Welcome!

Microsoft Cloud Authors: Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog, Liz McMillan

News Feed Item

Aurcana Reports Third Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/13/12 -- Aurcana Corporation (TSX VENTURE:AUN)(OTCQX:AUNFF) ("Aurcana" or the "Company") today is pleased to report its unaudited financial results for the third quarter ending September 30, 2012. 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 November 09, 2012 together referred to as the "Financial Statements", which have been filed on SEDAR (www.sedar.com) and the Company's website (http://www.aurcana.com). All figures are in US dollars unless otherwise noted.

The Q3 2012 Earnings Webcast and Conference Call has been scheduled at 11:00am Pacific Time (2:00 pm Eastern Time) on Tuesday, November 13, 2012. See bottom of press release for details.

Mr. Lenic Rodriguez, Aurcana's President & CEO, said: "We are very pleased to report record revenues up 20% this quarter compared to one year ago. The company produced 54% more silver ounces than it did in Q3, 2011. The increase in revenues was achieved despite a 16% decrease in silver prices this quarter compared to one year ago, Our La Negra mine was able to achieve a very low 10 cents cash cost per silver oz, net of by-products this quarter. The increase in production is expected to continue while we work to raise production capacity at La Negra and very soon start commercial production at Shafter mine in Texas. Aurcana is strategically positioned to become a senior silver producer."

THIRD QUARTER 2012 HIGHLIGHTS


--  Revenues in Q3, 2012 were $15.0 million a 20% increase from Q3, 2011.
    Year to date revenues were $40.6 million.
--  Production for Q3, 2012 was 376,687 silver ounces, up 54% from Q3, 2011
    and 718,063 silver ounces equivalent, up 67% from Q3, 2011. The year to
    date production was 1,037,210 silver ounces and 1,899,280 silver ounces
    equivalent.
--  The cash cost for Q3, 2012 per silver oz net of by-products, was $0.10
    and the cash cost per silver equivalent oz was $9.31. The year to date
    cash cost per silver oz net of by-products was negative at $(0.21) and
    the cash cost per silver equivalent oz was $9.05.
--  Earnings from mining operation in Q3 2012 were $6.4 million, down 6%
    from Q3, 2011 due to lower metal prices. Year to date earnings were
    $17.4 million.
--  Net income in Q3, 2012 was $3.4 million and $7 million year to date.
--  Operating cash flow (after taxes before movements in working capital)
    for Q3, 2012 was $4.83 million and $15.23 million year to date.
--  Ore milled in Q3, 2012 was 196,843 tonnes, up 64% from Q3, 2011 and
    504,005 tonnes year to date.
--  The average net revenue per payable equivalent silver ounce sold in the
    third quarter of 2012 was $25.79, 16% lower than $30.83 per ounce in the
    third quarter of 2011.
--  The average grade of silver increased 7% YTD to an average of 80 grams
    per ton in 2012, compared to 75 grams per ton in 2011.
--  Revenues, earnings from mining operations and production figures
    originate from La Negra mine.

La Negra Mine Highlights


--  La Negra released on August 28, 2012 a new compliant resource NI 43-101
    estimated 115 million silver ounces Measured plus Indicated.
--  Ore milled was 196,843 tonnes in Q3 2012, of which 57% (112,781 tonnes)
    was mined from NI 43-101 Measured plus Indicated Resources and 43%
    (84,062 tonnes) was mined from other mineralized zones.
--   32% increase in milled tonnes processed for a total of 504,005 milled
    tonnes during the nine months ended September 2012, (2011: 380,703
    tonnes).
--  La Negra cost per milled tone was 4% lower at $32.41 in Q3 2012 vs.
    $33.85 in Q3 2011.
--  La Negra current installed capacity is 2,500tpd. The mine is now milling
    at a rate greater than 2,300 tpd.
--   In order to allow for an increase in future production, La Negra mine
    is now working to increase mill capacity to 3,000 tpd in 2013.
--  Mining operations and exploration drilling at La Negra continue to
    delineate additional mineralized zones, either between or as extensions
    of existing mineralized zones. Drill crews have completed 9,399 metres
    of diamond drilling during 2012.

Shafter Mine Highlights


--  During the third quarter, the Shafter Silver Mine in Texas continued the
    commissioning and testing of the processing plant.
--  The open pit development continued during Q3, providing feed to the
    mill.
--  Underground development also continued during Q3. Underground production
    of ore will commence once the secondary escape way is completed, which
    scheduled to be operational before the end of November 2012.
--  The commissioning and testing phase is currently underway at Shafter
    Mine working towards achieving commercial production in late Q4 2012.
--  Starting in late November 2012, the plant is planning to operate at a
    production throughput of 600 tons per day during the remainder of Q4.
    Continued development, as part of the usual ramp up phase, is required
    in order to sustain the ramp up to the 1,500 tons per day.
--  In order to maintain and increase a consistent and continuous feed,
    additional thickeners have been ordered. The additional equipment will
    improve the dewatering process of the plant capacity enabling the mill
    feed to work towards 1,500 tons per day. The additional thickener tanks
    are expected to be commissioned by the start of Q1, 2013. They are
    expected to have a positive contribution to our production ramp up. The
    need for additional filter presses is also currently being assessed in
    order to understand the improvements they could provide.
--  Shafter mine has hired skilled and experienced personnel and is
    continuously running training programs for the local workforce. During
    Q3 technical personnel from La Negra mine, have been providing valuable
    technical and operational advice to Shafter.
--  During the third quarter the surface core drilling program was expanded
    with the addition of a second drill dedicated to the "near mine" area.
    The program focus continued to be the discovery of a plumbing system
    below the Presidio and Shafter deposits. Drill targets were selected on
    the basis of well mineralized historic intersections and or associated
    fault structures. Twenty holes have been completed to the end of the
    third quarter for a total of 23,764 feet (7,797 m).
--  Ten holes intersected mineralization in the Shafter and Presidio mine
    horizons, results for which will be incorporated into the mine model.

Financial Statements and MD&A

To read complete Financial Statement and MD&A please visit: www.aurcana.com, or www.sedar.com.

About Aurcana Corporation

La Negra Mine current installed capacity is 2,500tpd. In order to allow for an increase in future production, La Negra mine is now working to increase mill capacity to 3,000 tpd in 2013.

La Negra has a NI 43-101 M&I resource of 115.1 mm oz silver (at a grade of 131.3g/t), 1,418.7 mm lbs Zn (at a grade of 2.36%), 539.5 mm lbs Pb (at a grade of 0.91%) and 269.5 mm lbs Cu (at a grade of 0.49%) and an Inferred Resource of 56.5 mm oz silver (at a grade of 126.1g/t), 657.4 mm lbs Zn (at a grade of 2.14%), 263.0 mm lbs. Pb (at a grade of 0.88%) and 132.3 mm lbs Cu (at a grade of 0.42%).

The Shafter Mine mill was commissioned on April 1, 2012 and is expected to commence commercial production in late Q4 2012. The Shafter Silver Mine is scheduled to produce 3.8 million ounces of silver over 12 months when is operating at 1,500tpd capacity.

Shafter has a NI 43-101 M&I Resource of 23.9 mm oz of silver (at a grade of 267.1 g/t) and an Inferred Resource of 22.79 mm oz of silver (at a grade of 327.2 g/t).

(All National Instrument 43-101 technical reserve reports can be found on SEDAR at: www.sedar.com).

Aurcana continues to focus on its future growth.

Aurcana Corporation is scheduling a webcast and conference call to discuss the third quarter 2013 results at 11.00am PST on Tuesday, November 13, 2012.

The webcast can be accessed via the following link:

http://www.gowebcasting.com/4005

Conference call details

Conference date: 13-Nov-2012

Conference time: 11:00AM Pacific Time

Participant dial-in number(s): 416-340-2217 / 866-696-5910 / 800-8989-6336

Participant pass code: 1204452

Corporate

The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

Lenic Rodriguez, President & CEO

NR-12-17

The scientific and technical information contained in this news release regarding the Shafter Silver Mine has been reviewed by Ken Collison, P.Eng., Director of the Company, and a Qualified Person ("QP") and scientific and technical information contained in this news release regarding the La Negra Mine has been reviewed by Baltazar Solano, P.Eng., and a QP, as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Project)

This news release contains certain forward-looking statements, including statements regarding forecast silver production, silver grades, recoveries, potential mineralization, exploration result, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

Exploration results that include geophysics, sampling and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classified as a category of mineral resource. A mineral resource which is classified as "inferred" or indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others, risks related to international operations, unsuccessful exploration results, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
SYS-CON Events announced today that EnterpriseTech has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. EnterpriseTech is a professional resource for news and intelligence covering the migration of high-end technologies into the enterprise and business-IT industry, with a special focus on high-tech solutions in new product development, workload management, increased effic...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and ...