SAS reports 2013 third quarter results, with a sixth consecutive quarter of positive cash flow from operations

CNW Group

All dollar amounts are stated in Canadian dollars, unless otherwise indicated

(1) See "non-GAAP  Measures" for an explanation of non-GAAP

TORONTO , Nov. 6, 2013 /CNW/ - St Andrew Goldfields Ltd. (T-SAS) (OTCQX-STADF), ("SAS" or the "Company") reports a net loss attributable to shareholders for Q3 2013 of $0.6 million , or nil on a per share basis, compared to net income of $6.3 million , or $0.02 per share, for Q3 2012. For Q3 2013, adjusted net loss (1) was $0.9 million , or nil on a per share basis, compared to adjusted net earnings of $5.0 million , or $0.01 per share, for Q3 2012.

Earnings continued to be impacted by the significant decrease in the gold price since the beginning of Q2 2013 and the increase in non-cash depreciation and depletion charges due to the depletion of the mineral reserves at the Holloway and Hislop mines.

Q3 2013 production of 25,434 ounces of gold was in line with the Company's expectation. With the cost reduction program implemented in Q2 2013 and a stronger US dollar, all-in sustaining cost per ounce of gold sold (1) was US$1,086 per ounce during the quarter. Operations continued to perform well with a total cash cost per ounce of gold sold (1) in the quarter of US$832 per ounce (including royalty costs of US$112 per ounce). Mine cash costs of US$720 per ounce were below guidance and improved by 8% or US$60 per ounce over Q2 2013. SAS reiterates its 2013 production guidance of between 95,000 to 105,000 ounces of gold with mine cash costs between US$800 to US$850 per ounce.

SAS generated operating cash flow of $8.9 million , or $0.02 per share, and net cash flow (1) of $3.0 million for Q3 2013 as compared to operating cash flow of $15.2 million or $0.04 per share and net cash flow (1) of $6.8 million , in Q3 2012. Both operating cash flow and net cash flow for the quarter were negatively impacted by a 19% decrease in the average realized price per ounce of gold sold (1) when compared to the same period last year.

"We had another strong quarter with year-to-date production of 75,248 ounces of gold, and a significant improvement in mine cash costs," said Duncan Middlemiss , President & CEO of SAS. "We are pleased to see that we were able to reduce cash costs and return to a positive net cash flow state despite the current gold price. Holt continued to perform well, with a 13% increase in throughput in the quarter. Our team has worked hard to meet our stated objectives of generating net cash flow from our operations, and maintaining a strong financial position during these volatile markets. We have a relatively strong balance sheet, we will continue to operate well in the current gold price environment, and thrive in better ones."

Q3 2013 Highlights

Produced 25,434 ounces of gold from three operations
(Holt, Holloway and Hislop).
Gold production remains on track to meet the 2013 guidance of
between 95,000 to 105,000 ounces.
Sold 26,600 ounces of gold at an average realized
price per ounce of gold sold (1) of US$1,329 per ounce
for revenues of $36.4 million.
When compared to Q3 2012, gold sales revenue decreased by
$4.3 million due to a US$311 per ounce decrease in the average
realized price per ounce of gold sold (1).
Mine cash costs of US$720 per ounce and a royalty cost  
of US$112 per ounce, for a total cash cost per ounce of
gold sold (1) of US$832 per ounce.
Achieved a US$63 per ounce reduction in total cash cost per ounce
of gold sold (1) over Q3 2012.  Mine cash cost per ounce of gold sold
was better than the Company's guidance of
US$800-US$850 per ounce.
For Q3 2013, the Company began to report all-in
sustaining cost per ounce of gold sold (1) adopting the
reporting guidelines as released by the World Gold
Council. All-in sustaining costs (1) for the quarter was
US$1,086 per ounce.
All-in sustaining cost per ounce of gold sold (1) for the quarter
decreased by US$181 per ounce when compared to Q3 2012.
The reduction was a result of a disciplined capital expenditure program 
implemented at the beginning of Q2 2013. In addition, the US dollar
strengthened relative to the Canadian dollar during the quarter.
Earned cash margin from mine operations (1) of
$13.4 million and operating cash flow of $8.9 million
or $0.02 per share.
Despite a 19% decrease in the average realized price per ounce of
gold sold (1) when compared to Q3 2012, both cash margin from
mine operations (1) and operating cash flow remained strong. SAS
generated positive net cash flow of $3.0 million during the quarter.

 
 

On September 16, 2013 , SAS announced the appointment of Duncan Middlemiss (the former Chief Operating Officer and Vice-President of Operations) as the new President, and Chief Executive Officer,  and Director of SAS effective October 1, 2013 .

Q3 2013 Conference Call Information
A conference call and webcast is scheduled for 10:00am EST , Thursday November 7, 2013 to discuss the Q3 2013 results. Participants are invited to join via webcast from the Company's website under the section titled "Events", at www.sasgoldmines.com. A recorded playback of the call will also be available via the website and will be posted within 24 hours of the call.

Operating and Financial Summary                      
Amounts in thousands of Canadian dollars, except per unit and per share amounts   Q3 2013     Q3 2012     YTD 2013     YTD 2012
                       
SAS Operating Results                      
Gold production (ounces)   25,434     25,742     75,248     69,775
Commercial gold production sold (ounces)   26,600     25,197     74,669     68,017
                       
Per ounce data (US$)                      
   Average realized price (1) $ 1,329   $ 1,640   $ 1,455   $ 1,650
                       
   Mine cash costs  $ 720   $ 768   $ 763   $ 799
   Royalty costs    112     127     124   $ 134
   Total cash cost (1) $ 832   $ 895   $ 887   $ 933
                       
   All-in sustaining cost (1) $ 1,086   $ 1,267   $ 1,194   $ 1,377
                       
SAS Financial Results                       
Gold sales and total revenue $ 36,363   $ 40,690   $ 111,276   $ 112,059
Cash margin from mine operations (1) $ 13,381   $ 18,250   $ 43,505   $ 48,369
Net income (loss) for the period $ (599)   $ 6,269   $ (653)   $ 13,360
Adjusted net earnings (loss) (1) $ (880)   $ 4,954   $ (685)   $ 12,539
Operating cash flow $ 8,880   $ 15,205   $ 29,628   $ 32,575
Net cash flow (1) $ 2,953   $ 6,754   $ 6,397   $ 7,258
                       
Per share information:                      
   Net income (loss) $ 0.00   $ 0.02   $ 0.00   $ 0.04
   Adjusted net earnings (loss) (1) $ 0.00   $ 0.01   $ 0.00   $ 0.03
   Operating cash flow (1) $ 0.02   $ 0.04   $ 0.08   $ 0.09
                       
SAS Financial Position   September 30, 2013   December 31, 2012
Cash and cash equivalents       $ 31,559         $ 30,656
Working capital       $ 19,586         $ 18,210
Total assets       $ 216,860         $ 219,748
Long-term debt       $ 12,906         $ 18,581
                       

Financial Performance
Despite a US$311 per ounce or 19% decrease in the average realized price per ounce of gold sold (1), gold sales revenue saw a slight decrease over Q3 2012. Total cash cost per ounce of gold sold (1) decreased by US$63 per ounce when compared to Q3 2012 mainly due to an increase in commercial gold production sold and a reduction in royalty costs due to the decline in the gold price. The decrease in the average realized price per ounce of gold sold (1), partially offset by the increase in commercial gold production sold and lower royalty costs, resulted in a $4.9 million decrease in cash margin from mine operations (1).

When compared to Q3 2012, depreciation and depletion expense increased by $3.3 million . The increase resulted from the depletion of mineral reserves at Holloway and Hislop .

Mark-to-market on derivative instruments in Q3 2013 resulted in a net gain of $0.4 million compared to a net gain of $1.2 million in Q3 2012, due to the significant decline in the gold price and the strengthening of the US dollar relative to the Canadian dollar.

Holt Mine, Operations and Financial Review (see "Operating and Financial Statistics")
During Q3 2013, the Holt Mine ("Holt") produced 16,807 ounces of gold, an increase of 28% over Q3 2012. When compared to Q3 2012, despite a 19% decline in the the average realized price per ounce of gold sold (1), gold sales revenue increased by 12% as a result of the increase in production.

Total cash cost per ounce of gold sold (1) decreased by US$183 per ounce or 21% from Q3 2012, mainly as a result of the increase in commercial gold production sold and the reduction in royalty costs due to the decline in the gold price.

Cash margin from mine operations (1) increased by $1.4 million over Q3 2012 due to the increase in commercial gold production sold, offset partially by the decrease in the gold price during the quarter. Holt contributed 80% of the total cash margin from mine operations (1) earned during the quarter.

Holt is expected to contribute approximately 59% of the Company's total gold production for 2013.

Holloway Mine, Operations and Financial Review (see "Operating and Financial Statistics")
The Holloway Mine ("Holloway") produced 4,662 ounces of gold for Q3 2013, a decrease over Q3 2012. For Q3 2013, head grades averaged 4.02 g/t Au, a decrease of 3% when compared to Q3 2012. Mill recoveries during the quarter were in line with expectations at approximately 90%.

Gold sales revenue for the quarter decreased by 15% when compared with Q3 2012, mainly due to the decrease in production and the decrease in the average realized price per ounce of gold sold(1) during the quarter.

Total cash cost per ounce of gold sold (1) during the quarter increased by US$102 per ounce when compared to Q3 2012, mainly due to the decrease in throughput. Cash margin from mine operations (1) decreased by $2.3 million over Q3 2012 as a result of the decrease in the gold price and higher unit operating costs due to the reduction in throughput and increased ore development.

Holloway is expected to contribute approximately 22% of the Company's total gold production for 2013.

Hislop Mine, Operations and Financial Review (see "Operating and Financial Statistics")
The Hislop Mine ("Hislop") produced 3,965 ounces of gold during Q3 2013. The head grade averaged 2.27 g/t Au, with mill recoveries of 81%.

Commercial gold production sold during the quarter decreased by 37% when compared to Q3 2012 as a result of the reduced production.

Total cash cost per ounce of gold sold (1) increased by US$181 per ounce over Q3 2012 mainly as a result of the reduction in throughput and slightly lower head grade.

Hislop is expected to contribute approximately 19% of the Company's total gold production for 2012.

Taylor Project Update ("Taylor")
During Q3 2013, the Company released results from 22 drill holes totalling 4,032 metres, collared from the ramp development on the 220m elevation, targeting the easterly strike extension of the 1004 lens (in the vicinity of the second proposed bulk sample) of the West Porphry Zone. SAS reported near surface intersections over significant widths in hole T220-020, which returned 14.12 g/t Au over 18.6 metres (21.67 g/t Au uncut), including 26.92 g/t Au over 4.6 metres (47.66 g/t Au uncut), and hole T220-003, which returned 11.56 g/t Au over 16.2 metres (13.14 g/t Au uncut), including 12.48 g/t Au over 14.7 metres (14.22 g/t Au uncut) (see press release dated August 27, 2013 , available under the Company's profile on www.sedar.com or on the Company's website at www.sasgoldmines.com).

This phase of drilling confirmed that: (i) wider, more continuous and higher grade mineralized zones are present along the eastern edge of the 1004 lens than were previously defined; and (ii) potential exists to expand mineralization on the 1004 lens both to the east and to depth. These findings support advancing the underground exploration program.

Exploration Projects
Exploration activities during Q3 2013 mainly focussed on the targets at Holloway and Hislop . Drilling during the quarter totalled approximately 12,900 metres with all programs now substantially complete.

Holloway Mine - Smoke Deep and Sediment Zones
A total of 15 holes and 4,300 metres were drilled from surface and from underground focussing on the down dip and down plunge extension of Smoke Deep to the east and up-dip, and also targeted the Sediment Zone. Underground drilling on the Smoke Deep target will continue into Q4 2013, with program results currently being assessed.

Hislop Mine - Hislop North Project ("Hislop North") and Hislop Pit Complex
As reported on October 31, 2013 , drilling at Hislop North focussed on tightening the drill spacing on the 147 and Grey Fox zone extensions, from the claim boundary towards the West Pit. A total of 18 holes and 8,700 metres were drilled, using one drill from surface with Phase I of this drilling program now complete. SAS reported near surface intersections over significant widths intercepted in hole H13-014 which returned 8.08 g/t Au over 5.4 metres and H13-016 which returned 5.50 g/t Au over 2.7 metres and 8.43 g/t Au over 1.2 metres (see press release dated October 31, 2013 , available under the Company's profile on www.sedar.com or on the Company's website at www.sasgoldmines.com). Expansion of the mineralization remains open at depth and the Company expects to commence with a second phase of drilling on both target areas at Hislop North in early 2014.

During the quarter, one surface drill continued to test for the depth extension beneath the East and West pits with 11 holes and approximately 3,600 metres completed at the end of the quarter. Recently released drill results highlighted well mineralized intercepts being reported below both pits. Hole HP13-014 returned 3.40 g/t Au over 28.2 metres including 12.27 g/t Au over 2.5 metres which is situated approximately 350 metres below the bottom of the current West Pit. Drilling below the East Pit returned strong mineralization in Hole HP13-045 which assayed 6.34 g/t Au over 11.0 metres (8.62 g/t Au uncut), including a higher grade intercept of 16.55 g/t Au over 3.2 metres (24.38 g/t Au uncut), situated approximately 100 metres below the bottom of the current East Pit. The mineralized zones remain open at depth below both pits (see press release dated October 31, 2013 , available under the Company's profile on www.sedar.com or on the Company's website at www.sasgoldmines.com).

Capital Resources
SAS generated cash flow from operations of $8.9 million in Q3 2013, a decrease of $6.3 million over Q3 2012. The decrease in cash flow from operations over Q3 2012, was mainly due to the decline in gold price during the quarter.

Working capital as at September 30, 2013 , was $19.6 million compared to a working capital of $18.2 million as at December 31, 2012 . The slight increase was primarily due to the change in mark-to-market positions of derivative instruments. At the end of Q3 2013, the Company had cash and cash equivalents of $31.6 million , in conjunction with an additional cash resource of US$10.0 million in an undrawn revolving credit facility. The Company's financial position remains strong at the end of the quarter despite the significant decline in the gold price since Q2 2013.

SAS expects to incur a total of $3.8 million in capital expenditures at the two underground mines, the Holt Mill, and at Taylor during Q4 2013.

Qualified Person
Production at the Holt , Holloway and Hislop mines, processing at the Holt Mill, and mine development and production activities at the operations were being conducted under the supervision of Duncan Middlemiss , P.Eng. Mr. Middlemiss was the Company's Chief Operating Officer and Vice-President of Operations during the third quarter, and was appointed as SAS' President & CEO on October 1, 2013 . Exploration activities on the Company's various properties, including the drilling program at the Taylor Project is under the supervision of Mr. Doug Cater P. Geo , the Company's Vice-President of Exploration.

Messrs. Middlemiss and Cater are qualified persons as defined by NI 43-101, and have reviewed and approved this news release.

Non-GAAP Measures
The Company has included the following non‐GAAP performance measures: adjusted net earnings (loss); total cash cost per ounce of gold sold; all-in sustaining cost per ounce of gold sold; mine‐site cost per tonne milled; cash margin from mine operations; average realized price per ounce of gold sold; cash margin per ounce of gold sold; net cash flow; and operating cash flow per share; throughout this news release, which do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS") and are not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors use this information to evaluate the Company's performance. Refer to the "non-GAAP measures", section of this news release for a discussion and the reconciliation of these non-GAAP measurements to the Company's Unaudited Condensed Interim Financial Report for Q3 2013.

The Unaudited Balance Sheets, Statements of Operations and Statements of Cash Flows for the Company for the three and nine months ended September 30, 2013 , can be found at the end of this news release.

To review the complete Unaudited Condensed Financial Report for Q3 2013, and the Interim Management's Discussion and Analysis for Q3 2013, please see SAS's SEDAR filings under the Company's profile at www.sedar.com or the Company's website at www.sasgoldmines.com.

The following abbreviations are used to describe the periods under review throughout this release.
Abbreviation       Period       Abbreviation       Period
FY 2013        January 1, 2013 - December 31, 2013       YTD 2012       January 1, 2012 - September 30, 2012
YTD 2013        January 1, 2013 - September 30, 2013       Q4 2012       October 1, 2012 - December 31, 2012
Q4 2013       October 1, 2013 - December 31, 2013       Q3 2012       July 1, 2012 - September 30, 2012
Q3 2013       July 1, 2013 - September 30, 2013       Q2 2012       April 1, 2012 - June 30, 2012
Q2 2013       April 1, 2013 - June 30, 2013       Q1 2012       January 1, 2012 - March 31, 2012
Q1 2013       January 1, 2013 - March 31, 2013       Q4 2011       October 1, 2011 - December 31, 2011
FY 2012        January 1, 2012 - December 31, 2012                

About SAS
SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, north-eastern Ontario , which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada .

SAS owns and operates the Holt , Holloway and Hislop mines, which contribute approximately 100,000 ounces of annual gold production. The Company is also advancing the Taylor Project and is conducting a number of exploration programs across 120km of land straddling the Porcupine-Destor Fault Zone.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including in respect of the 2013 targeted level of gold production and mine cash costs from Holt , Holloway and Hislop ; the level of capital expenditures for the balance of 2013; the continuance of exploration drilling at Holloway and the commencement of the second phase of drilling at Hislop North and the timing thereof; and the sufficiency of the Company's cash flow and existing cash resources to finance its capital programs and the further development of its advanced stage exploration projects.

This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, fluctuations in gold prices, unanticipated operational or technical difficulties which could increase the time necessary to complete the development initiatives, escalate operating and/or capital costs and reduce anticipated production levels; uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of the mineral reserves and resources; the Company's dependence on key employees and changes in the availability of qualified personnel; fluctuations in exchange rates; operational hazards and risks, including the inability to insure against all risks; changes in laws and regulations; and changes in general economic conditions. Such forward looking information is based on a number of assumptions, including in respect of the ability to achieve operating cost estimates, the volatility and level of the price of gold including that the gold price will generally remain within a reasonable range of current levels, the accuracy of reserve and resource estimates and the assumptions on which such estimates are based, the sufficiency of the Company's cash flow and financial resources to carry out its planned programs, the ability to attract and retain qualified personnel to conduct its exploration programs and operate its mines and general business and economic conditions. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. SAS does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. A further description of the risks and uncertainties facing the Company may also be found in the Company's Annual Information Form available on SEDAR at www.sedar.com.

NON-GAAP MEASURES

Adjusted net earnings (loss)
Adjusted net earnings (loss) is a non-GAAP performance measure and does not constitute a measure recognized by IFRS and does not have a standardized meaning defined by IFRS, as well it may not be comparable to information in other gold producers' reports and filings. Adjusted net earnings (loss) is calculated by removing the gains and losses, resulting from the mark-to-market revaluation of the Company's gold-linked liabilities and foreign currency derivative contracts, one-time gains or losses on the disposition of non-core assets, periodic adjustments to the Company's asset retirement obligations, and expenses, asset impairment gains or losses and significant tax adjustments not related to current period's earnings, as detailed in the table below.  The Company discloses this measure, which is based on its Financial Reports, to assist in the understanding of the Company's operating results and financial position.

                         
Amounts in thousands of Canadian dollars, except per share amounts     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Net income (loss) per Financial Reports   $ (599)   $ 6,269   $ (653)   $ 13,360
Reversal of unrecognized deferred income tax assets     -     -     (1,256)     -
Mark-to-market loss (gain) on gold-linked liabilities     709     181     (1,002)     1,818
Mark-to-market loss (gain) on foreign currency derivatives     (1,084)     (1,416)     974     (2,394)
Write-down of investment in joint venture     -     -     374     -
Write-down of mining equipment     -     -     620     -
Impairment loss on available-for-sale investment     -     -     500     -
Gain on divestiture of non-core assets     -     (519)     -     (519)
Tax effect of above items     94     439     (242)     274
Adjusted net earnings (loss)   $ (880)   $ 4,954   $ (685)   $ 12,539
                         
Weighted average number of shares outstanding (000s)                        
   Basic     368,293     368,246     368,261     368,246
   Diluted     368,293     368,508     368,394     368,572
                         
Adjusted net earnings (loss) per share - basic and diluted   $ 0.00   $ 0.01   $ 0.00   $ 0.03
                         

Total cash cost per ounce of gold sold
Total cash cost per ounce of gold sold is a non-GAAP performance measure and may not be comparable to information in other gold producers' reports and filings. The Company has included this non-GAAP performance measure throughout this document as the Company believes that this generally accepted industry performance measure provides a useful indication of the Company's operational performance. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table provides a reconciliation of total cash costs per ounce of gold sold to production expenses per the Financial Report for Q3 2013:

                         
Amounts in thousands of Canadian dollars, except where indicated     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Mine site operating costs per Financial Reports   $ 19,876   $ 19,245   $ 58,283   $ 54,527
Production royalties per Financial Reports     3,106     3,195     9,488     9,163
Adjustments (1)     -     -     -     (99)
Total cash costs   $ 22,982   $ 22,440   $ 67,771   $ 63,591
                         
Divided by gold ounces sold     26,600     25,197     74,669     68,017
                         
Total cash cost per ounce of gold sold (Canadian dollars)   $ 864   $ 891   $ 908   $ 935
                         
Average USD:CAD exchange rate   $ 1.04   $ 0.99   $ 1.02   $ 1.00
                         
Total cash cost per ounce of gold sold (US$)   $ 832   $ 895   $ 887   $ 933
                         
Breakdown of total cash cost per ounce of gold sold (US$)                        
Holt Mine                        
   Mine cash costs   $ 548   $ 708   $ 598   $ 684
   Royalty costs     143     165     154     166
    $ 691   $ 873   $ 752   $ 850
Holloway Mine                        
   Mine cash costs   $ 938   $ 746   $ 953   $ 815
   Royalty costs     114     204     154     206
    $ 1,052   $ 950   $ 1,107   $ 1,021
Hislop Mine                        
   Mine cash costs   $ 1,070   $ 889   $ 1,058   $ 1,012
   Royalty costs     -     -     -     -
    $ 1,070   $ 889   $ 1,058   $ 1,012
Total                        
   Mine cash costs   $ 720   $ 768   $ 763   $ 799
   Royalty costs     112     127     124     134
    $ 832   $ 895   $ 887   $ 933
                         

Notes:
(1)      In Q1 2012, the Company accrued a royalty liability of $99 at Holloway which was incurred during the period from
August 2011 to December 2011. This amount has been retroactively applied to the calculation of the total cash cost
per ounce of gold sold for YTD 2012.

All-in sustaining cost per ounce of gold sold
All-in sustaining cost per ounce of gold sold is a non-GAAP performance measure and may not be comparable to information in other gold producers' reports and filings. The Company has included this non-GAAP performance measure throughout this document as the Company believes that this generally accepted industry performance measure provides a useful indication of the Company's operational performance. Effective September 30, 2013 , the Company has adopted the all-in sustaining definition as set out in the guidance note released by the World Gold Council on June 27, 2013 . All-in sustaining costs include mine-site operating costs and production royalties incurred at the Company's mining operations, sustaining capital expenditures, corporate administration expense, mine-site exploration costs, and reclamation cost accretion. The Company believes that this measure represents the total costs of producing gold from current operations, and provides the Company and other stakeholders with additional information that illustrates the Company's operational performance and ability to generate cash flow. This cost measure is reported on a consolidated level, and a per ounce of gold sold basis. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included. Certain other cash expenditures, including tax payments and financing costs are also not included.

                         
Amounts in thousands of Canadian dollars, except where indicated     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Total cash costs per total cash cost per ounce of gold sold
reconciliation table 
  $ 22,982   $ 22,440   $ 67,771   $ 63,591
Add (less):                        
   Sustaining mine capital     3,781     7,349     12,532     24,277
   Mine site exploration     1,630     154     5,165     552
   Mine reclamation obligation      99     87     297     262
   Corporate administration      1,492     1,740     5,445     5,151
All-in sustaining costs   $ 29,983   $ 31,770   $ 91,210   $ 93,833
                         
Divided by gold ounces sold     26,600     25,197     74,669     68,017
                         
All-in sustaining cost per ounce of gold sold (Canadian dollars)   $ 1,127   $ 1,261   $ 1,222   $ 1,380
                         
Average USD:CAD exchange rate   $ 1.04   $ 0.99   $ 1.02   $ 1.00
                         
All-in sustaining cost per ounce of gold sold (US$)   $ 1,086   $ 1,267   $ 1,194   $ 1,377
                         

Mine-site cost per tonne milled
Mine-site cost per tonne milled is a non-GAAP performance measure and may not be comparable to information in other gold producers' reports and filings. As illustrated in the table below, this measure is calculated by adjusting Production Costs, as shown in the statements of operations for inventory level changes and then dividing by tonnes processed through the mill. Since total cash cost per ounce of gold sold data can be affected by fluctuations in foreign currency exchange rates, Management believes that mine-site cost per tonne milled provides additional information regarding the performance of mining operations and allows Management to monitor operating costs on a more consistent basis as the per tonne milled measure reduces the cost variability associated with varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, the estimated revenue on a per tonne basis must be in excess of the mine-site cost per tonne milled in order to be economically viable. Management is aware that this per tonne milled measure is impacted by fluctuations in throughput and thus uses this evaluation tool in conjunction with production costs prepared in accordance with IFRS. This measure supplements production cost information prepared in accordance with IFRS and allows investors to distinguish between changes in production costs resulting from changes in production versus changes in operating performance.

                         
Amounts in thousands of Canadian dollars, except per tonne amounts     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Holt Mine                         
Mine-site costs   $ 9,310   $ 8,724   $ 27,144   $ 23,395
Inventory adjustments (1)     89     241     685     847
Mine site operating costs   $ 9,399   $ 8,965   $ 27,829   $ 24,242
                         
Divided by tonnes of ore milled     104,800     80,219     287,866     226,585
                         
Mine-site cost per tonne milled   $ 90   $ 112   $ 97   $ 107
                         
Holloway Mine                         
Mine-site costs   $ 5,593   $ 4,263   $ 15,667   $ 13,394
Inventory adjustments (1)     (326)     (157)     147     32
Mine site operating costs   $ 5,267   $ 4,106   $ 15,814   $ 13,426
                         
Divided by tonnes of ore milled     40,152     44,546     129,046     144,866
                         
Mine-site cost per tonne milled   $ 131   $ 92   $ 123   $ 93
                         
Hislop Mine                        
Mine-site costs   $ 4,972   $ 6,258   $ 15,472   $ 17,738
Inventory adjustments (1)     (487)     82     (50)     311
Mine site operating costs   $ 4,486   $ 6,340   $ 15,422   $ 18,049
                         
Divided by tonnes of ore milled     66,940     102,191     234,804     294,035
                         
Mine-site cost per tonne milled   $ 67   $ 62   $ 66   $ 61
                         

Notes:
(1)      Inventory adjustment reflects production costs associated with unsold bullion and in-circuit inventory.

Cash margin from mine operations
Cash margin from mine operations is a non-GAAP measure which may not be comparable to information in other gold producers' reports and filings. It is calculated as the difference between gold sales and production costs (comprised of mine-site operating costs and production royalties) per the Company's Financial Reports. The Company believes it illustrates the performance of the Company's operating mines and enables investors to better understand the Company's performance in comparison to other gold producers who present results on a similar basis.

                                 
Amounts in thousands of Canadian dollars             Q3 2013     Q3 2012     YTD 2013     YTD 2012
                                 
Gold sales per Financial Reports     [A]     $ 36,363   $ 40,690   $ 111,276   $ 112,059
                                 
Mine site operating costs per Financial Reports             19,876     19,245     58,283     54,527
Production royalties per Financial Reports             3,106     3,195     9,488     9,163
      [B]       22,982     22,440     67,771     63,690
Cash margin from mine operations     [A] - [B]     $ 13,381   $ 18,250   $ 43,505   $ 48,369
                                 
Breakdown of cash margin from mine operations by mines:                                
   Holt Mine           $ 10,677   $ 9,250   $ 31,905   $ 27,190
   Holloway Mine             1,561     3,835     5,747     10,132
   Hislop Mine             1,143     5,165     5,853     11,047
            $ 13,381   $ 18,250   $ 43,505   $ 48,369
                                 

Average realized price per ounce of gold sold
Average realized price per ounce of gold sold is a non-GAAP measure and is calculated by dividing gold sales proceeds received by the Company for the relevant period by the ounces of gold sold. It may not be comparable to information in other gold producers' reports and filings.

                         
Amounts in thousands of Canadian dollars, except where indicated     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                           
Gold sales per Financial Reports   $ 36,363   $ 40,690   $ 111,276   $ 112,059
Realized foreign exchange loss (gain) on the settlement of gold sales     47     273     (497)     171
Realized loss on foreign currency derivative cash flow hedges     235     -     406     -
      $ 36,645   $ 40,963   $ 111,185   $ 112,230
                           
Average USD:CAD exchange rate     1.04     0.99     1.02     1.00
                           
      $ 35,346   $ 41,318   $ 108,676   $ 112,220
                           
Divided by gold ounces sold     26,600     25,197     74,669     68,017
                           
Average realized price per ounce of gold sold (US$)   $ 1,329   $ 1,640   $ 1,455   $ 1,650
                           

Cash margin per ounce of gold sold
Cash margin per ounce of gold sold is a non-GAAP measure, and is calculated by subtracting the total cash cost per ounce of gold sold from the average realized price per ounce of gold sold. It may not be comparable to information in other gold producers' reports and filings.

                                 
Amounts in United Sates dollars             Q3 2013     Q3 2012     YTD 2013     YTD 2012
                                   
Per ounce of gold sold:                                
Average realized price per ounce of gold sold     [A]     $ 1,329   $ 1,640   $ 1,455   $ 1,650
Total cash cost per ounce of gold sold     [B]     $ 832   $ 895   $ 887   $ 933
Cash margin per ounce of gold sold     [A] - [B]     $ 497   $ 745   $ 568   $ 717
                                   

Net cash flow
Net cash flow is a non-GAAP measure and is calculated by taking cash flow from operating activities less cash used in investing activities as reported in the Company's Financial Reports. It may not be comparable to information in other gold producers' reports and filings.

                             
Amounts in thousands of Canadian dollars         Q3 2013     Q3 2012     YTD 2013     YTD 2012
                               
Cash flow from operating activities per Financial Reports       $ 8,880   $ 15,205   $ 29,628   $ 32,575
Less:                            
   Cash used in investing activities per Financial Reports         5,927     8,451     23,231     25,317
          $ 2,953   $ 6,754   $ 6,397   $ 7,258
                               

Operating cash flow per share
Operating cash flow per share is a non-GAAP measure and is calculated by dividing cash flow from operating activities in the Company's Financial Reports by the weighted average number of shares outstanding for each period.  It may not be comparable to information in other gold producers' reports and filings.

                         
Amounts in thousands of Canadian dollars, except per share amounts     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Cash flow from operating activities per Financial Reports   $ 8,880   $ 15,205   $ 29,628   $ 32,575
                         
Weighted average number of shares outstanding (000s)     368,293     368,246     368,261     368,246
                         
Operating cash flow per share   $ 0.02   $ 0.04   $ 0.08   $ 0.09
                         

Operating and Financial Statistics - Holt Mine

                                                             
Amounts in thousands of
Canadian dollars, except per unit
amounts
    Q3 2013     Q2 2013     Q1 2013     Q4 2012     Q3 2012     Q2 2012     Q1 2012     Q4 2011     YTD 2013     YTD 2012
                                                             
Tonnes milled     104,800     93,081     89,985     89,901     80,219     78,429     67,937     67,778     287,866     226,585
Head grade (g/t Au)     5.25     4.83     5.40     5.51     5.40     4.71     5.36     5.57     5.16     5.15
Average mill recovery     95.0%     94.9%     94.8%     94.7%     94.4%     94.2%     94.1%     94.1%     94.9%     94.3%
                                                             
Gold produced (ounces)     16,807     13,706     14,806     15,082     13,145     11,193     11,025     11,421     45,319     35,363
Commercial gold production sold
(ounces)
    16,381     14,230     13,715     15,043     12,373     11,073     10,674     12,175     44,326     34,120
                                                             
Gold sales revenue   $ 22,417   $ 20,865   $ 22,750   $ 25,584   $ 20,000   $ 18,250   $ 18,015   $ 21,060   $ 66,032   $ 56,265
                                                             
Cash margin from mine
operations (1)
  $ 10,677   $ 9,341   $ 11,887   $ 14,538   $ 9,250   $ 8,886   $ 9,054   $ 12,054   $ 31,905   $ 27,190
                                                             
Mine-site cost per tonne milled (1)   $ 90   $ 95   $ 106   $ 93   $ 112   $ 96   $ 114   $ 95   $ 97   $ 107
                                                             
Total cash cost per ounce of gold
sold (US dollars) (1)
                                                           
   Mine cash costs   $ 548   $ 636   $ 619   $ 573   $ 708   $ 671   $ 670   $ 556   $ 598   $ 684
   Royalty costs     143     155     166     168     165     166     168     166     154     166
Total cash cost per ounce of gold
sold
  $ 691   $ 791   $ 785   $ 741   $ 873   $ 837   $ 838   $ 722   $ 752   $ 850
                                                             
Capital expenditures   $ 3,104   $ 3,487   $ 3,383   $ 4,536   $ 4,990   $ 5,036   $ 3,177   $ 4,250   $ 9,974   $ 13,203
                                                             
Depreciation and depletion expense   $ 2,338   $ 2,667   $ 2,709   $ 2,979   $ 2,293   $ 1,804   $ 1,549   $ 1,611   $ 7,714   $ 5,646
                                                             

Notes:
(1)      Total cash cost per ounce of gold sold, mine-site cost per tonne milled and cash margin from mine operations are non-GAAP measures and are not necessarily
comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation (see the "non-GAAP measures", section for an explanation and
reconciliation of non-GAAP measurements).

Operating and Financial Statistics - Holloway Mine

                                                             
Amounts in thousands of
Canadian dollars, except per unit
amounts
    Q3 2013     Q2 2013     Q1 2013     Q4 2012     Q3 2012     Q2 2012     Q1 2012     Q4 2011     YTD 2013     YTD 2012
                                                             
Tonnes milled     40,152     45,642     43,252     46,606     44,546     53,169     47,151     56,225     129,046     144,866
Head grade (g/t Au)     4.02     4.32     4.04     3.90     4.15     3.80     3.77     4.03     4.13     3.90
Average mill recovery     89.7%     92.6%     91.5%     89.7%     91.0%     91.2%     88.6%     84.1%     91.4%     90.3%
                                                             
Gold produced (ounces)     4,662     5,874     5,140     5,240     5,408     5,923     5,058     6,126     15,676     16,389
Commercial gold production sold
(ounces)
    5,741     5,175     5,126     4,981     5,749     5,744     4,907     6,208     16,042     16,400
                                                             
Gold sales revenue    $ 7,831   $ 7,568   $ 8,521   $ 8,473   $ 9,267   $ 9,467   $ 8,275   $ 10,750   $ 23,920   $ 27,009
                                                             
Cash margin from mine
operations (1)
  $ 1,561   $ 1,795   $ 2,391   $ 3,262   $ 3,835   $ 3,805   $ 2,492   $ 4,116   $ 5,747   $ 10,132
                                                             
Mine-site cost per tonne milled (1)   $ 131   $ 113   $ 124   $ 94   $ 92   $ 82   $ 105   $ 93   $ 123   $ 93
                                                             
Total cash cost per ounce of gold
sold (US dollars)(1)
                                                           
   Mine cash costs   $ 938   $ 947   $ 977   $ 834   $ 746   $ 771   $ 948   $ 853   $ 953   $ 815
   Royalty costs (2)     114     143     209     221     204     205     209     203     154     206
Total cash cost per ounce of gold
sold
  $ 1,052   $ 1,090   $ 1,186   $ 1,055   $ 950   $ 976   $ 1,157   $ 1,056   $ 1,107   $ 1,021
                                                             
Capital expenditures   $ 816   $ 1,189   $ 912   $ 1,443   $ 1,794   $ 2,539   $ 4,342   $ 3,666   $ 2,917   $ 8,675
                                                             
Depreciation and depletion expense   $ 4,843   $ 2,149   $ 2,144   $ 1,970   $ 2,346   $ 2,181   $ 1,808   $ 2,339   $ 9,136   $ 6,335
                                                             

Notes:
(1)      Total cash cost per ounce of gold sold, mine-site cost per tonne milled and cash margin from mine operations, are non-GAAP measures and are not necessarily
comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation (see the "non-GAAP measures", section for an explanation
and reconciliation of non-GAAP measurements).
(2)      In Q1 2012, the Company accrued a royalty liability of $99 at Holloway, which was incurred during the period from August 2011 to December 2011.  This amount
has been retroactively applied to the calculation of the total cash cost per ounce of gold sold for each of these quarters, respectively.

Operating and Financial Statistics - Hislop Mine

                                                             
Amounts in thousands of
Canadian dollars, except per unit
amounts
    Q3 2013     Q2 2013     Q1 2013     Q4 2012     Q3 2012     Q2 2012     Q1 2012     Q4 2011     YTD 2013     YTD 2012
                                                             
Overburden stripped (m3)     43,094     64,807     -     -     (32,205)     29,236     4,212     103,346     107,901     1,243
                                                             
Tonnes mined (ore)     92,378     105,900     82,361     101,617     99,287     76,764     118,918     107,827     280,639     294,969
   (waste)     389,978     312,705     267,906     453,629     513,988     536,015     680,221     599,330     970,589     1,730,224
      482,356     418,605     350,267     555,246     613,275     612,779     799,139     707,157     1,251,228     2,025,193
                                                             
Waste-to-Ore Ratio     4.2     3.0     3.3     4.5     5.2     7.0     5.7     5.6     3.5     5.9
                                                             
Tonnes milled     66,940     88,093     79,771     95,516     102,191     97,183     94,660     92,794     234,804     294,035
Head grade (g/t Au)     2.27     2.43     2.14     2.22     2.53     2.21     1.88     1.94     2.29     2.21
Average mill recovery     81.0%     84.0%     82.1%     80.8%     86.5%     85.6%     86.4%     83.0%     82.5%     86.1%
                                                             
Gold produced (ounces)     3,965     5,773     4,515     5,507     7,189     5,899     4,935     4,803     14,253     18,023
Commercial gold production sold
(ounces)
    4,478     5,655     4,168     6,026     7,075     5,678     4,744     4,985     14,301     17,497
                                                             
Gold sales revenue   $ 6,115   $ 8,290   $ 6,919   $ 10,275   $ 11,423   $ 9,356   $ 8,006   $ 8,625   $ 21,324   $ 28,785
                                                             
Cash margin from mine
operations (1)
  $ 1,143   $ 2,579   $ 2,131   $ 3,700   $ 5,165   $ 3,505   $ 2,377   $ 2,528   $ 5,853   $ 11,047
                                                             
Mine-site cost per tonne milled (1)   $ 67   $ 64   $ 67   $ 65   $ 62   $ 61   $ 61   $ 60   $ 66   $ 61
                                                             
Total cash cost per ounce of
gold sold (1)(2)
  $ 1,070   $ 987   $ 1,139   $ 1,100   $ 889   $ 1,020   $ 1,185   $ 1,196   $ 1,058   $ 1,012
                                                             
Capital expenditures   $ 20   $ -   $ -   $ (39)   $ 390   $ 970   $ 463   $ 701   $ 20   $ 1,823
                                                             
Depreciation and depletion expense   $ 2,364   $ 4,252   $ 3,224   $ 1,981   $ 1,644   $ 1,363   $ 885   $ 905   $ 9,840   $ 3,892
                                                             

 

Notes:
(1)      Total cash cost per ounce of gold sold, mine-site cost per tonne milled and cash margin from mine operations are non-GAAP measures and are not necessarily
comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation (see the "non-GAAP measures", section for an explanation
and reconciliation of non-GAAP measurements).
(2)      Hislop is subject to a 4% net smelter return royalty  which includes a minimum Advance royalty payment obligation (see "Gold-linked Liabilities" in the Company's
Q3 2013 MD&A).

Statements of Operations (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars except per share information

                                 
                                   
            Three months ended September 30,   Nine months ended September 30,
                2013     2012     2013     2012
                                   
                                   
Gold sales           $ 36,363   $ 40,690   $ 111,276   $ 112,059
                                   
Operating costs and expenses:                                
  Mine site operating             19,876     19,245     58,283     54,527
  Production royalty             3,106     3,195     9,488     9,163
  Site maintenance             13     175     173     452
  Exploration             1,932     1,713     7,042     4,891
  Corporate administration             1,492     1,740     5,445     5,151
  Depreciation and depletion             9,770     6,433     27,358     16,354
  Write-down of investment in joint venture             -     -     374     -
  Write-down of mining equipment             -     -     620     -
                36,189     32,501     108,783     90,538
Operating income             174     8,189     2,493     21,521
                                   
Finance costs             498     557     1,499     2,180
Mark-to-market (gain) loss on gold-linked liabilities             709     181     (1,002)     1,818
Mark-to-market (gain) loss on foreign currency derivatives             (1,084)     (1,416)     974     (2,394)
Foreign exchange (gain) loss             276     (549)     591     327
Impairment loss on available-for-sale investments             -     -     500     -
Gain on divestiture of non-core assets             -     (519)     -     (519)
Finance income and other             (74)     (97)     (229)     (183)
                325     (1,843)     2,333     1,229
Income (loss) before taxes             (151)     10,032     160     20,292
Deferred taxes             448     3,763     813     6,932
Net income (loss) for the period           $ (599)   $ 6,269   $ (653)   $ 13,360
                                   
Other comprehensive income (loss)                                
Unrealized gain (loss) on available-for-sale investments, net of tax
of nil for all periods
            55     129     (76)     (403)
Reclassification adjustment for impairment loss on available-for-sale
investments (nil tax effect)
            -     -     500     -
Unrealized gain (loss) on derivatives designated as cash flow hedges,
net of tax ($371),  $(301),  $175,  ($230)
            923     905     (716)     691
Reclassification adjustment for unrealized loss on the ineffective
portion of cash flow hedges, net of tax ($64)
            192     -     192     -
                1,170     1,034     (100)     288
Comprehensive income (loss) for the period           $ 571   $ 7,303   $ (753)   $ 13,648
                                   
Basic and diluted income (loss) per share attributable to
shareholders
          $ 0.00   $ 0.02   $ 0.00   $ 0.04
                                   
Weighted average number of shares outstanding (000's)                                
Basic               368,293     368,246     368,261     368,246
Diluted               368,293     368,508     368,394     368,572
                                   
                                 

Statements of Cash Flows (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars

                             
                                 
        Three months ended September 30,   Nine months ended September 30,
              2013     2012     2013     2012
                               
Cash provided by (used in) operating activities:                            
   Net Income (loss) for the period       $ (599)   $ 6,269   $ (653)   $ 13,360
   Items not affecting cash:                            
     Deferred taxes         448     3,763     813     6,932
     Mark-to-market loss (gain) on gold-linked liabilities         709     181     (1,002)     1,818
     Non-cash interest         359     399     1,083     1,900
     Mark-to-market loss (gain) on foreign currency derivatives         (1,084)     (1,416)     974     (2,394)
     Depreciation and depletion         9,770     6,433     27,358     16,354
     Gain on disposal of equipment         -     (47)     -     (47)
     Write-down of investment in joint venture         -     -     374     -
     Write-down of mining equipment         -     -     620     -
     Impairment loss on available-for-sale investments         -     -     500     -
     Gain on divestiture of non-core assets         -     (519)     -     (519)
     Share-based payments         237     270     823     746
     Net change in non-cash operating working capital and other         (847)     21     (908)     (5,333)
     Interest paid         (113)     (149)     (354)     (242)
              8,880     15,205     29,628     32,575
Cash used in (provided by) investing activities:                            
     Additions to exploration and evaluation assets         1,069     2,163     6,231     2,821
     Mine development expenditures         3,263     4,768     9,957     17,054
     Additions to plant and equipment         1,082     2,723     4,719     7,518
     Amounts payable on capital additions         496     (1,071)     1,925     (299)
     Reclamation costs and other         17     (288)     376     (248)
     Cash advance to joint venture         -     156     -     156
     Cash collateralized for banking facilities         -     -     23     (1,685)
              5,927     8,451     23,231     25,317
Cash provided by (used in) financing activities:                            
     Advance royalty payments         (411)     (476)     (1,383)     (1,487)
     Capital lease payments         (186)     (11)     (449)     (33)
     Repayment of term credit facility         (2,060)     (1,966)     (4,092)     (1,966)
     Proceeds from term credit facility         -     -     -     14,975
     Bank facility transaction costs         -     -     -     (644)
     Repayment of Gold Notes         -     -     -     (14,775)
              (2,657)     (2,453)     (5,924)     (3,930)
                                 
Effects of exchange rate changes on cash and cash equivalents         (237)     (523)     430     (227)
Increase in cash and cash equivalents         59     3,778     903     3,101
Cash and cash equivalents, beginning of period         31,500     16,940     30,656     17,617
Cash and cash equivalents, end of period       $ 31,559   $ 20,718   $ 31,559   $ 20,718
                                 
                             

 

Balance Sheets (unaudited)
St Andrew Goldfields Ltd.
Expressed in thousands of Canadian dollars

                         
                         
                September 30, 2013       December 31, 2012
                         
Assets                      
Current assets:                      
  Cash and cash equivalents           $ 31,559     $ 30,656
  Accounts receivable             2,653       4,475
  Inventories             10,973       8,568
  Derivative assets             -       725
  Prepayments and other assets             239       237
                45,424       44,661
                         
Exploration and evaluation assets             37,608       31,382
Producing properties             53,494       64,363
Plant and equipment             50,962       50,537
Reclamation deposits             8,356       8,307
Restricted cash             1,718       1,695
Deferred tax assets             18,985       18,064
Investment in joint venture             -       374
Other assets             313       365
              $ 216,860     $ 219,748
                         
Liabilities and Shareholders' Equity                      
Current liabilities:                      
  Accounts payable and other liabilities           $ 12,698     $ 15,296
  Employee-related liabilities             4,439       4,613
  Provisions             777       669
  Derivative liabilities             1,205       -
  Current portion of long-term debt             5,714       5,822
  Current portion of capital lease obligations              1,005       51
                25,838       26,451
                         
Long-term debt             7,192       12,759
Capital lease obligations             1,653       137
Asset retirement obligations             11,871       11,743
Deferred tax liabilities             2,280       721
                48,834       51,811
                         
Shareholders' equity:                      
  Share capital              98,575       98,556
  Contributed surplus             20,317       19,892
  Stock options              4,074       3,676
  Retained earnings              45,143       45,796
  Accumulated other comprehensive income (loss)             (83)       17
                168,026       167,937
              $ 216,860     $ 219,748

 

 

SOURCE St Andrew Goldfields Ltd.

Contact:

For further information about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437
Website: www.sasgoldmines.com

Suzette N Ramcharan
Manager, Investor Relations
Email: sramcharan@sasgoldmines.com

Duncan Middlemiss
President & CEO
Email: dmiddlemiss@sasgoldmines.com

Ben Au
CFO, VP Finance & Administration
Email: bau@sasgoldmines.com

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