Lachlan Star Limited Announces Operating and Earnings Results for the Fourth Quarter and Cash Flow Results for the Year Ended June 30, 2014; Provides Operating Guidance for the First Quarter of Fiscal 2015
Jul 29 14
Lachlan Star Limited announced operating and earnings results for the fourth quarter and cash flow results for the year ended June 30, 2014. For the quarter, gold production was 15,422 ounces, representing a 2% decrease on the previous quarter. Gold ounces stacked for the June quarter were down 8% on the previous quarter in spite of a 2% increase in stacked grade, due to a 7% reduction in open pit mine ore production (inclusive of 3rd party ore purchases) caused by inclement weather resulting in a 10% reduction in tonnes stacked. Total ore mined was 1.24 million tonnes for 22,565 contained Au ounces, a decrease of 6.8% and 9.1% respectively. Silver produced was 13,258 Ag ounces compared to 11,752 Ag ounces a quarter ago.
The gross operating loss was $0.17 million for the quarter. The March 2014 quarter was negatively impacted by an additional $1.31 million deferred stripping write off adjustment for the Churrumata pit. June quarter sales were $3.65 million lower than in December 2013 quarter mainly due to a 2,820 ounce reduction in gold production. Operating cash flow before changes in non-cash working capital was $1,056,000 compared to $4,900,000 a quarter ago.
For the year ended June 30, 2014, operating cash flow before changes in non-cash working capital was $12,636,000.
The company expects increased levels of open pit ore production for the first quarter of fiscal 2015, which will result in improved crushing and stacking performance, resulting in higher gold production levels going forward.
Lachlan Star Limited and Anglo American Exploration (Australia) Pty Ltd Announces Formation of Bushranger Joint Venture
Jul 14 14
Lachlan Star Limited announced that Anglo American Exploration (Australia) Pty Ltd. has given notice to the company that it has satisfied the minimum earn-in requirements in accordance with the Bushranger Exploration Farmin and Joint venture Agreement and is exercising it's right to form a Joint Venture with the company. The initial participating interests in the Joint Venture will be: Anglo American 51% Lachlan 49%. Anglo American has recently completed an airborne magnetic and radiometric survey, a MIMDAS IP survey and has re-logged historic drill core from the Racecourse and Footrot Prospects which includes spectral logging of core and RC chips. Much of the work is likely to result in a re-interpretation of the copper mineralisation potential on the tenement. The Joint Venture participants will now work towards developing a programme and budget for the upcoming year.
Lachlan Star Limited Announces Unaudited Consolidated Earnings and Operating Results for the Quarter Ended March 31, 2014
May 15 14
Lachlan Star Limited announced unaudited consolidated earnings and operating results for the quarter ended March 31, 2014. For the quarter, the company announced cash flows from operating activities of AUD 4,194,000 compared to cash flows used in operating activities of AUD 883,000 a year ago. Property, plant and equipment has decreased by AUD 0.48 million since June 30, 2013, comprising expenditure of AUD 2.93 million at the CMD Gold Mine offset by a depreciation charge of AUD 3.14 million and a AUD 0.27 million decrease as a result of the AUD /USD exchange rate increasing. The operating activities inflow of AUD 4.19 million for the Quarter reflects the net cash inflow from operations at the CMD Gold Mine of AUD 5.01 million, net of corporate overhead of AUD 0.36 million, and net interest expense of AUD 0.46 million. Revenue was AUD 23,478,000 compared to AUD 17,576,000 a year ago. Net loss before tax was AUD 678,000 compared to AUD 3,916,000 a year ago. Net loss after tax was AUD 678,000 or 0.5 cents per basic and diluted share compared to AUD 3,718,000 or 4.3 cents per basic and diluted share a year ago. Operating cash flow before changes in non-cash working capital was AUD 4.90 million for the Quarter. The Group's expenditure for the quarter includes AUD 6.49 million of mine development and exploration costs at the CMD Gold Mine in Chile, of which AUD 3.36 million has been capitalised.
For the quarter, gold production was 15,747 ounces, a 15.2% decrease on the December 2013 quarter of 18,560 ounces. In addition, 11,752 ounces of silver was produced compared to 18,206 ounces in the December 2013 quarter. Total sales during the Quarter from the CMD Gold Mine were AUD 23.48 million, cost of sales was AUD 23.10 million, and net sales were AUD 0.38 million. Gold production for the March 2014 Quarter was 15,747 ounces, a 15.2% decrease on the December 2013 quarter (18,560 ounces) with an average sale price of USAUD 1,285 per gold ounce. In addition, 11,752 ounces of silver were produced during the Quarter. Gold ounces stacked for the March Quarter of 23,475 ounces were down 14% on the previous quarter due to open pit mine sequencing resulting in a 5% lower grade profile in addition to a 9% reduction in tonnes stacked. Copper /silver net revenue was AUD 517,000 and cost of sales was AUD 23,065,000.