Alio Announces Cost-Cutting, Focus On Mine Operations
Alio Gold Inc. (TSX,NYSE AMERICAN: ALO)announces changes to focus on operating mines and reduce costs. The companyrecently announced the temporary suspension of exploration and development workat its Ana Paula project to focus efforts and capital allocation on its twooperating mines, San Francisco and Florida Canyon. Against this backdrop,the vice president of project development and the project manager will beleaving the company at end of the month, Alio says. The company says it hastaken steps to reduce costs at the Ana Paula project site while maintainingsome local employment. "We have increased our knowledge of the projectgreatly over the last year and made significant improvements to theinfrastructure which will make it simpler to resume work when we are in aposition to do so," saysGreg McCunn, chief executive officer. Also, Colette Rustad, chieffinancial officer, left the company last week, Alio says. Ian Harcus, currentlycorporate controller, has been appointed vice president for finance. Thecompany adds that it has implemented a number of changes at its corporateoffice in Vancouver, which are expected to reduce overhead by some $1.2 millionover the next 12 months.
By Allen Sykoraof Kitco News; asykora@kitco.com
Superior Gold Reports 2QProfit On Higher Output
Tuesday August 21, 2018 08:31
Superior Gold Inc. (TSXV: SGI) reports swinging to a profit in thesecond quarter as output rose. Net income was $737,000, or a penny per share,after an $82,000 loss, or zero cents, in the second quarter of 2017. Excludingspecial items, adjusted income was $654,000, or a penny, compared to a loss of$213,000, or zero cents, a year ago. Record quarterly production of 25,608ounces of gold was an increase of 46% from the same period in 2017. All-in sustaining costs were$1,098 per ounce sold, which was a drop of more than $300 per ounce from theprior quarter. Superior Gold is a Canadian producer that owns the Plutonic Goldoperations in Western Australia. “We reached record production at the PlutonicGold operations, since their acquisition in October 2016,” says ChrisBradbrook, president and chief executive officer. “Production during thequarter also represented a material increase relative to the first quarter of2018 as underground mining activities returned to higher-grade zones andramp-up of production continued to progress well at the Hermes gold mine.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Equinox Completes Sale Of Koricancha Mill
Tuesday August 21, 2018 08:31
Equinox Gold Corp. (TSXV: EQX) says it has completed the sale ofits interest in the Koricancha Mill in Peru to Inca One Gold Corp. (TSXV: IO). The transaction was announced in July, with the saleprice put at C$16.3 million plus certain recoverable taxes.
By Allen SykoraFor Kitco News
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