Excellon nets a Q3 profit on high grades, more stable price
TORONTO (miningweekly.com) – Mexico’s highest-grade silver miner Excellon Resources has ascribed its third-quarter net profit of $3-million, or $0.05 a share, to higher grades at its flagship La Platosa mine, and the relative stabilisation of the silver.
The TSX-listed miner posted a marked improvement in the three months ended September 2013, when compared with the year-earlier performance, bearing in mind that it lost about three months of output in 2012 at its only mine owing to a blockade.
During the period, revenues rose to $11.65-million, from $60 000 a year earlier.
The Toronto-based miner reported silver-equivalent output of 607 252 oz for the three months ended September 30, comprising 454 573 oz of silver, 1.92-million pounds of lead and 2.14-million pounds of zinc.
The realised silver price fell 22% to $22.54/oz.
The ore on average graded 975 g/t silver, and during September, Excellon produced 190 000 oz of silver production from ore grading over 1 000 g/t silver.
The net cash costs totalled $7.77/oz silver and all-in costs totalled $10.65/oz of silver equivalent.
According to 2012 data, Excellon counted as the lowest-cost silver producer among its peers, including Aurcana, SilverCrest Mines, US Silver & Gold and Great Panther Silver.
Excellon said that, owing to current silver prices and market conditions, the company was not currently drilling at La Platosa, although drill rigs remained on site and were available to resume drilling. The company expected to resume exploration at La Platosa during the first quarter of 2014.
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