Record Earnings for Q3 2011
posted on
Nov 17, 2011 10:11AM
Canadian gold & silver producer
Diversified portfolio of high quality mines and projects in Canada, Mexico & Australia
("AuRico") is pleased to report financial results for the third quarter ended September 30, 2011. All amounts are in U.S. dollars unless otherwise indicated.
During the third quarter the Company continued to deliver strong performance across the key operational and financial metrics including production, cash costs and operating cash flow, and reported a significantly increased quarter-end cash position of 42% to $145 million. Through the recent transformational acquisition of Northgate Minerals in late October, AuRico has emerged as a new leading intermediate gold producer with a robust production profile, a low cost base, an attractive growth platform and a compelling valuation.
Third Quarter Highlights
In the third quarter we continued to report solid operational and financial results from our operations. During the quarter, our production contribution expanded to include three operating mines with all three of those operations expected to deliver increased production in the coming quarters.
Our robust cash flow continued to fully fund our expansion and exploration programs and contributed to the increased quarter-end cash position of $145 million," stated René Marion, President and Chief Executive Officer. "Looking forward to the fourth and coming quarters, the recent acquisition of Northgate Minerals transforms the Company to be a leading intermediate, low cost gold producer with a substantial growth platform and a compelling valuation opportunity.
The Company's production and resource base has increased significantly and now includes five producing assets, with the sixth, Young-Davidson, expected to begin production at the end of Q1 2012."
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3697320 or via the Company's website at www.auricogold.com.
About AuRico Gold
AuRico Gold is a leading intermediate Canadian gold and silver producer with a diversified portfolio of high quality mines and projects in Canada, Mexico and Australia. The Company currently has five operating properties including the Ocampo mine in Chihuahua State, the El Chanate mine in Sonora State, the El Cubo mine in Guanajuato State, as well as the Fosterville and Stawell gold mines in Victoria, Australia. The first production from the exciting Young-Davidson gold mine in northern Ontario is expected by the end of Q1 2012 as the mine ramps up to over 200,000 ounces of annual production by 2015. AuRico's strong pipeline of development and exploration stage projects includes advanced development properties in Mexico and British Columbia and several highly prospective exploration properties in Mexico. AuRico's head office is located in Toronto, Ontario, Canada.
regards,
Hg