Brio Gold Reports Net Loss In Fourth Quarter
Brio Gold Inc. (TSX: BRIO), which has agreed to be bought by Leagold MiningCorp., reports a net loss of $8.9 million in the fourth quarter that wasnarrower than a $22.1 million loss in the year-ago period. The adjusted losswas $4.6 million, compared to $28.9 million. Gold production in theOctober-December period was 40,350 ounces, down 20% year-on-year. Forfull-year 2017, the net loss was $21 million, or 18 cents per share, comparedto a net loss of $16.9 million, or 37 cents, for 2016. The adjusted loss for2017 was $9.5 million, compared to $17.9 million in 2016, as the decrease inrevenues from mining operations was offset by lower depletion, depreciation andamortization expense, the company says. Output lastyear fell by 6% to 178,025 gold ounces due to lower production at the FazendaBrasileiro and Pilar mines, partially offset by higher production at RDM, Brioreports. Brio Gold is expected to produce 205,000 to 235,000 ounces ofgold in 2018. Ata full run rate, the company is expected to produceapproximately 400,000 ounces of gold in 2019.
By Allen Sykoraof Kitco News; asykora@kitco.com
Primero Shareholders Approve Acquisition By First Majestic Silver
Wednesday March 14, 2018 08:10
Shareholders of Primero Mining Corp. (TSX: P) have voted in favor of a takeover by First Majestic Silver Corp.(TSX: FR; NYSE: AG), the companies report. The all-stock deal, announcedearly in the year, was valued at $320 million. The next step is approval by theSupreme Court of British Columbia. The transaction is expected to close beforethe end of April, subject to applicable regulatory approvals, includinganti-trust clearance in Mexico, officials say. Primero’s main asset is the SanDimas gold-silver mine in Mexico. "The acquisition of Primero adds one ofMexico’s largest and richest precious metals mines to our portfolio and furtherenhances our growth profile,” says Keith Neumeyer, president and chiefexecutive officer of First Majestic.
By Allen Sykoraof Kitco News; asykora@kitco.com
Superior Posts Fourth-Quarter Net Loss
Wednesday March 14, 2018 08:10
Superior Gold Inc. (TSXV: SGI), which operates the Plutonic gold mine in Australiaand is listing its first full year of results, reports a net loss of $2.3million, or 2 cents per share, for the fourth quarter. The adjusted loss was$2.1 million, also 2 cents. Gold production of 20,197 ounces was downfrom 21,621 in the third quarter. For full-year2017, the net loss was $3.1 million, or 4 cents, while the company listsadjusted income of 2 million, or 2 cents. Full-year output was 80,143 ounces. “Weare pleased to be reporting our first full year of financial and operatingresults for 2017. Production of over 80,000 ounces from the Plutonic gold mineexceeded our annual guidance of 75-80,000 ounces of gold, and recoveries increasedto 84% by year end,” says Chris Bradbrook, president and chief executiveofficer. The company is aiming for annual outputof at least 100,000 ounces from the Plutonic mine.
By Allen SykoraFor Kitco News
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