Argonaut Gold reports Q1 2011 revenue of $25.7 Million

Marketwire | June 7, 2011 | 3:09 pm Precious Metals Canada Gold 

Argonaut Gold Inc. (TSX:AR) (“Argonaut” or the “Company”) announces financial and operating results for the first quarter ended March 31, 2011. All dollar amounts are expressed in United States dollars unless otherwise specified. All financial results are presented in accordance with IFRS, unless otherwise noted.

FIRST QUARTER 2011 & RECENT HIGHLIGHTS

  • Q1 2011 record revenue of $25.7 million
  • Q1 2011 record net income of $5.9 million, $0.07 per share
  • Cash flows from operating activities before changes in non-cash operating working capital and other items of $9.3 million
  • Cash on hand was $34.2 million at March 31, 2011
  • Gold Production and Cost
  • 28,225 ounces of gold loaded to the pad
  • Gold ounces produced in Q1 of 2011 were 18,014 ounces (↑ 76% from Q1 2010)
  • Cash cost per ounce sold – $590
  • Q1 2011 El Castillo Operating Statistics:
  • Total tonnes mined – 4.8 million tonnes (↑ 65% from Q1 2010)
  • Ore tonnes mined – 2.5 million tonnes (↑ 93% from Q1 2010)
  • Tonnes crushed – 729,104 (↑ 132% from Q1 2010)
  • Updated NI 43-101 compliant technical report completed for El Castillo
  • 1.23 mm oz. in gold reserves at El Castillo
  • Measured and indicated resources inclusive of mineral reserves
  • Oxide and transition – 1.7 million ounces
  • Sulfide – 1.5 million ounces
  • Completed the acquisition of Pediment Gold Corp. for share consideration of 31.8 million Argonaut shares and 1.6 million options
  • Announced increase in M&I ounces at San Antonio – 1.6 million oz. as compared to 1.2 million oz. in August 2010

Read the full news release here.

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