GORO, Gold Res.Earns .13 w/$422 Total cash costs. Nice quarter, setting up for the nice turn around as I've been posting. Even better was getting the shares well under $4 after getting the dip I was expecting. GORO had everyone fooled and was the biggest laggerd of 2014. IMO just getting started in proving they are one of the stronger values out there. Quality over quantity as they are done with the mill expansion doubling capacity paid 100% from CF, and well on their way to mine developments that will steadily increase the throughput of 7 to 10gpt AuEq ore. They are targeting 950 AISC for 2014 and Im hearing rumors of 850 AISC as they furthur clean up operations. New high grade Switch back target 500m away, may get them to the new increased full capacity faster then they thought.
2014 Q1 HIGHLIGHTS
23,734 ounces mill production, precious metal gold equivalent
..Total cash cost of $422 per precious metal gold equivalent ounce (including 5% royalty)
..Total cash cost decrease of 18% from Q1 2013 and 38% since Q4 2013
..$17.4 million Cash Flow from Mine Site Operations
..Net income of $6.7 million, or $0.13 per share (this rate should translate to an increased divy +.04 based on their divy formula)
..Dividend distributions of $1.6 million, or $0.03 per share for quarter
..Cash and Cash Equivalents increased $4.5 million from prior quarter
1,159 tonnes milled per day, a 28% increase from Q4 2013
Still about 440 tpd from capacity.
