000. For the period, the company reported revenue of AUD 55,448,000 against AUD 56,317,000 a year ago. Loss before tax was AUD 11,692,000 against profit before tax of AUD 504,000 a year ago. Loss for the period was AUD 8,302,000 against profit for the period of AUD 4,120,000 a year ago. Diluted loss per share was AUD 9.3 against diluted earnings per share of AUD 5.1 a year ago. Net cash outflows from operating activities were AUD 9,677,000 against net cash inflows from operating activities of AUD 11,368,000 a year ago. Payments for acquisition of property, plant and equipment was AUD 23,640,000 against AUD 2,663,000 a year ago. Payments for mine development were AUD 7,657,000 compared to AUD 11,332,000 a year ago. Payments for exploration and evaluation were AUD 4,000 compared to AUD 35,000 a year ago.

Lachlan Star reported production results for the quarter ended March 2013. The company reported that it mined 21,220 ounces of gold in the March 2013 quarter, up 14% from the previous quarter. This follows a gradual increase in the total tonnage of ore mined as its Komatsu fleet started operations in the quarter as well as a 21% increase in average grades due to increasing grade contribution from the Chisperos pit. Waste to ore ratios continue to fall in line with the mine plan and were down 17% on the previous quarter and were 2.6:1 in the month of March. The current mine plan envisages a waste:ore ratio of 1.6:1 by the end of calendar 2013 and a Life of Mine average of 1:1. Gold stacked was up slightly to 17,940 ounces from the 17,855 ounces stacked in the previous quarter despite ore tonnage stacked being down by 7%, due to higher grades offsetting the lower tonnage stacked. The company announced that in addition, current director Peter Babin will assume day to day responsibility for the company from July 1, 2013 when he takes up his new role as the company's president. Babin was also formerly the president of Royal Gold. Mick McMullen, the current Executive Chairman, will return to a non-executive chairman role once Peter Babin assumes the president position. Management of operations will remain with the current chief operating officer Bira de Oliveira.

Lachlan Star Limited(ASX:LSA) added to S&P/ASX All Ordinaries Index