St Andrew Goldfields Ltd (fka SAS)

[NYBob]

SAS reports 2013 second quarter results, beating cash cost guidance -



Q2 2013 Highlights

Produced 25,353 ounces of gold from
three operations (Holt, Holloway and Hislop).

An increase of 10% when compared to Q2 2012 as a
result of the increased production at Holt.

Sold 25,060 ounces of gold at an average realized price per ounce
of gold sold (1) of US$1,428 per ounce for
revenues of $36.7 million.

Despite a US$192 per ounce decrease in the average
realized price per ounce of gold sold (1),
gold sales revenue were in line with Q2 2012.

Mine cash costs of US$780 per ounce
and a royalty cost of US$117 per ounce,
for a total cash cost per ounce of gold
sold (1) of US$897 per ounce.

Achieved a US$22 per ounce reduction in total cash
cost per ounce of gold sold (1) over Q2 2012.

Mine cash cost per ounce of gold sold
(1) of US$780 for Q2
2013 is below the Company's guidance of
US$800-US$850 per ounce.

Earned cash margin from mine operations
(1) of $13.7 million and
operating cash flow of $7.0 million or
$0.02 per share.

Despite a 12% decrease in the average realized price
per ounce of gold sold (1) when compared to Q2 2012,
both cash margin from mine operations
(1) and operating cash flow remains strong.

Net cash out flow (1) of $0.3 million for the quarter was
negatively impacted by a $3.2 million decrease in changes to
operating working capital.

Invested $5.0 million in mine capital expenditures.

Mine capital expenditures decreased by $3.8 million
or 43% when compared to Q2 2012, as a result of the
revised expenditure program adopted at the
beginning of Q2 2013.

Incurred $1.1 million in exploration and project development
expenditures at the Taylor Project ("Taylor").

Processed approximately 8,500 tonnes of the bulk
sample from the 1008 lens of the West Porphyry
Zone ("WPZ") at Taylor.

Underground drilling is currently targeting the 1004 lens with
results expected before the end of August.

http://web.tmxmoney.com/article.php?newsid=62035413&qm_symbol=SAS

http://www.sasgoldmines.com/s/Home.asp


God Bless