Explorer Timmins Goldcamp
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aber...San Gold ist genau das richtige Pferdchen, wenns so weiter geht, sind die 1200% nach meinen Rechnungen in 120 Tagen drin, na ja ein paar Rücksetzer, also 200 Tage, da hat der Sprott gar nicht mal so unrecht mit der Prognose, wenn es so weiter geht.
Gold: Nächstes Ziel – die 2013er-Zwischenhochs!
2. März 2014 | Von Goldfinger | Kategorie: Rohstoffe
Moin zusammen!
heute mal ganz kurz wieder ein Gold-Update. Das glänzende Edelmetall steht gut da. Schauen wir es uns einmal im Chart an:
CH_965515_20140218
Die Marken 1280 und 1300 Dollar haben wir hinter uns gelassen. Das war wichtig, weil damit der Abwärtstrend durchbrochen wurde, der seit Anfang 2013 gültig war. Interessant ist zudem auch der RSI – er sprang in den Bereich „Kaufen“. Ich bin mir ziemlich sicher:
Packen wir bei Gold die Zwischenhochs des vergangenen Jahres bei 1361 und auch 1430 Dollar, dann geht es wieder richtig ab, die 1600er-Marke ist dann alles andere als unrealistisch! Daher bleibe ich bei meinem netten Scheinchen, den ich zuletzt immer wieder erwähnt hatte.
http://wirtschaftsblatt.at/home/boerse/...n-seit-zehn-Jahren?from=rss
Es ist offiziell: Goldpreis wurde durch Banken manipuliert!
Rosa Abrantes-Metz, Professorin an der Stern School of Economics in New York, legte eine neue Studie vor, die gezielt nach Manipulationen des Goldpreises während der Preisfeststellung in London suchte. Besonders interessant ist, dass Frau Abrantes-Metz bereits die Manipulation des LIBOR-Zinssatzes im Jahr 2008 aufdeckte. Daraufhin folgten bisher Strafen in Höhe von sechs Milliarden US-Dollar.
Ungewöhnliche Preisbewegungen!
Die Professorin ist mir ihrem Team auf das Aufdecken von Preismanipulationen an den Märkten spezialisiert und berät unter anderem die Europäische Union. Nach umfangreichen Analysen kam ihr Team zu dem Schluss, dass zwischen 2004 und 2013 merkwürdige Preisbewegungen während der Preisfestsetzung, dem sogenannten London Fixing, stattfanden. Das London Fixing ist ein Referenzpreis der von der London Gold Market Fixing Ltd. veröffentlicht wird. Verantwortlich für die Preisfeststellung sind folgende fünf Banken: Barclays Plc, Deutsche Bank AG, Bank of Nova Scotia, HSBC Holdings Plc und Société Générale SA. Das London Fixing wird von großen Handelshäusern meist als Maßstab für die Abrechnung und den Kauf von Goldpositionen verwendet.
Wie wurde manipuliert?
Obwohl bisher erst wenige Einzelheiten bekannt sind, ist folgendes zu vermuten: Die Goldhändler der Banken haben am Telefon die Preise gemeinsam abgesprochen und festgesetzt. Parallel dazu könnten Derivatepositionen eröffnet worden sein, die in die erwartete Richtung spekulierten. Ein ähnliches Vorgehen wurde bereits beim LIBOR-Skandal entdeckt. Dadurch konnten die Handelshäuser meist relativ risikolose Gewinne in sehr kurzer Zeit einfahren, da die sie wussten, zu welchem Preis die Derivate abgerechnet werden würden. Genauere Details werden sicherlich in den kommenden Wochen ans Licht kommen.
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Was bedeutet dies für den Goldpreis?
Ich gehe davon aus, dass gegen die betroffenen Handelshäuser Strafen verhängt werden. Nicht umsonst hat auch die Deutsche Bank Anfang des Jahres angekündigt, dass sie ihr Mandat niederlegen will und nicht mehr Mitglied der preisfestsetzenden Banken für das Gold Fixing sein möchte. Der Goldpreis dürfte sich zukünftig freier bewegen, da die Manipulationen meist auf fallende Kurse abzielten. Dennoch konnte sich Gold während der letzten zehn Jahre sehr gut entwickeln und wird dies auch weiterhin tun.
Nachrichtenquelle: Marketwired
| 10.03.2014, 13:00 | 42 Aufrufe | 0 | druckversion
WINNIPEG, MANITOBA--(Marketwired - March 10, 2014) -
NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold") today announced the closing of the first tranche of a private placement offering of senior secured convertible notes (the "Notes"). At the first closing, San Gold issued US$23,750,000 aggregate principal amount of Notes to institutional subscribers.
The Notes will bear interest with an annual coupon of 11 per cent and represent direct senior secured obligations of San Gold. The Notes have a term of three years, are due at maturity, and are redeemable at a declining premium. Each Note is convertible into common shares of San Gold at the option of the holder at a price of US$0.2545 [currently CDN$0.28] per share at any time while the Notes remain outstanding, subject to certain anti-dilution provisions. The Notes will not be listed for trading on the Toronto Stock Exchange or any other exchange. In addition, San Gold entered into financial offtake agreements with each of the subscribers for Notes whereby such subscribers would receive settlement payments based on 40% of the gold production from San Gold's Rice Lake operation for a period of three years.
San Gold anticipates that it will determine whether or not to seek formal approval for the second tranche of the offering in the next few months. The second tranche of the placement for an additional US$36,250,000 principal amount of Notes and US$5,000,000 of Common Shares of San Gold, is subject to various conditions, including regulatory, stock exchange and shareholder approval and San Gold's requirement for additional funds.
The proceeds from the offering will be used to fund continued development of San Gold's mineral properties, in particular the Rice Lake Complex, and for general working capital purposes.
"We are extremely pleased to complete this financing on the heels of a very challenging market period. This placement significantly strengthens the Company's balance sheet. It gives us the confidence to advance capital projects associated with the integration of our Rice Lake and Hinge/007 mines and optimize our mine plan to improve margins across all aspects of the Company," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
All Notes issued are subject to a four month hold period.
Fairfax Securities Corporation D/B/A Jett Capital Advisors LLC acted as agent for the offering.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 people and is committed to the highest standards of safety and environmental stewardship. San Gold is listed on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release may include certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of San Gold, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements may 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 mineral 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.
San Gold Corporation
Ian Berzins
President and CEO
1 (855) 585-4653
San Gold Corporation
Gestur Kristjansson
Chief Financial Officer
1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca
San Gold schließt erste Tranche einer Privatplatzierung von 65 Mio. USD
08:01 11.03.14
San Gold schließt erste Tranche einer Privatplatzierung von 65 Mio. USD
WINNIPEG, MANITOBA, KANADA. – San Gold Corporation (TSX: SGR) (OTCQX: SGRCF) („San Gold“) gab heute den Abschluss der ersten Tranche eines Emissionsangebots von vorrangig besicherten Wandelanleihen (die „Wandelanleihen“) bekannt. Beim ersten Abschluss gab San Gold Wandelanleihen im Wert von 23.750.000 USD an institutionelle Zeichner aus.
Die Wandelanleihen besitzen eine jährliche Verzinsung von 11 Prozent und repräsentieren vorrangig besicherte Verpflichtungen der San Gold. Die Wandelanleihen besitzen eine Laufzeit von drei Jahren, sind nach Ablauf dieser Zeit fällig und sind bei rückläufigen Aufschlägen einlösbar. Jede Wandelanleihe ist nach Wahl des Besitzers zu jeder Zeit, solange die Wandelanleihen ausstehend sind, zu einem Preis von 0,2545 USD (zurzeit 0,28 CAD) pro Aktie in eine Stammaktie der San Gold konvertierbar, vorbehaltlich der Verwässerungsschutzklauseln. Die Wandelanleihen werden nicht zum Handel an der Toronto Stock Exchange oder an irgendeiner anderen Börse zugelassen. Ferner schloss San Gold finanzielle Abnahmeabkommen mit jedem der Zeichner der Wandelanleihen, wonach diese Zeichner einen Zahlungsausgleich erhalten würden, der auf 40 % der Goldproduktion der Rice-Lake-Betriebe von San Gold über einen Zeitraum von drei Jahren basiert.
San Gold erwartet, dass sie sich in den nächsten paar Monaten entscheiden werden, ob sie sich um die förmliche Genehmigung für eine zweite Tranche des Emissionsangebots bemühen werden. Die zweite Tranche der Privatplatzierung für weitere Wandelanleihen im Wert von 36.250.000 USD und Stammaktien der San Gold im Wert von 5.000.000 USD unterliegt verschiedenen Konditionen, einschließlich der Genehmigung der Aufsichtsbehörden, der Börse und der Aktionäre sowie San Golds Bedarf für zusätzliche Geldmittel.
Der Erlös des Emissionsangebots wird zur Finanzierung der weiteren Entwicklung von San Golds Mineralliegenschaften, im Besonderen des Rice Lake Complex, und als allgemeines Betriebskapital verwendet.
„Wir sind mit dem Abschluss dieser Finanzierung unmittelbar im Anschluss an eine sehr herausfordernde Marktphase sehr zufrieden. Diese Platzierung stärkt die Bilanz des Unternehmens beachtlich. Sie gibt uns das Vertrauen, die Investitionsprojekte in Verbindung mit der Integration unserer Minen Rice Lake und Hinge/007 zu avancieren und unseren Minenplan zur Verbesserung der Margen in allen Bereichen des Unternehmens zu verbessern,“ sagte Ian Berzin, San Golds President, CEO und Chief Operating Officer.
Alle Wandelanleihen unterliegen einer viermonatigen Handelssperre.
Fairfax Securities Corporation D/B/A Jett Capital Advisors LLC fungierten als Makler für dieses Emissionsangebot.
Die in dieser Pressemitteilung erwähnten Wertpapiere wurden nicht, noch werden sie, gemäß der geänderten Fassung des „United States Securities Act of 1933“ registriert und können folglich in den Vereinigten Staaten oder auf Rechnung oder zugunsten eines Bürgers der USA ohne Registrierung oder eine verfügbare Ausnahme von den Registrierungsbedingungen weder angeboten noch veräußert werden. Diese Pressemitteilung soll weder ein Verkaufsangebot oder die Bitte um ein Kaufangebot sein. Jedes öffentliche Emissionsangebot der Wertpapiere in den USA muss mittels eines Emissionsprospekts erfolgen, der detaillierte Informationen über das Unternehmen und das Management sowie den Jahresabschluss enthält.
Commodity-TV Interview mit Michel Michaud, Chefgeologe San Gold:
http://www.commodity-tv.net/c/...ridge_House_Vancouver_2014/?v=262094
Über San Gold
San Gold ist ein etablierter Kanadischer Goldproduzent, Entwickler und Explorer der das Rice Lake Mining Komplex nähe Bissett, Manitoba besitzt und betreibt. Das Unternehmen beschäftigt mehr als 420 Mitarbeiter und verpflichtet sich zu den höchsten Sicherheits- und Umweltstandards. San Gold ist an der Toronto Stock Exchange unter dem Symbol "SGR" und an der OTCQX unter dem Symbol "SGRCF" gelistet.
Für weitere Informationen über San Gold besuchen Sie bitte: www.sangold.ca. oder kontaktieren:
Ian Berzins
President, CEO, and
Chief Operating Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca Tim Friesen
Investor Relations
Swiss Resource Capital AG
Jochen Staiger, CEO
info@resource-capital.ch
Tel: +41 71 354 8501
www.resource-capital.ch
Wichtiger Hinweis:
Weder die Börse, noch die Börsenaufsicht oder eine andere Aufsichtführende Behörde hat diese Mitteilung hinsichtlich der hierin enthaltenen Informationen geprüft. Diese Mitteilung enthält sogenannte vorausschauende Informationen (“forward-looking statements”). Alle Aussagen außer Aussagen mit historischem Hintergrund in dieser Mitteilung aber nicht beschränkt auf Aussagen bezgl. des Potenzials der Mineralisierung und Reserven, Explorationsergebnisse und Zukunftspläne und Ziele von San Gold sind forward-looking statements die bestimmte inhärente Unsicherheiten und Risiken haben. Die mineralischen Ressourcenschätzungen hierin sind nur geschätzt und es gibt keine Sicherheit ob eine ökonomische Ausbeutung realisiert werden kann bzw. Die Vorkommen ökonomisch abbaubar sind. Zusätzlich kann der tatsächlich abgebaute Grad des Gesteins sehr abweichen von den angezeigten Bohrergebnissen und dem gefundenen Material. Die geschätzten Ressourcen die hier beschrieben werden dürfen nicht als gegeben oder als Sicherheit für die Lebensdauer der Mine in Betracht gezogen werden oder auch für die zukünftige Profitabilität der Mine herangezogen werden. Es gibt keine Sicherheit über die Verlässlichkeit von forward-looking statements oder dass diese eintreffen werden. Die angenommenen Ergebnisse und zukünftigen Ereignisse können massiv von den erwarteten abweichen. Wichtige Einflussfaktoren die aktuelle Ergebnisse erheblich abweichen lassen San Gold’s Erwartungen sind neben Anderen Risiken in Bezug auf en internationalen Betrieb, aktuelle Ergebnisse der laufenden Exploration, Schlussfolgerungen ökonomischer Bewertungen und Änderungen der Projektparameter da Planungen wegen zukünftiger Preisentwicklungen bei Gold und Silber geändert werden müssen sowie durch Faktoren die im Abschnitt mit dem Titel “Other MD&A Requirements and Additional Disclosure and Risk Factors” in San Gold’s Management’s Discussion and Analysis besrpochen wurden und welche einsehbar ist unter www.SEDAR.com . San Gold hat auch versucht wichtige Faktoren die erhebliche Ergebnisabweichungen verursachen können zu bestimmen, einzuschätzen und vorherzusehen. Es gibt keine Garantie dass solche Aussagen sich als richtig erweisen oder dass zukünftige Ergebnisse und Ereignisse auch so eintreffen bzw. Dass diese massiv abweichen können. Der geschätzte Leser darf sich nicht auf die forward-looking statements beziehen oder verlassen.
Für die Richtigkeit der Übersetzung wird keine Haftung übernommen! Bitte englische Originalmeldung beachten!
Aktienmarktkapital floss im Februar endlich wieder zurück in den führenden Gold-ETF GLD, zum ersten Mal seit 14 Monaten! Auch wenn diese Käufe klein waren, handelt es sich um ein wahrhaft bedeutsames Ereignis. Extreme Gold-ETF-Abflüsse waren die Hauptschuldigen hinter den letztjährigen enormen Goldabverkäufen. Ohne den massiven Zufluss dieses zusätzlichen Angebots auf den Weltmärkten wird Gold dank der starken physischen Nachfrage steigen.
interessanter Bericht auf Goldseiten.de .....
Wenn meine Prophezeiung stimmt, dann werden die Investierten von San ein fröhliches Weihnachtsfest 2014 haben.......
Nachrichtenquelle: Marketwired
| 14.03.2014, 18:00 | 148 Aufrufe | 0 | druckversion
WINNIPEG, MANITOBA--(Marketwired - March 14, 2014) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) plans to host a conference call on March 21, 2014 at 11:00 am Eastern Time to discuss the 2013 annual and fourth quarter financial results and to provide an update of the Company's operating, exploration, and development activities.
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Participants may join the conference call by dialing 1 (866) 225-0198 or 1 (416) 340-8061 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.
A recorded playback of the conference call can be accessed after the event until April 6, 2014 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 1727973. The archived audio webcast will also be available on the Company's website at www.sangold.ca.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
San Gold Corporation
Ian Berzins
President, CEO and Chief Operating Officer
Toll Free: 1 (855) 585-4653
San Gold Corporation
Tim Friesen
Investor Relations
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca
Thanks for the forecast for the long-term, Eric. As far as the short-term – within a month or so – what do you foresee?
I think we’ll get to 1,500 very quickly, as in, within the next 60 days. When I talk about 2,000-dollar gold, I am not thinking long-term. We could see a lot of action right now and I think it is a great time for people to increase their bets on gold and silver. We have already a seen a good rise on both, and we have seen a good rise in the stocks here.
We have these events unfolding that are telling us that precious metals should be the go-to. I think in the near-term and the long-term, it looks good. For a long-term forecast – just tell me how much money they are going to print and I will tell you where the price of gold is going to go. We do not know how much money they are going to print, but since the economy is not getting much traction here, there is certainly a lot of money printing down the line.
Who knows where the price of gold will be? It will not be just 2000 dollars.
Eric, again, thank you for your insight. We always appreciate it here at Sprott Money and we look forward to speaking to you again next week.
Nachrichtenquelle: Marketwired
| 18.03.2014, 20:30 | 131 Aufrufe | 0 | druckversion
WINNIPEG, MANITOBA--(Marketwired - March 18, 2014) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold" or the "Company") announced today that its Board of Directors has appointed Chief Financial Officer Gestur Kristjansson as the Company's acting Chief Executive Officer.
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Mr. Kristjansson replaces Ian Berzins, who has served as President and Chief Executive Officer of the Company since March 2013 and as Chief Operating Officer since May 2008.
"Mr. Kristjansson brings a wealth of senior management experience, with over seven years' experience at San Gold. His financial expertise is especially important at this critical time as the Company refines its business case while shifting focus toward its high-grade discoveries at the eastern extent of the Rice Lake mine. On behalf of the Board, I would like to thank Mr. Berzins for his tireless efforts in building and promoting the Rice Lake project over the past seven years and we wish him well in his future endeavors," said San Gold's Chairman, Bob Brennan.
"We have a strong team in place with well-developed mining infrastructure. I am honoured to lead our Company as we proceed to the next phase in the development of the Rice Lake Mining Complex and I look forward to working closely with our Board of Directors and the operations team during this period of transition," said Mr. Kristjansson.
Mr. Kristjansson joined San Gold in December 2006 as Vice-President, Finance. He has extensive previous public company experience and has held executive management positions with real estate investment funds and capital corporations. Mr. Kristjansson has a Bachelor of Arts (Hon) degree in Applied Economics from the University of Manitoba, an MBA in Finance from the University of British Columbia and is a designated Chartered Accountant (CA).
While Mr. Kristjansson serves as the acting Chief Executive Officer, Mandeep Rai, the Corporate Controller of the Company, will serve as acting Chief Financial Officer.
Mr. Rai is a Chartered Accountant with significant accounting, finance and audit experience working with large public corporations. He started his career at Deloitte & Touche LLP where he worked in the Assurance & Advisory practice focusing on publically listed companies. Mr. Rai has a Bachelor of Commerce (Hon) degree in Finance and Accounting from the University of Manitoba, and is a designated Chartered Accountant (CA).
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. San Gold is listed on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of San Gold, 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 mineral 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.
San Gold Corporation
Gestur Kristjansson
Chief Executive Officer
1 (855) 585-4653
sgr@sangold.ca
San Gold Corporation
Bob Brennan
Chairman
1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca
Diskussion: San Gold Closes First Tranche of US$65M Private Placement
Wertpapier: San Gold
Themen: Gold, MAN
Nachrichtenquelle: Marketwired
| 21.03.2014, 01:00 | 238 Aufrufe | 0 | druckversion
WINNIPEG, MANITOBA--(Marketwired - March 20, 2014) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today reported 2013 annual and fourth quarter financial and operating results.
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During the quarter, the Company recognized a non-cash impairment charge of $83.1 million resulting in a net loss of $91.7 million for the quarter and $111.3 million for the year. Excluding the impairment, the net loss was $8.6 million for the quarter and $28.2 million for the year. The reduction in the carrying value of the Company's assets reflects changes in market conditions and lower gold prices.
The Company adopted a more disciplined approach to capital allocation and operational expenditures in 2013 in response to difficult market conditions. Capital expenditures were reduced by $20.9 million with an additional $20 million in reductions expected this year. The Company also reduced cash operating expenditures by $4.7 million in 2013 while achieving record mill throughput of 1,758 tons per day and record mine production of 1,724 tons per day.
"Over the past year, we have taken a number of critical steps toward optimizing the Rice Lake Complex and integrating operations between the Rice Lake and Hinge/007 mines. We have now become a significantly more efficient operation. We have initiated a detailed review of our operations in order to ensure we are well-positioned to take advantage of recent improvements in our cost structure as we shift our focus to the recently discovered high-grade zones at the eastern extent of the Rice Lake mine," said Gestur Kristjansson, San Gold's acting Chief Executive Officer.
Full Year Financial and Operating Highlights
◦Achieved annual production guidance, producing 75,218 ounces of gold.
◦Achieved record mill throughput of 1,758 tons per day.
◦Recognized revenue of $106.3 million on gold sales of 75,233 ounces of gold at a realized price of $1,412 per ounce.
◦Generated cash flow from operating activities before changes in non-cash working capital of $5.6 million.
◦Recognized an operating loss of $0.1 million and net loss of $28.2 million for the year before a non-cash impairment charge of $83.1 million. Including the non-cash impairment, the operating loss was $83.2 million and the net loss was $111.3 million.
◦Recognized total cash costs of $947 per ounce of gold sold.
◦Had a cash and cash equivalents balance of $8.9 million as at December 31, 2013.
◦Completed approximately 208,000 m of exploration and definition diamond drilling.
◦Completed agreements on claims located within the Rice Lake gold belt and northeast of Rainy River that give the Company 100% ownership of select claims while reducing cash commitments associated with prior agreements.
Fourth Quarter Financial and Operating Highlights
◦Production of 15,118 ounces of gold.
◦Achieved mill throughput of 1,609 tons per day.
◦Recognized revenue of $22.9 million on gold sales of 17,211 ounces at a realized price of $1,332 per ounce.
◦Recognized an operating loss of $2.9 million and a net loss of $8.6 million for the quarter before a non-cash impairment charge of $83.1 million. Including the non-cash impairment, the operating loss was $86.0 million and the net loss was $91.7 million for the quarter.
Subsequent Events
◦Appointed CFO Gestur Kristjansson as acting CEO.
◦Closed a US$23.8 million debt financing with provisions for an additional US$41.25 million subject to various approvals.
Review of 2013 Annual and Fourth Quarter Financial Results
Gold sales revenue for the year ended December 31, 2013 of $106.3 million was 25% lower than revenues of $142.1 million recognized in the previous year. The decrease in gold sales revenue is a result of a 15% decrease in the average realized gold price compared to the prior year and a 12% decrease in the number of ounces sold. Gold sales revenue in the fourth quarter of 2013 of $22.9 million was 33% lower than revenues of $34.1 million recognized in the fourth quarter of 2012. The decrease in gold sales revenue in the fourth quarter of 2013 is a result of a 21% decrease in the average realized gold price and a 15% decrease in the number of ounces sold compared to the fourth quarter of 2012.
The Company recorded a non-cash impairment of $83.1 million on December 31, 2013, upon completion of its annual assessment of the value-in-use of its mineral properties.
Total and comprehensive loss was $111.3 million compared to $13.2 million for the year ended December 31, 2012. Total and comprehensive loss of $91.7 million in the fourth quarter of 2013 decreased relative to total and comprehensive loss of $3.9 million in the fourth quarter of 2012. Excluding the non-cash impairment charge of $83.1 million, total and comprehensive loss was $28.2 million for the year and $8.6 million for the fourth quarter.
Loss from operations for the year ended December 31, 2013 was $83.2 million, representing a significant reduction relative to a loss from operations of $17.9 million in the same period of last year. Loss from operations in the fourth quarter of 2013 was $86.0 million compared to income from operations of $3.0 million in the same period of last year. Excluding the non-cash impairment charge of $83.1 million, operating loss was $0.1 million for the year and $2.9 million for the fourth quarter.
The changes in income resulted primarily from reductions in gold revenue, increased interest expense associated with convertible debentures issued in 2013, and the recognition of the non-cash impairment charge. These changes were partially offset by a $13.2 million decrease in non-cash depletion and amortization, a $3.8 million decrease in share-based compensation expense, and a $5.0 million decrease in the equity loss from an associate company. Depletion expense has decreased due to a lower per ounce depletion charge as a result of reduced mine development capital expenditures and increased reserve and resource base used in calculating the expense. The per ounce depletion charge is expected to decrease further given the reduced carrying value of mineral properties and the anticipated reductions to capital expenditures and upgrades to the Company's resources and reserves to higher confidence categories. For the year and fourth quarter ended December 31, 2013, the Company did not recognize any equity losses from associated companies while it did recognize mark to market losses on portfolio gold company investments.
For the year ended December 31, 2013, cash flow from operations before changes in non-cash working capital decreased to $5.6 million, compared to $42.1 million in 2012. After changes in non-cash working capital, cash flow from operations was $2.0 million in 2013, a substantial reduction compared to $51.1 million in the prior year. Non-cash working capital was a use of cash in 2013 compared to a source of cash in 2012, which is largely attributable to the timing of sales, production and accounts payable.
Subsequent to year end, the Company closed the first tranche of a private placement offering of senior secured convertible notes. At the first closing, the Company issued US$23,750,000 aggregate principal amount of Notes to institutional subscribers. The proceeds from the offering will be used to fund continued development of the Company's mineral properties, in particular the Rice Lake Complex, and for general working capital purposes. This placement significantly strengthens the Company's balance sheet and provides financial flexibility to advance capital projects associated with the integration of our Rice Lake and Hinge/007 mines.
Outlook
2014 will mark another significant step forward in the evolution of the Rice Lake Complex as the Company establishes operational access on 16 Level and completes the integration of the Rice Lake and Hinge/007 mines. This development will also provide definition drilling access in the adjacent L10, 08, 6163 and L13 zones and support the continued exploration of nearby exploration targets identified through the Company's recent geologic structural analysis.
The Company achieved substantial cost efficiencies in 2013, especially in terms of capital and cash operating expenditures. Mining operations will continue in the Hinge, 007 and Rice Lake mines. Capital expenditures are expected to be further reduced and surface drilling will be largely curtailed this year. Underground drilling will be focused on supporting production and upgrading our large mineral resource.
The Company has formed a technical committee to evaluate all aspects of its Rice Lake operations. The intent of this rigorous review is to build on the efficiencies achieved in 2013 and create a clear path to profitability. Operations are continuing as previously planned and any changes to the Company's production, cash cost, and capital expenditure guidance resulting from this review will be disclosed when they become available.
2013 Annual and Fourth Quarter Results Conference Call
The Company's senior management plans to host a conference call on March 21, 2014 at 11 am Eastern Time to discuss the 2013 fourth quarter financial results and to provide an update of the Company's operating, exploration, and development activities.
Participants may join the conference call by dialing 1 (866) 225-0198 or 1 (416) 340-8061 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.
A recorded playback of the conference call can be accessed after the event until April 6, 2014 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 1727973. The archived audio webcast will also be available on the Company's website at www.sangold.ca.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
This press release should be read in conjunction with the Company's consolidated financial statements for the quarter ended December 31, 2013 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website (www.sangold.ca), in the "News & Reports" section under "Financial Statements", and on SEDAR (www.sedar.com).
Cautionary Non-IFRS Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with International Financial Reporting Standards ("IFRS"). "Total cash operating costs" as used in this analysis is a non-IFRS term typically used by gold mining companies to assess the level of gross margin available to the Company per ounce of gold by subtracting these costs from the unit price realized during the period. This non-IFRS term is also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of "total cash operating costs" as determined by the Company compared with other mining companies. In this context, "total cash operating costs" reflects the per ounce cash costs allocated from in-process and dore inventory associated with ounces of gold sold in the period and net royalties. "Total cash operating costs" may vary from one period to another due to operating efficiencies, quantity of ore processed, grade of ore processed, and gold recovery rates.
Cautionary Note Regarding Forward Looking Statements
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, 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 mineral 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.
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 that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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 classed as a category of mineral resource. A mineral resource that 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.
Cautionary Note to United States and Other Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources:
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
Table 1: 2013 Income Statement
SAN GOLD CORPORATION
CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31
2013 2012
REVENUE $ 106,264,073 $ 142,141,548
OPERATIONS
Operations (Note 18) 106,384,190 124,252,043
Impairment charge (Note 19) 83,100,000 -
INCOME FROM OPERATIONS (83,220,117 ) 17,889,505
Exploration 16,407,573 16,716,995
General and administrative (Note 20) 11,385,319 13,582,032
LOSS BEFORE OTHER INCOME AND EXPENSES 111,013,009 12,409,522
OTHER INCOME AND EXPENSES
Finance income - net (Note 21) (271,014 ) 368,087
Finance costs (Note 21) (5,498,679 ) (391,083 )
Equity loss of associate (Note 9) - (5,030,000 )
LOSS BEFORE INCOME TAX 116,782,702 17,462,518
Income tax recovery on flow-through shares (Note 22) 5,455,981 4,274,846
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD $ 111,326,721 $ 13,187,672
NET LOSS PER COMMON SHARE: (Note 25)
Basic $ (0.32 ) $ (0.04 )
Diluted $ (0.32 ) $ (0.04 )
Table 2: Financial Highlights
YTD YTD
2013 2012
Total and comprehensive income (loss) (000) $ (111,327 ) $ (13,188 )
Items not affecting cash (000) $ 116,904 $ 55,279
Cash provided (used) by operating activities before changes in non-cash working capital (000) $ 5,577 $ 42,091
Net change in non-cash working capital (000) $ (3,547 ) $ 8,981
Cash provided by operating activities (000) $ 2,031 $ 51,072
Earnings (loss) per share
- basic $ (0.32 ) $ (0.04 )
- diluted $ (0.32 ) $ (0.04 )
Weighted average number of common shares outstanding
- basic 346,585,944 324,862,278
- diluted 346,585,944 324,862,278
Table 3: Production Summary and Statistics
YTD
2013 YTD
2012 Change
(#) Change
(%)
Ore milled (tons) 641,710 629,276 12,434 2 %
Head grade (g/tonne Au) 4.32 5.06 (0.74 ) -15 %
Contained gold (ounces) 80,828 92,948 (12,120 ) -13 %
Ounces of gold produced 75,218 86,506 (11,288 ) -13 %
Ore mined (tons) 629,311 615,344 13,967 2 %
Ore milled per day (tons) 1,758 1,719 39 2 %
Ore mined per day (tons) 1,724 1,681 43 3 %
Mill recovery (%) 93 % 93 % 0 % 0 %
Table 4: Quarterly Production Summary and Statistics
Q4
2013 Q3
2013 Q2
2013 Q1
2013 Q4
2012 Q3
2012 Q2
2012 Q1
2012
Ore milled (tons) 148,042 175,311 162,344 156,013 168,088 191,105 116,546 153,537
Head grade (g/tonne Au) 3.78 4.24 5.05 4.15 4.22 5.21 5.70 5.35
Contained gold (ounces) 16,308 21,672 23,964 18,884 20,539 29,029 19,385 23,995
Ounces of gold produced 15,118 20,220 22,526 17,354 19,019 27,084 18,241 22,162
Ore mined (tons) 144,165 167,937 173,350 143,859 171,351 143,949 155,495 144,549
Ore milled per day (tons) 1,609 1,906 1,784 1,733 1,827 2,077 1,281 1,687
Ore mined per day (tons) 1,567 1,825 1,905 1,598 1,863 1,565 1,709 1,588
Mill recovery (%) 93 % 93 % 94 % 92 % 93 % 93 % 94 % 92 %
NOTE: Final refinery settlements, or the effects of rounding, may have resulted in increases or decreases to reported gold production.
San Gold Corporation
Gestur Kristjansson
Chief Executive Officer
1 (855) 585-4653
San Gold Corporation
Tim Friesen
Investor Relations
1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca
Diskussion: San Gold Closes First Tranche of US$65M Private Placement
Wertpapier: San Gold
Themen: Gold, Invest, Capital
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