Amara Mining Plc: H1/Q2 2013 Results
10.09.2013 | Marketwire
LONDON, UNITED KINGDOM -- (Marketwired - Sep 10, 2013) - Amara Mining PLC (TSX: AMZ) (AIM: AMA), the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce its results for the quarter ended 30 June 2013 ("Q2 2013").HIGHLIGHTS
Operational
- Feasibility Study ("FS") for Baomahun Gold Project ("Baomahun") delivered confirming robust financial returns with further optimisation work expected to be completed in Q4 2013
- Integration of Sega Gold Project ("Sega") in progress following receipt of Mining Licence - project is now fully permitted
- Sega mine plan re-optimised at a gold price of US$1,100 per ounce to generate strong cash flow in the near term - blast hole drilling has commenced and production is on track to begin in Q3 2013
- Metallurgical results from Yaoure Gold Project ("Yaoure") confirm simple, non-refractory nature of mineralisation and identify three potential processing routes - further resource update and Preliminary Economic Assessment ("PEA") expected in Q4 2013
- Gold production from Kalsaka Gold Mine ("Kalsaka") of 9,933 ounces, 5% increase on Q1 2013
- Production guidance for 2013 of 50-60,000 ounces is maintained
Financial
- Significant cost cutting measures and operating efficiencies implemented including:
o Rationalising of workforce - targeting a 25% decrease in headcount with an annualised saving of over US$1.5 million by year end compared to 31 December 2012
o Total package cuts for Board and senior/middle management with an annualised saving of over US$650,000
o Further savings targeted to reduce annual G&A cash costs by 25% compared to FY2012
o Drilling programme completed - exploration focused on low cost target generation work only
- Cash and liquid assets of US$18.1 million at 30 June 2013 - significant investment made in Sega integration, Baomahun FS and Yaoure exploration during the quarter
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For more information please contact:
Amara Mining plc +44 (0)20 7398 1420
John McGloin, Chairman
Peter Spivey, Chief Executive Officer
Pete Gardner, Finance Director
Katharine Sutton, Head of Investor Relations
Canaccord Genuity Limited +44 (0)20 7523 8000
(Nominated Adviser & Broker, London)
Andrew Chubb
Joe Weaving
Tim Redfern
Bell Pottinger - Pelham +44 (0)20 7861 3232
(Financial Public Relations)
Charlie Vivian
James Macfarlane
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The company news service from the London Stock Exchange
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