Metallica Announces Record Quarterly Revenue and Preliminary First Quarter 2008 Results
09 Avril 2008 - 2:00PM
Marketwired
TORONTO, ONTARIO (AMEX: MRB) is pleased to report that, as a
result of the sale of 15,922 ounces of gold and 203,973 ounces of
silver in the first quarter of 2008, record preliminary revenues of
$18.4 million were realized for the quarter. Gold and silver
production at its Cerro San Pedro mine in Mexico increased 34% and
18% respectively in the first quarter, relative to the fourth
quarter of 2007, at a cash cost per ounce of gold of approximately
$408, net of silver. Roughly 22,000 recoverable ounces of gold and
370,000 recoverable ounces of silver were placed on the leach pad
in the first quarter.
"Cerro San Pedro just completed its startup year and our
on-going improvements have resulted in strong performance from the
operation; we fully expect this trend to continue. This continuous
improvement should translate into strong financial results during
2008," said Richard J. Hall, President and CEO. "Furthermore, we
are actively reviewing mine plans and schedules for opportunities
to increase production to 100,000 gold ounces per year," concluded
Mr. Hall.
Preliminary key performance indicators for the first quarter of
2008 compared to the 2008 budget:
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First Quarter 2008 2008 Budget
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Actual Budget Budget
Variance
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Ore Tonnes to Pad (000's) 2,277 1,984 293 7,950
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Gold Grade (gm/tonne) 0.61 0.61 0 0.59
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Silver Grade (gm/tonne) 21.11 19.22 1.89 26.68
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Poured Gold Ounces 18,290 19,107 (817) 80,000
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Poured Silver Ounces 228,623 310,455 (81,832) 1,350,000
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Cash Cost per Ore Tonne $ 4.86 $ 5.50 ($ 0.64) $ 5.40
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Cash Cost per Ounce of Gold $ 408(1) $ 330(2) ($ 78) $ 263(2)
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1) Net of silver at $17.62
2) Net of silver at $14.80
- Ore production to the pad during the quarter was approximately
2.27 million tonnes, exceeding budget by nearly 300,000 tonnes.
- The Company produced 18,290 ounces of gold and 228,623 ounces
of silver in the first quarter. Production targets for the quarter
were 19,107 ounces of gold and 310,455 ounces of silver.
- The leach pad at Cerro San Pedro held approximately 8.9
million tonnes of ore at March 31, 2008 containing an estimated
153,000 ounces of gold and 6.6 million ounces of silver.
Approximately 66,000 ounces of gold and 1.2 million ounces of
silver are estimated to be recoverable. Limestone ore continues to
be the dominate ore type on the leach pad and, in comparison to
porphyry ore, it has lower recovery. Porphyry ore delivered to the
leach pad will continue to increase as the mine is developed. Gold
recoveries to date appear to be consistent with projections for the
type of ore under leach and leach duration. Silver recoveries are
behind projections but they're improving month over month. The
six-month recovery curve for silver, originally obtained from
crushed ore test work, may need to be extended.
- Preliminary cash costs per tonne of ore for the quarter were
$4.86, compared to a budget of $5.50.
- The Cerro San Pedro processing plant is operating at 100%
capacity. The plant is currently producing approximately 200 ounces
of gold per day. Roughly 150,000 tonnes of ore are being placed
under leach each week.
- Ing. Juan Guerrero was promoted to General Manager at the
Cerro San Pedro mine. Mr. Guerrero was formerly the Assistant
General Manager and has over 20 years experience in the mining
industry.
Metallica Resources is a Canadian gold and silver producer. It
currently has 93.2 million shares outstanding and no debt. For
further details on Metallica Resources, please visit the company's
website at www.metal-res.com.
INFORMATION IN THIS NEWS RELEASE THAT IS NOT CURRENT OR
HISTORICAL FACTUAL INFORMATION MAY CONSTITUTE FORWARD-LOOKING
INFORMATION OR STATEMENTS WITHIN THE MEANING OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND APPLICABLE
CANADIAN SECURITIES LEGISLATION. IMPLICIT IN THIS INFORMATION,
PARTICULARLY IN RESPECT OF STATEMENTS AS TO FUTURE OPERATING
RESULTS AND ECONOMIC PERFORMANCE OF THE COMPANY, AND RESOURCES AND
RESERVES AT THE COMPANY'S MINERAL PROJECTS, ARE ASSUMPTIONS
REGARDING PROJECTED REVENUE AND EXPENSE, GOLD, SILVER AND COPPER
PRICES, AND MINING COSTS. THESE ASSUMPTIONS, ALTHOUGH CONSIDERED
REASONABLE BY THE COMPANY AT THE TIME OF PREPARATION, MAY PROVE TO
BE INCORRECT. READERS ARE CAUTIONED THAT ACTUAL RESULTS ARE SUBJECT
TO A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING RISKS RELATING TO
GENERAL ECONOMIC CONDITIONS AND MINING OPERATIONS, AND COULD DIFFER
MATERIALLY FROM WHAT IS CURRENTLY EXPECTED. THE COMPANY DISCLAIMS
ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING
STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR OTHERWISE.
Contacts: Metallica Resources Inc. Rhonda Bennetto Director
Investor Relations (303) 640-3292 Website: www.metal-res.com
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