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Serabi Gold reports slight increase in fourth quarter gold production
StockMarketWire.com
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Serabi Gold reported fourth quarter gold production of 7,254 ounces, a small improvement on the third quarter, resulting in an annual total of 32,003 ounces.
The Brazilian focused gold mining and development company said production for December 2020 exceeded 3,000 ounces, the best monthly result since the end of April 2020.
Total ore mined during the quarter was 46,275 tonnes at 5.24 grams per tonne of gold, with 43,440 tonnes of run of mine ore processed through the plant from the combined Palito and Sao Chico ore bodies.
Cash totalled $8.1 million at the end of December 2020, including the initial outstanding proceeds from a December gold sale of $1.5 million.
It said $3.0 million was paid in the quarter to Equinox Gold Corp under the staged payment plan for the Coringa gold project. A further $1.0 million was paid on 1 January 2021, with $4.5 million outstanding.
Chief executive Mike Hodgson said: Whilst we did forecast higher gold production for 2020, pre-pandemic, I believe all things considered, the overall result given the challenges faced has been an excellent outcome.
The gold not produced during 2020, has not been lost. It still remains in the ground and will therefore be produced in the future and with the continued strength of the gold price may generate better revenues.
At 9:21am: (LON:SRB) Serabi Mining PLC share price was 0p at 83.5p
Story provided by StockMarketWire.com
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