Record Results for Aurcana Q2, 2011

Aurcana Corporation (“Aurcana” or the “Company”) is pleased to report its unaudited financial results for the second quarter ended June 30, 2011. The summary of the selected financial information should be read in conjunction with the unaudited financial statements and the related management’s discussion and analysis dated August 12, 2011 together referred to as the “Financial Statements”, which have been filed on SEDAR and the Company’s website. All figures are in US dollars unless otherwise noted.

Join the Q2 Conference Call for Aurcana Corporation at 4:30pm (EST), Monday, Aug. 15, 2011, details at end of this press release.

Highlights for the quarter ended June 30, 2011 were:

  • 158% increase in net revenues to $12.4 million compared to $4.8 million for the second quarter of 2010;
  • Earnings from mining operations to $5.3 million compared to $0.6 million for the second quarter of 2010;
  • Operating cash flow before movements in working capital items, to $4.0 million (2010: deficit of $1.5 million)
  • 50% increase in milled tonnes processed for a total of 260,931 during the six months ended June 2011, (2010: 173,208 tonnes); of which 36,809 tonnes or 14% were mined from NI 43-101 Measured and Indicated and the balance of 224,122 tonnes or 86% were mined from new discoveries;
  • 53% increase in silver ounces sold for second quarter to 263,357 (257,509 ounces produced) from 172,356 silver ounces in 2010.
  • Metal prices were a significant factor in the increased profitability of the Company. Average Silver prices were $36.86 compared to 18.22 per ounce in second quarter of 2010.


Click here to read the full Press Release.


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Comments:
  1. On August 16, 2011 at 11:27 am,
    Matt B says:

    Q2 conference call notes:

    TSX listing by end of 2011.
    American Exchange listing to follow.

    Reverse split-no decision made.

    Sprott lawsuit-Sept 09 application for dismissal befored judges.Hopeful.

    Shafter Cap Ex is $45 million as per the feasibility.

    Fully funded. If there is a slight shortfall the cash flow from LN will assist-one million dollars per month cash flow.

    Permitted for 900 tpd -1,500 tpd permits on hand shortly.

    Shafter on budget and on schedule.

    Accelerated start up studies being explored and considered.

    Under one year payback.

    Exploration at Shafter under Dr. MeGaw now underway.All AUN geologists to meet on the project at month’s end.

    Partial aerial survey completed and is being interpreted,

    The question of Shafter mineralization to depth is being sought out.

    • On August 16, 2011 at 7:26 pm,
      Big Al says:

      Hi Matt B,

      Many thanks.

      I will tell all listeners and folks on the site, do not sell this company short. Lenic and his staff know what they are doing.

      Best,

      Big All