SAS reports 2014 fourth quarter and year end results, increases reserves and resources, and announces a positive production decision for the Taylor Project -
All dollar amounts are stated in Canadian dollars, unless otherwise indicated
TORONTO, Feb. 12, 2015 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ("SAS" or the "Company")
Q4 2014 and FY 2014 HIGHLIGHTS
Gold production - Production from the Holt and Holloway Mines in Q4 2014 was 22,643 ounces of gold, a decline of 7% from Q4 2013, as mining operations at the Hislop Mine ceased since mid-2014. FY 2014 production of 90,676 ounces of gold achieved the mid-range of the Company's 2014 production guidance.
Gold sold - Sold 20,744 ounces of gold in Q4 2014 at an average realized price (1) of US$1,202 per ounce for revenues of $28.4 million. Gold sales revenue of $124.0 million for FY 2014 decreased by $19.0 million or 13% from FY 2013 due to a 10% decline in gold price and the decrease in production.
Total cash cost per ounce of gold sold (1) - Mine cash costs decreased by 16% to US$706 per ounce for Q4 2013. In conjunction with a royalty cost of US$110 per ounce, total cash cost (1) for Q4 2014 was US$816 per ounce. For FY 2014 mine cash cost of US$738 per ounce of gold sold was below the Company's guidance.
All-in sustaining cost (AISC) (1) - Decreased by 11% or US$123 from Q4 2013 to US$1,042 per ounce of gold sold in Q4 2014. FY 2014, AISC of US$1,072 per ounce of gold sold, down by US$101 per ounce, when compared to FY 2013.
Cash margin from operations (1) - Increased by 18% from Q4 2013 to $9.2 million earned in Q4 2014. For FY 2014 SAS earned cash margin of $40.5 million, a decrease of $10.8 million as compared to $51.3 million for FY 2013, substantially due to a 10% decline in gold price.
Operating cash flow - SAS generated $7.6 million in operating cash flow for Q4 2014 as compared to $6.9 million in Q4 2013. Cash flow from operations for FY 2014 was $30.9 million, or $0.08 on a per share basis, as compared to $36.5 million or $0.10 per share in FY 2013. The Company was successful in controlling operational spending to adapt to the low gold price environment.
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