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.