year results and 2014 guidance
01/20/2014
TORONTO, Jan. 20, 2014 /CNW/ -
http://www.us-silver.com/News-and-Events/News-Releases/News-Release-Details/2014/US-Silver--Gold-announces-fourth-quarter-and-2013-full-year-results-and-2014-guidance/default.aspx
U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF)
("U.S. Silver & Gold" or the "Company") today announced fourth
quarter and 2013 full year production figures for its
Galena Mine Complex and guidance for 2014.
Highlights
Production of approximately 450,000 silver ounces and
543,000 silver equivalent1 ounces for the fourth quarter of
2013 at a silver cash cost of $16.25 per ounce and an all-in
sustaining cost per ounce of $21.002 despite a 10-day shaft
shutdown at the Galena Complex in mid-December.
Full year Galena Complex production of 2.12 million silver
ounces at a silver cash cost of $17.75 and all-in sustaining
costs of $24.25.
Year-over-year silver production down 6%, cash costs per
silver ounce reduced 7% and all-in sustaining
costs decreased 20%.
The Small Mine Plan implemented early in the third quarter of
2013 delivered significant cost reductions and increased
silver cut-off grade by 33% to over 15 ounces per ton silver
equivalent.
Silver head grade for the quarter rose 34% to 14.38 ounces per
ton and increased 12% for the year to 11.31 ounces per ton.
2014 Galena Complex silver production forecast to be
2.2 – 2.4 million ounces with projected silver cash costs
of $14.50 - $15.50 per ounce and all-in sustaining cash costs
of $18.00 - $19.00 per ounce.
This represents an 8% increase in production, a 15% reduction
in cash costs and a 24% decrease in all-in sustaining cash
costs over full year 2013.
As in the previous year, the Company expects to see continued
cost improvement throughout fiscal 2014.
Year-end cash balance of approximately $7.2 million as at December 31, 2013.
Year-end financial statements for U.S. Silver & Gold are
scheduled to be released by March 27, 2014.
References to cash, cash costs and all-in sustaining cash costs
for both the quarter and full year are unaudited and may change
based on final audited results.
"We made significant progress in 2013, reducing costs, increasing grade and achieving our production guidance for the year," said Darren Blasutti , President and CEO of U.S. Silver & Gold. "Given the current silver price environment, we made a strategic decision mid-year to focus on delivering higher grade silver at lower tonnage levels by introducing the Small Mine Plan which considerably reduced our operating costs, capital expenses and exploration budget. In 2014, we expect to increase silver production slightly while further reducing silver cash costs to approximately $15.00 per ounce and all-in cash costs to between $18.00 and $19.00 per ounce. Management took over the Galena Complex in late August 2012 and is on pace to reduce all-in cash costs by 45 percent since the third quarter of 2012."
___________________________
1 Silver equivalent ounces produced is based on prices of $22 per ounce silver, $0.90 per pound lead, and $3.25 per pound copper for Q4 2013.
2 Silver industry cash cost plus all development, capital expenditures, exploration spending and mine general and administrative costs.
Galena Complex Production Update
The Galena Mine delivered strong production of 449,652 silver ounces during the fourth quarter of 2013 and 2.12 million ounces for the full year despite receiving an order from the Mine Safety and Health Administration requiring the Company to shut down Shaft #3 for 10 days pending resolution of previously existing citations that did not allege any imminent danger. Had this production loss not occurred, the mine would have surpassed its production goal for the quarter and the mid-point of its guidance for the year. Prior to the shutdown, the Company was on track to produce roughly 500,000 silver ounces at a cash cost of $15.00 per ounce and an all-in sustaining cost below $20.00 per ounce.
Ore grade for the fourth quarter was 14.38 ounces per ton, and 11.31 ounces per ton for the year compared with 10.70 ounces per ton in the fourth quarter of 2012 and 10.09 ounces per ton for the year. This represents an increase of 34 percent for the quarter and 12 percent year-over-year.
Table 1
Galena Production Highlights
Q4 2013
Q4 2012
Change
YTD 2013
YTD 2012
Change
Processed Ore (tons milled)
32,377
60,497
-46%
194,534
231,496
-16%
Production (ounces)
449,652
625,604
-28%
2,120,824
2,248,835
-6%
Grade (ounces per ton)
14.38
10.70
+34%
11.31
10.09
+12%
Cash Costs ($ per ounce silver)*
$ 16.26
$ 18.62
-13%
$ 17.76
$ 19.02
-7%
All-in Sustaining Costs ($ per ounce silver)
$ 21.02
$ 28.56
-26%
$ 24.24
$ 30.14
-20%
Lead Produced (pounds)
1,453,811
1,403,481
+4%
6,567,821
5,264,023
+25%
Copper Produced (pounds)
227,047
298,241
-24%
1,001,710
1,027,991
+3%
* During 2012, the Company changed its presentation of cash costs to report under a payable ounces basis to conform to presentation used by other comparable entities within the silver mining industry. Previous disclosures have been restated to conform with the amended presentation.
2014 Guidance
Silver production of between 2.2 and 2.4 million ounces is expected for 2014. This represents an 8 percent increase over silver production in 2013. Cash costs are projected to be between $14.50 and $15.50 per ounce which represents a 15 percent reduction over 2013, and all-in sustaining cash costs are projected to be between $18.00 and $19.00 per ounce, a 24 percent decrease over 2013.
About U.S Silver & Gold
U.S. Silver & Gold is a silver and gold mining company focused on growth from its existing asset base and execution of targeted accretive acquisitions. It owns and operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District, Shoshone County, Idaho which produces high-grade silver ore and is the second most prolific silver mine in U.S. history, delivering over 200 million ounces to date. U.S. Silver & Gold also owns the Drumlummon Mine Complex in Lewis and Clark County, Montana.
For further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project dated March 22, 2013.
Cautionary Statement Regarding Forward Looking Information:
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information includes----such factors which affect this
information, except as required by law.
SOURCE U.S. Silver & Gold Inc.
Darren Blasutti, President and CEO, 416-848-9503;
Nicole Richard, Investor Relations, 416-848-9503.
http://www.us-silver.com/News-and-Events/News-Releases/News-Release-Details/2014/US-Silver--Gold-announces-fourth-quarter-and-2013-full-year-results-and-2014-guidance/default.aspx
God Bless
Recent USA News
- Liberty All-Star® Equity Fund August 2024 Monthly Update • PR Newswire (US) • 09/18/2024 05:00:00 PM
- Form N-CSRS - Certified Shareholder Report, Semi-Annual • Edgar (US Regulatory) • 08/30/2024 08:00:00 PM
- Form N-PX - Annual Report of proxy voting record of management investment companies • Edgar (US Regulatory) • 08/29/2024 03:06:06 PM
- Americas Gold and Silver Reports Q2-2024 Results • Business Wire • 08/15/2024 08:45:00 PM
- Liberty All-Star® Equity Fund July 2024 Monthly Update • PR Newswire (US) • 08/14/2024 11:44:00 PM
- Americas Gold and Silver Signs Credit and Off-Take Agreement for EC120 Project • Business Wire • 08/14/2024 09:06:00 PM
- Americas Gold and Silver Corporation Provides Q2-2024 Production Results; Galena Complex Silver Production the Highest Per Quarter in Over 10 Years • Business Wire • 07/17/2024 08:30:00 PM
- Liberty All-Star® Equity Fund June 2024 Monthly Update • PR Newswire (US) • 07/17/2024 04:40:00 PM
- Liberty All-Star® Equity Fund Declares Distribution • PR Newswire (US) • 07/08/2024 04:00:00 PM
- Americas Gold and Silver Corporation Announces Election of Directors and Annual Meeting Voting Results • Business Wire • 06/25/2024 06:36:00 PM
- Liberty All-Star® Equity Fund May 2024 Monthly Update • PR Newswire (US) • 06/14/2024 09:30:00 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 06/14/2024 07:15:12 PM
- Form N-30B-2 - Periodic and interim reports mailed to shareholders • Edgar (US Regulatory) • 06/05/2024 03:06:37 PM
- Americas Gold and Silver Reports Q1-2024 Results • Business Wire • 05/15/2024 09:00:00 PM
- Liberty All-Star Equity Fund April 2024 Monthly Update • PR Newswire (US) • 05/14/2024 03:48:00 PM
- Americas Gold and Silver Corporation Provides Q1-2024 Production Results; Appoints Jim Currie as Chief Operating Officer • Business Wire • 05/01/2024 11:00:00 AM
- Liberty All-Star Equity Fund March 2024 Monthly Update • PR Newswire (US) • 04/12/2024 11:53:00 PM
- Liberty All-Star® Equity Fund Declares Distribution • PR Newswire (US) • 04/08/2024 05:34:00 PM
- Americas Gold and Silver Corporation Reports Full-Year 2023 Results • Business Wire • 03/28/2024 10:13:00 PM
- Americas Gold and Silver Corporation Drills Bonanza Grade at Galena Complex • Business Wire • 03/26/2024 11:00:00 AM
- Liberty All-Star Equity Fund February 2024 Monthly Update • PR Newswire (US) • 03/13/2024 05:22:00 PM
- Form N-CSR - Certified Shareholder Report • Edgar (US Regulatory) • 03/07/2024 05:36:13 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM