Uruguay Mineral beats production target
Friday, August 25th 2006
Uruguay Mineral Exploration bounced off recent lows today after it said it had exceeded the group’s gold production target of 100,000 ounces per annum.
Figures for the year to 31 May showed production of the yellow metal hit 101,287 ounces at an average cash cost of $210 per ounce, the first full year in which that production target from San Gregorio has been exceeded.
The group reported year operating revenues of US$51.2m including gold sales of 100,395 ounces at an average price of $486 per ounce, while net profit after tax was $10.58m.
In the last quarter gold production was 25,350 ounces at an average cash cost of $243 per ounce, up from 24,844 ounces and $229 a year ago.
Operating revenues were $15.99m, up from $10.28m last time as net profit after tax came in at $4.08m versus $2.54m this time last year.
The group is paying a maiden dividend of C$3.5 cents per share.