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Robex Resources Inc. Generates Cash Flows From Operating Activities of $7.7 Million for Revenue of $18.9 Million for the First Quarter of 2019

QUÉBEC CITY, May 31, 2019 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" and/or "the Company") (TSXV: RBX / FWB: RB4) is pleased to publish their financial results for the quarter ended March 31, 2019.

All amounts are in Canadian dollars.

Highlights for the first quarter of 2019

  • Gold production of 11,291 ounces (351 kg) compared to 9,793 ounces (305 kg) for the same period in 2018
     
  • Increased the plant’s accessibility, namely an average of 91.6% for the first quarter of 2019 compared to 88.4% for 2018
     
  • $18.9 million of gold sold compared to $20.6 million for the same period in 2018 (difference in gold sales from production can be attributed to each of the periods presented)
     
  • Cash flows from operating activities1 of $7.7 million or $0.013 per share2 compared to $9.6 million or $0.017 per share2 for the same period in 2018
     
  • Decrease in the Company’s liability in the amount of $4 million compared to December 31, 2018
     
  • Exploration investments using the Nampala operating permit amounting to $0.9 million and $1.6 million in research and exploration using the Mininko and Kamasso permits.
     
  • Activities initiated at the Nampala mine literacy centre, which will provide more than 65,000 hours of training to employees and neighbouring communities in 2019

Mining operation: Nampala, Mali

  Quarters ended March 31,
  2019   2018  
Operating Data    
Ore mined (tonnes)   498,433     491,342  
Ore processed  (tonnes)   424,561     445,226  
Waste mined (tonnes)   817,729    1,047,870  
Operational stripping ratio 1.6   2.1  
Head grade  (g/t) 0.95   0.93  
Recovery (%) 85.0 %   83.9 %  
Gold ounces produced   11,291     9,793  
Gold ounces sold   10,935     11,989  
Financial Data    
(rounded to the nearest thousand dollars)    
Revenues – Gold sales  18,870,000    20,573,000  
Mining operation expenses  7,131,000    7,184,000  
Mining royalties   588,000     672,000  
Administrative expenses  1,774,000    1,338,000  
Depreciation of property, plant and equipment and amortization of intangible assets  8,363,000    2,906,000  
Segment operating income  1,014,000    8,473,000  
Statistics    
(in dollars)    
Average realized selling price per ounce   1,726     1,716  
Cash operating cost per tonne processed3 18   15  
Total cash cost per ounce sold3 706   655  
All-in sustaining cost per ounce sold3 1,053   1,036  
Administrative expenses per ounce sold 162   112  
Depreciation of property, plant and equipment per ounce sold 765   242  

ROBEX’S MD&A and the consolidated financial statements are available on the Company's website in the Investors section at: Robexgold.com. These reports and other documents produced by the Company are also available at Sedar.com.

For information :

Robex Resources Inc.

Augustin Rousselet, CFO and COO

Head Office : (581) 741-7421
info@robexgold.com

This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 Cash flows from operating activities exclude net change in non-cash working capital items.

2 Cash flows from operating activities per share are non-IFRS financial measures for which there is no standardized definition under IFRS. Se the "Non-IFRS Financial Performance Measures" section of the MD&A.

3 Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A.