San Gold (SGR.TSX) announced financial and operating results for the second quarter of 2011. The Canadian-based gold miner reported record gold production of 20,111 ounces at record low total cash costs of $820 per ounce of gold sold.
* Record gold sale revenues of $28.4 million was 126% higher than revenues of $12.6 million recognized in the second quarter of 2010.
* Record cash flows from operating activities
* Reiterated full-year gold production guidance of 80,000 ounces at an average total cash cost of $825
* Conference call today at 11:00am EST – North America: 1-888-231-8191 / Outside Canada and US: 1-647-427-7450
George Pirie, President and CEO of San Gold:
“Today’s results also confirmed our belief that the operational improvements implemented over the past two years would result in increased productivity leading to higher production and lower costs, as evidenced by record gold production and record-low total cash costs.”
Daniel Earle, TD Securities Metals Analyst
“Overall, we believe the company remains on track to easily beat its fully year production guidance of 80,000 oz given our expectation that operations continue to ramp up over the balance of the year.”