cost estimate remains the same but purchase commitments are lagging: "The capital cost estimate for the expansion project remains at $1.24 billion. To date, we have purchased or have fixed contracts in place for approximately $680.9 million, or 55% of the total capital budget and these purchases have come in below the original estimate. As a result, the difference has been allocated to contingency which has increased to $97 million, from $65 million, representing 17% of the remaining capital to be committed of $562.1 million. Management believes that the expansion can be funded with current cash balances, an undrawn revolving line of credit for $120 million, capital lease financing, and operating cash flow"
read the release: "we believe we are on track to meet six month production guidance of 90,000 to 100,000 ounces of gold."
in all the chaos; silver still 28ish; "Our 2012 consolidated cash cost per ounce of silver, net of by products, of $5.96 , once again positions Fortuna as one of the lowest cost silver producers in the industry."
Sentiment: Strong Buy
the facts speak for themselves; yes they have increased costs and some operational issues but the core value is there. Proven and probable reserves were 11.9 million ounces of gold and 509.6 million ounces of silver (1.1 billion tons grading 0.011 opt gold and 0.46 opt silver)
The Company produced 136,930 ounces of gold and sold 114,705 ounces of gold at adjusted cash costs(1) of $638 per ounce for the year resulting in record revenues of $214.6 million. Net income increased 30% to $47.7 million or $0.53 per share, compared to $36.7 million or $0.41 per share for fiscal 2011. Last time I checked gold is still near $1600
Record production and sales were achieved in 2012. Production from Hycroft in 2012 of 136,930 ounces of gold and 794,097 ounces of silver was 32% and 66% higher than 2011 production results, respectively. Sales of 114,705 ounces of gold and 696,144 ounces of silver surpassed 2011 sales by 30% and 87%, respectively.
As prices have dropped and investors lost faith, central banks have been on the opposite side of the trade, gobbling up bullion at a rate of 27-metric tons a month, according to UBS’ gold expert Edel Tully.
unless yahoo sanitizes the posts, there is a clear evidentiary record here of blatant defamation and security law violations and the posters ID, is not that difficult to discover. many cos have filed defamation lawsuits for false rumors of bankruptcy and even less.
has been like buying real estate near the bottom in 2010-2011; look at the converted effort to push this down - all the paid scam posters, etc. look on the yahoo summary page and click on more reports. bunch of sell garbage as recently as sunday
Allied Nevada Gold said that it was on track to meet its previously announced production guidance of 90,000-100,000 ounces of gold. The company said it had sold 27,256 ounces of gold and 174,766 ounces of silver in the first quarter, and plans to sell about 7,200 ounces of gold and 43,200 ounces of silver in the second quarter. Allied Nevada added that it would be able to complete the expansion of its Hycroft mine on schedule, and without exceeding the total budget of $1.2B it had originally set for the project
almost zero coverage so far in the "press" up 30% + on good vol and no mention on the obama business channel; it will take the media a day or two to cover this. cnbc has been trashing PMs and spewing fed speak anti gold/ no inflation for weeks; seeking obama (alpha) just finally mentioned