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Thursday, April 07, 2011 7:43:00 PM
BRD - Gold Company - Charts - Some DD
I hate gold plays because it is like betting on the price of gold (I am long GSS). I think gold will go higher so gold stocks should be okay. This is an intriguing little stock. Check the Annual report "highlights."
Among the 2010 and year to date 2011 highlights, the Company:
* Completed the merger of Apollo Gold Corporation (“Apollo”) and Linear Gold Corp. (“Linear”) to form Brigus on June 25, 2010.
* Sold 69,922 ounces of gold in 2010, a 51% increase over 46,016 ounces sold in 2009.
* Reported total cash costs per ounce of gold sold in 2010 of $589, a slight increase over $567 per ounce in 2009.
* Reported cash and restricted cash at December 31, 2010 of $22.8 million compared to $6.7 million at December 31, 2009. Cash and restricted cash total approximately $35 million as at March 31, 2011.
* Raised $70.0 million in net proceeds from equity financings during the year and sold a future gold stream to Sandstorm Resources Ltd. for $56.3 million, with the proceeds used to reduce the Black Fox project facility debt (“Project Facility”) and to unwind gold forward sales contracts.
* Eliminated all gold forward sales contracts making Brigus hedge free with no gold derivative positions and subject only to a gold stream agreement sale.
* Strengthened the balance sheet by reducing the Project Facility during 2010 from $70.0 million down to $22.0 million as at December 31, 2010.
* Issued $50.0 million of senior unsecured convertible debentures on March 23, 2011 and eliminated the Project Facility.
* Commenced the development of the Black Fox underground mine in the second quarter of 2010 (“Q2 2010”), including the construction of a new ramp from the 235-metre (“m”) level to the surface and a new ventilation and services raise, both of which were completed in the first quarter of 2011 (“Q1 2011”).
* Extended the known strike length of the Contact Zone, at the Black Fox Complex, from 400 m to 1,200 m by completing 106 drill holes comprising of a total of 43,000 m in 2010 and including January 1, 2011 to March 11, 2011.
CEO's comments “2010 was a transformational year for our company. Following the merger that launched Brigus at the end of June last year, we have completed underground development and prepared for Phase 2 open pit production at our Black Fox Mine while also rebuilding our balance sheet and eliminating the gold hedge book. With these achievements, we are now well positioned to increase gold production quarter-over-quarter this year and expect to reach a steady state production level of over 100,000 ounces per year in the third quarter of 2011, while achieving profitability and cash flow in 2011.”
I hate gold plays because it is like betting on the price of gold (I am long GSS). I think gold will go higher so gold stocks should be okay. This is an intriguing little stock. Check the Annual report "highlights."
Among the 2010 and year to date 2011 highlights, the Company:
* Completed the merger of Apollo Gold Corporation (“Apollo”) and Linear Gold Corp. (“Linear”) to form Brigus on June 25, 2010.
* Sold 69,922 ounces of gold in 2010, a 51% increase over 46,016 ounces sold in 2009.
* Reported total cash costs per ounce of gold sold in 2010 of $589, a slight increase over $567 per ounce in 2009.
* Reported cash and restricted cash at December 31, 2010 of $22.8 million compared to $6.7 million at December 31, 2009. Cash and restricted cash total approximately $35 million as at March 31, 2011.
* Raised $70.0 million in net proceeds from equity financings during the year and sold a future gold stream to Sandstorm Resources Ltd. for $56.3 million, with the proceeds used to reduce the Black Fox project facility debt (“Project Facility”) and to unwind gold forward sales contracts.
* Eliminated all gold forward sales contracts making Brigus hedge free with no gold derivative positions and subject only to a gold stream agreement sale.
* Strengthened the balance sheet by reducing the Project Facility during 2010 from $70.0 million down to $22.0 million as at December 31, 2010.
* Issued $50.0 million of senior unsecured convertible debentures on March 23, 2011 and eliminated the Project Facility.
* Commenced the development of the Black Fox underground mine in the second quarter of 2010 (“Q2 2010”), including the construction of a new ramp from the 235-metre (“m”) level to the surface and a new ventilation and services raise, both of which were completed in the first quarter of 2011 (“Q1 2011”).
* Extended the known strike length of the Contact Zone, at the Black Fox Complex, from 400 m to 1,200 m by completing 106 drill holes comprising of a total of 43,000 m in 2010 and including January 1, 2011 to March 11, 2011.
CEO's comments “2010 was a transformational year for our company. Following the merger that launched Brigus at the end of June last year, we have completed underground development and prepared for Phase 2 open pit production at our Black Fox Mine while also rebuilding our balance sheet and eliminating the gold hedge book. With these achievements, we are now well positioned to increase gold production quarter-over-quarter this year and expect to reach a steady state production level of over 100,000 ounces per year in the third quarter of 2011, while achieving profitability and cash flow in 2011.”
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