Primero Mining Corp. (TSX:P) -
(Please note that effective third quarter 2010, Primero has changed its
functional and reporting currency from Canadian to U.S. dollars and accordingly
all dollar amounts in this news release are expressed in U.S. dollars, unless
otherwise noted)
Primero Mining Corp. ("Primero" or the "Company") (TSX:P) today reported
financial and operational results for the third quarter of 2010. Primero
acquired the San Dimas gold-silver mine on August 6, 2010, after which it
recorded production of 12,600 gold equivalent ounces(1) (10,800 ounces of gold
and 575,500 ounces of silver) at a cash cost(2) of $681 per gold equivalent
ounce. This resulted in the Company's first reported revenues of $18.9 million,
with a net loss of $33.3 million ($0.64 per share) and an adjusted net loss(3)
of $9.2 million ($0.17 per share) in the quarter.
Quarter Highlights
-- Completed an equity financing for gross proceeds of $285 million on July
20, 2010.
-- Completed the acquisition of the San Dimas gold-silver mine in Mexico on
August 6, 2010.
-- Production of 12,600 gold equivalent ounces(1) (10,800 ounces of gold
and 575,500 ounces of silver) for the partial third quarter period
August 6, 2010 to September 30, 2010; with San Dimas total third quarter
production of 21,700 gold equivalent ounces(1) (18,400 ounces of gold
and 1,005,400 ounces of silver).
-- Revenues of $18.9 million, from sales of 15,000 gold equivalent
ounces(1) with an average realized gold price of $1,257 per ounce and an
average realized silver price of $4.04 per ounce in accordance with the
silver purchase agreement(4).
-- Total cash costs(2) were $681 per gold equivalent ounce, or $527 per
gold ounce on a by-product basis for the partial third quarter period of
August 6, 2010 to September 30, 2010; San Dimas total third quarter cash
costs(2) were $514 per gold ounce on a by-product basis.
-- Identified additional proven and probable reserves of 83,000 ounces of
gold and 5.3 million ounces of silver at above average reserve
grades(5).
"We successfully acquired and integrated the San Dimas mine and started an
expansion review, all during the third quarter," said Joseph Conway, President
and Chief Executive Officer. "We have swiftly transformed Primero from a junior
exploration company to a precious metals producer with a solid foundation
including a strong financial position and a long operating history, a record of
resource conversion and impressive exploration success. We are now focused on
growth by completing a thorough optimization and expansion review at San Dimas
while assessing other strategic growth opportunities.
Our third quarter results reflect the continued strong gold demand and the fact
that we had possession of San Dimas for around eight weeks. Production during
the third quarter was impacted by lower than expected throughput and grades. We
see this partially as a result of lower development expenditures during recent
years. We have already started to increase development spending and expect to
see its impact in the first quarter of next year. Our current expansion review
will address development as well as a potential future mill expansion. We have
already demonstrated exploration success by effectively replacing 2010
production.
With the amended silver purchase agreement in place we expect to see revenues
from silver at spot prices for the first time in the third quarter of next
year."
Outlook
The Company has lowered its guidance for the year and for the period of
ownership from August 6, 2010 to December 31, 2010. Throughput and grade were
lower than anticipated during the third quarter, partially as a result of
insufficient development and available working faces. The Company has increased
planned development, which management expects will begin to affect production in
the first quarter of 2011. During October there was an unexpected inflow of hot
water on level 11 of the Central Block area that impeded our planned access to
higher grade material, further impacting results. The inflow has been controlled
and is not expected to reoccur. Fourth quarter production is expected to improve
over the third quarter by mining higher grade ore and increasing mine throughput
to 1,800 tonnes per day.
Production for the period August 6, 2010 to December 31, 2010 is now expected to
be 37,000 to 40,000 gold equivalent ounces(1), down from earlier guidance of
43,000 to 49,000 gold equivalent ounces(1). Total cash costs(2) for the period
are now expected to be $580 to $600 per gold equivalent ounce, up from $450 to
$480 per gold equivalent ounce, or $460 to $480 per gold ounce up from $330 to
$360 per gold ounce on a by-product basis.
This translates into full year San Dimas production of 99,000 to 103,000 gold
equivalent ounces(1), down from 106,000 to 112,000 gold equivalent ounces(1).
San Dimas full year cash cost(2) guidance has been increased to $550 to $570 per
gold equivalent ounce from $500 to $530 per gold equivalent ounce, or $440 to
$460 per gold ounce from $390 to $420 per gold ounce on a by-product basis.
----------------------------------------------------------------------------
At November 10,
2010 Original Guidance Revised Guidance
----------------------------------------------------------------------------
Estimated Estimated
August 6, 2010 August 6, 2010
to to
December 31, Estimated Full December 31, Estimated Full
2010 Year 2010 2010 Year 2010
Gold equivalent
production(1)
(ounces) 43,000-49,000 106,000-112,000 37,000-40,000 99,000-103,000
Gold production
(ounces) 37,000-42,000 90,000-95,000 31,000-34,000 84,000-87,000
Silver
production(4) 1,755,000- 4,500,000- 1,650,000- 4,400,000-
(ounces) 1,955,000 4,700,000 1,800,000 4,550,000
Total cash
costs(2)(per
gold
equivalent
ounce) $450 - $480 $500 - $530 $580 - $600 $550 - $570
Total cash
costs(2) - by-
product(per
gold ounce) $330 - $360 $390 - $420 $460 - $480 $440 - $460
Capital
expenditures
(US$ millions) 12 26 12 26
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Financial & Operational Review
After acquiring San Dimas on August 6, 2010, Primero sold 15,000 gold equivalent
ounces(1) (11,800 ounces of gold and 982,200 ounces of silver) during the third
quarter on production of 12,600 gold equivalent ounces(1) (10,800 ounces of gold
and 575,500 ounces of silver). Total cash costs(2) for this partial third
quarter period were $681 per gold equivalent ounce, or $527 per gold ounce on a
by-product basis.
Primero reports that 982,200 ounces of silver were delivered to Silver Wheaton
Corp.(4) ("Silver Wheaton") under the amended silver purchase agreement during
the third quarter. The Company will begin selling fifty percent of the silver
produced at spot prices, after the first 3.5 million ounces of silver (of which
2,517,800 ounces remain) are delivered to Silver Wheaton each year. Management
expects that at current run rates, this will be in the third quarter of 2011.
San Dimas third quarter production (for the full three months ended September
30, 2010) totaled 21,700 gold equivalent ounces(1) (18,400 ounces of gold and
1,005,400 ounces of silver), compared with 32,800 gold equivalent ounces(1)
(27,500 ounces of gold and 1,231,800 ounces of silver) during the same period in
2009. Lower production is primarily attributable to lower grades and less ore
contained within the development material from the Central Block area. San Dimas
total cash costs(2) for the third quarter were $514 per gold ounce on a
by-product basis (gold equivalent cash cost not reported by previous owner of
San Dimas). Cash costs(2) were higher than the prior year period primarily due
to the lower production as a result of lower grade and lower throughput as well
as higher operating costs driven partly by a stronger Mexican peso.
Revenues were $18.9 million for the three months ended September 30, 2010
compared to nil in the corresponding 2009 period. The revenue was generated
between August 6, 2010 and September 30, 2010, the period when the Company owned
the San Dimas Mine. The Company sold 11,800 ounces of gold at an average
realized price of $1,257 per ounce and 982,200 ounces of silver at an average
realized price of $4.04 per ounce in accordance with the silver purchase
agreement(4).
The Company incurred a net loss of $33.3 million during the three months ended
September 30, 2010, compared with a loss of $0.2 million in the same period in
2009. On August 6, 2010, the Company acquired the San Dimas Mine. Prior to this
acquisition, the Company did not have any operating mines and therefore no
revenues or costs of sales. Adjusted net loss(3) for the three months ended
September 30, 2010 was $9.2 million ($0.17 per share), compared with $0.2
million ($0.08 per share) in the same period of 2009. Adjusted net loss(3) in
the three months ended September 30, 2010 primarily excludes transaction costs
related to the acquisition of the San Dimas Mine, a one-time legal settlement
cost and fair value adjustment to acquisition date inventory that was sold by
September 30, 2010.
Operating cash outflows before changes in working capital(6) were $0.1 million
during the three months ended September 30, 2010, compared to $0.2 million in
the same period in 2009. The Company's third quarter gold margin(7) was $576 per
ounce of gold sold.
Capital expenditures were $2.2 million for the period August 6, 2010 to
September 20, 2010. Total third quarter 2010 San Dimas capital expenditures of
$5.3 million, the same amount as third quarter 2009.
Improved Silver Purchase Agreement
In 2004, the previous owner of the San Dimas Mine entered into a silver purchase
agreement to sell all of the silver produced at the San Dimas Mine for a term of
25 years to Silver Wheaton at the lesser of $3.90 per ounce (adjusted for annual
inflation) or market prices. As part of the acquisition of San Dimas, Primero
renegotiated the silver purchase agreement such that for the first four years
after the acquisition date, the first 3.5 million ounces per annum of silver
produced by the San Dimas Mine, plus 50% of the excess silver above this amount,
must be sold to Silver Wheaton at the lesser of $4.04 per ounce (adjusted by 1%
per year) and market prices. After four years, for the life of the mine, the
first 6 million ounces per annum of silver produced by the San Dimas Mine, plus
50% of the excess silver above this amount, must be sold to Silver Wheaton at
the lesser of $4.20 per ounce (adjusted by 1% per year) and market prices. All
silver not sold to Silver Wheaton is available to be sold by the Company at
market prices.
History of Exploration Success Continues
On September 20, 2010 the Company reported it had identified additional proven
and probable reserves of 83,000 ounces of gold and 5.3 million ounces of silver
at above average reserve grades(5). San Dimas has a long history of reserve
growth and resource conversion and the Company is encouraged by the continued
exploration success, having already nearly replaced production for the year
based on drilling to August 31, 2010.
Growth Anticipated from High Grade Sinaloa Graben
Sinaloa Graben is a recent high-grade discovery at San Dimas that an independent
technical report(8) estimates could includes an additional inferred mineral
resource of one million ounces of gold. Primero's 2010 exploration program is
focused on upgrading a portion of this Sinaloa Graben potential resource. The
exploration program has continued and is focused on the high-grade Sinaloa
Graben area.
Results received during the remainder of the third quarter encourage management
to believe that ore from Sinaloa Graben will begin to contribute to production
in the fourth quarter of 2010 and will positively impact grade and throughput
results.
Commitment to Corporate Responsibility, Health & Safety Continues
Primero is pleased to report that the commitment to health and safety at San
Dimas has continued through the acquisition transition. The mine achieved a
remarkably low two lost time accidents year to date, with over two million man
hours of exposure.
Conference Call and Webcast Details
A conference call will be held on Wednesday, November 10, 2010 at 11:00 a.m.
(ET) to discuss the third quarter operating and financial results. Participants
may join the call by dialing toll free 1-866-946-0484, or 1-646-216-4773 for
calls outside Canada and the U.S., and entering the participant passcode
8992639#.
A recorded playback of the call will be available until December 10, 2010 by
dialing 1-866-551-4520 and entering the call back passcode 267392#.
A live and archived webcast will also be available at www.primeromining.com.
This release should be read in conjunction with Primero's third quarter 2010
unaudited financial statements and MD&A report on the Company's website,
www.primeromining.com, in the "Financial Reports" section under "Investors", or
on the SEDAR website at www.sedar.com.
(1) "Gold equivalent ounces" include silver ounces produced, sold and converted
to a gold equivalent based on a ratio of the average commodity prices received
for each period. The ratio for the partial third quarter period August 6, 2010
to September 30, 2010 was 311:1. The ratio for the full third quarter of 2010
was 310:1, compared with 231:1 for the third quarter of 2009. The ratio for the
guidance projection was 297:1 based on $1,200 per ounce of gold and $4.04 per
ounce of silver as per the silver purchase agreement.
(2) Total cash costs per gold equivalent ounce and total cash costs on a
by-product basis are non-GAAP measures. Total cash costs per gold equivalent
ounce is defined as cost of sales divided by the total number of gold equivalent
ounces. Total cash costs on a by-product basis are calculated by deducting the
by-product silver revenues from operating costs. The Company reports total cash
costs on a sales basis. In the gold mining industry, these are common
performance measures but do not have any standardized meaning, and are non-GAAP
measures. The Company follows the recommendations of the Gold Institute
standard. The Company believes that, in addition to conventional measures,
prepared in accordance with GAAP, 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 GAAP. See page 10 of the 2010 third quarter MD&A for a
reconciliation of total cash costs to reported operating expenses.
(3) Adjusted net loss and adjusted net loss per share are non-GAAP measures.
Neither of these non-GAAP performance measures has any standardized meaning and
is therefore unlikely to be comparable to other measures presented by other
issuers. The Company believes that, in addition to conventional measures
prepared in accordance with GAAP, the Company and certain investors use this
information to evaluate the Company's performance. 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 GAAP.
Refer to page 11 of the 2010 third quarter MD&A for a reconciliation of adjusted
net loss to reported net loss.
(4) According to the silver purchase agreement between the Company and Silver
Wheaton Corp., until August 6, 2014 Primero will deliver to Silver Wheaton a per
annum amount equal to the first 3.5 million ounces of silver produced at San
Dimas and 50% of any excess at $4.04 per ounce (increasing by 1% per year).
Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to
the first six million ounces of silver produced at San Dimas and 50% of any
excess at $4.20 per ounce (increasing by 1% per year). The Company will receive
silver spot prices only after the total threshold amount has been delivered.
(5) Proven and probable reserves estimated at 199,948 tonnes at 7.2 g/t gold and
439 g/t silver. See the Company's news release dated September 20, 2010,
available on SEDAR.
(6) Operating cash flow before working capital changes and operating cash flows
before working capital changes per share are non-GAAP measures which the Company
believes provides a better indicator of the Company's ability to generate cash
flow from its mining operations. Cash used by operating activities reported in
accordance with GAAP was $65.3 million in the third quarter ended September 30,
2010. See page 12 of the 2010 third quarter MD&A for a reconciliation of
operating cash flows to GAAP.
(7) The Company has included a non-GAAP performance measure, gold margin per
ounce, throughout this document. The Company reports margin on a sales basis.
The Company believes that, in addition to conventional measures, prepared in
accordance with GAAP, 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 GAAP. See page 12 of the 2010 third quarter MD&A for a reconciliation of
gold margin to GAAP.
(8) As indicated in the independent technical report entitled "Technical Report
on the Tayoltita, San Rita and San Antonio Mines, Durango, Mexico for Goldcorp
Inc. and Mala Noche Resources Corp." dated June 1, 2010 prepared by Velasquez
Spring, P.Eng. and Gordon Watts, P.Eng of Watts, Griffis and McOuat Limited, in
accordance with NI 43-101.
About Primero
Primero Mining Corp. is a Canadian-based precious metals producer and owns 100%
of the San Dimas gold-silver mine in Mexico. Primero offers immediate exposure
to un-hedged, low cash cost gold production with a substantial resource base in
a politically stable jurisdiction. The Company has intentions to become the next
intermediate gold producer by building a portfolio of high quality, low cost
precious metals assets in the Americas.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains certain statements that may be deemed
"forward-looking statements". Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. The forward-looking
statements in this press release include statements regarding proposed growth
plans for Primero, intentions to become the next intermediate gold producer,
forecasted production, operating costs, and capital expenditures. The
forward-looking statements are based on reasonable assumptions, including
assumptions related to the availability of acquisition targets and financing
requirements, and the assumptions set out elsewhere in this news release.
Factors that may cause actual results to vary from anticipated results include
the risks that Primero may not find acquisition targets at attractive prices,
mineral reserves or resources are not as estimated, the actual results of
exploration and development activities not being as anticipated, costs of
production being higher than anticipated, fluctuations in the exchange rate
between the Mexican Peso, Canadian dollar and US dollar, lower than anticipated
grade of the ore mined, fluctuations in capital markets and other risks
disclosed in the Company's Short Form Prospectus dated July 9, 2010 available
under the Company's profile on SEDAR at www.sedar.com. Although Primero believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs, estimates and
opinions of Primero's management on the date the statements are made. Primero
undertakes no obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors, should
change, except as required by law.
SUMMARIZED FINANCIAL & OPERATING RESULTS
(in thousands of United States dollars, except per share and per ounce
amounts - unaudited)
Summarized Financial Data
----------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
(in thousands of US dollars except ----------------------------------------
per share amounts) 2010 2009 2010 2009
----------------------------------------------------------------------------
Assets (as at September 30)
Mining interests 485,391 1,590 485,391 1,590
Total assets 639,595 2,800 639,595 2,800
Total liabilities (as at September
30) 211,152 170 211,152 170
Shareholders' equity (as at
September 30) 428,443 428,443
Revenues 18,853 - 18,853 -
Cost of sales 15,956 - 15,956 -
Depreciation and depletion 2,002 - 2,002 -
----------------------------------------------------------------------------
Earnings from mining operations 895 - 895 -
General and administration 27,982 243 31,041 391
Net loss (33,261) (238) (36,314) (450)
Loss per share (0.64) (0.08) (1.82) (0.24)
Three months ended (1)
----------------------------------------------------------------------------
August 6,
2010 -
September
30, 2010 September June 30, March 31, December September
(1) 30, 2010 2010 2010 31, 2009 30, 2009
----------------------------------------------------------------------------
Operating Data
----------------------------------------------------------------------------
Tonnes of ore
milled 88,355 145,893 152,200 145,300 166,400 170,800
Average mill
head grade
(grams/tonne)
- Gold 3.89 4.03 4.45 5.47 5.89 5.13
- Silver 214 227 244 273 251 237
Average recovery
rate (%)
- Gold 98% 97% 97% 98% 98% 98%
- Silver 95% 94% 94% 94% 95% 95%
Produced
(ounces)
- Gold 10,772 18,419 20,900 24,900 30,800 27,500
- Silver 575,543 1,005,404 1,109,700 1,250,800 1,274,700 1,231,800
Sold (ounces)
- Gold 11,845 12,445 20,500 24,900 30,500 27,400
- Silver 982,151 982,151 1,076,400 1,205,700 1,263,500 1,234,200
Average realized
price (per
ounce)
- Gold 1,257 1,252 1,214 1,104 1,104 929
- Silver (2) 4.04 4.04 4.04 4.04 4.04 4.02
Total cash costs
(per gold
ounce) (2)(3)
- Gold
equivalent not not not not not
basis 681 reported reported reported reported reported
- By-product
basis 527 514 457 374 272 313
(1) The San Dimas mine was acquired by Primero on August 6, 2010. The
comparative operating data was as reported during the period the mine
was owned by Goldcorp.
(2) Due to a silver purchase agreement originally entered into in 2004,
for the periods shown, all silver produced was sold to Silver Wheaton
at a fixed price. In the future, as a result of restructuring the
silver purchase agreement, Primero will be able to sell some silver
production at spot prices.
(3) Total cash costs per gold ounce is a non-GAAP financial measure. Refer
to the third quarter MD&A, section "Non-GAAP measure - Total cash
costs per gold ounce calculation" for a reconciliation to operating
expenses.
Primero Mining Corp.
(formerly Mala Noche Resources Corp.)
Consolidated statement of operations and comprehensive loss
three and nine month periods ended September 30, 2010
(In thousands of United States dollars, except for share and per share
amounts)
(Unaudited)
----------------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
----------------------------------------------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
$ $ $ $
Revenue 18,853 - 18,853 -
----------------------------------------------------------------------------
Operating expenses 15,956 - 15,956 -
Depreciation and depletion 2,002 - 2,002 -
----------------------------------------------------------------------------
Total cost of goods sold 17,958 - 17,958 -
----------------------------------------------------------------------------
Earnings from mine operations 895 - 895 -
General and administration
expenses 27,982 243 31,041 391
----------------------------------------------------------------------------
Loss from operations (27,087) (243) (30,146) (391)
Foreign exchange loss (591) (6) (589) (12)
Interest income 116 - 116 -
Interest expense (1,869) - (1,869) -
Other income (expense) 108 11 112 (47)
----------------------------------------------------------------------------
Loss before income taxes (29,323) (238) (32,376) (450)
----------------------------------------------------------------------------
Income taxes
Current (3,761) - (3,761) -
Deferred (177) - (177) -
----------------------------------------------------------------------------
(3,938) - (3,938) -
----------------------------------------------------------------------------
Net loss for the period (33,261) (238) (36,314) (450)
Other comprehensive income
Currency translation gain 7,041 226 7,070 307
----------------------------------------------------------------------------
Total comprehensive loss (26,220) (12) (29,244) (143)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic and diluted loss per share (0.64) (0.08) (1.82) (0.24)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of common
shares outstanding - basic and
diluted 52,331,873 2,881,055 19,954,244 1,898,025
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Primero Mining Corp.
(formerly Mala Noche Resources Corp.)
Consolidated balance sheet
(In thousands of United States dollars)
(Unaudited)
--------------------------------------------------------------------------
September 30, December 31,
2010 2009
--------------------------------------------------------------------------
$ $
Assets
Current assets
Cash 55,007 1,018
Receivables 84,596 158
Prepaid expenses 5,967 34
Inventories 8,634 -
--------------------------------------------------------------------------
154,204 1,210
Mining interests 475,744 1,590
Future income tax asset 9,470 -
--------------------------------------------------------------------------
639,418 2,800
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 24,991 170
Current portion of long-term debt 70,000 -
--------------------------------------------------------------------------
94,991 170
--------------------------------------------------------------------------
Asset retirement obligation 6,739 -
Long-term debt 108,848 -
Other long-term liabilities 388 -
--------------------------------------------------------------------------
210,966 170
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Shareholders' equity
Share capital 413,104 2,755
Warrants 35,868 722
Equity portion of convertible debt 1,675 -
Contributed surplus 8,417 521
Accumulated other comprehensive income 7,208 138
Deficit (37,820) (1,506)
--------------------------------------------------------------------------
428,452 2,630
--------------------------------------------------------------------------
639,418 2,800
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Primero Mining Corp.
(formerly Mala Noche Resources Corp.)
Consolidated statement of cash flows
three and nine month periods ended September 30,
(In thousands of United States dollars)
(Unaudited)
----------------------------------------------------------------------
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
----------------------------------------------------------------------
$ $ $ $
Operating activities
Net loss (33,261) (238) (36,314) (450)
Items not involving
cash
Depreciation and
depletion 2,002 9 2,002 26
Accretion expense 604 - 604 -
Stock-based
compensation 7,161 71 7,896 71
Non-cash interest
expense 941 - 941 -
Settlement of
legal claim 11,597 - 11,597 -
Non-cash
transaction costs 6,180 - 6,180 -
Future income
taxes 177 - 177 -
Fair value
adjustment to cost of
goods sold 3,981 3,981
Unrealized
foreign exchange loss 591 6 589 12
---------------------------------------------------------------------
(27) (152) (2,347) (341)
Change in non-cash
working capital (65,298) (132) (63,665) (135)
----------------------------------------------------------------------
(65,325) (284) (66,012) (476)
----------------------------------------------------------------------
Investing activities
Acquisition of San
Dimas (216,000) - (216,000) -
Expenditures on
mining interests (2,162) (62) (2,162) (142)
----------------------------------------------------------------------
(218,162) (62) (218,162) (142)
----------------------------------------------------------------------
Financing activities
Proceeds on VAT loan 70,000 - 70,000 -
Proceeds of public
offering 285,000 1,551 285,000 1,701
Share issuance costs (17,079) (143) (17,079) (161)
Proceeds on exercise
of warrants 380 - 604 -
----------------------------------------------------------------------
338,301 1,408 338,525 1,540
----------------------------------------------------------------------
Effect of foreign
exchange rate changes on
cash (443) 98 (362) 109
----------------------------------------------------------------------
Increase in cash 54,371 1,160 53,989 1,031
Cash, beginning of
period 636 83 1,018 212
----------------------------------------------------------------------
Cash, end of period 55,007 1,243 55,007 1,243
----------------------------------------------------------------------
----------------------------------------------------------------------
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