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10:07 pm
April 4, 2011
No mention of Lamaque or San Juan production numbers in Q3 financials.
Savkino produced 8,131 oz at a cash cost of $902. Production in the third quarter of 2011 was adversely affected by unseasonably heavy rainfall in July and August.
An updated 43-101 report expected for Savkino by the end of 2011.
$14 million spent on exploration of Nasedkino and Uryum in 2011 with updated 43-101 reports expected in early 2012 and Q2 of 2012, respectively.
6:33 am
April 4, 2011
-NOTE: 8,131 was much better than I expected; although weather dictates that the 1st quarter will be weak. Realised price was $1700 at cost of $905 per ounce. Compared to 2010 up 4% in ounces.
Nasedkino
-Exploration ahead of schedule (See 27 Sept NR assay results)
Geozvetmet
-Relatively low exploration activity
Finances:
The Company’s administrative expenses were $3,685,000 for the nine months ended September 30, 2011 and $1,253,000 for the three months ended 12 September 30, 2011. The nine month expenses included $2,196,000 share bonus awarded to certain of the Company’s directors, management and employees.
Ildikangold is now generating positive cash flow from its Savkino Project, which, combined with the IFC Bank and Sberbank credit facilities, will enable the Company to accelerate the planned development of its Nasedkino Project. The Company does not expect to have concerns in the short term over the funding of its working capital requirements as a result of continuing high gold prices, the bank facilities in place, stability of demand, and a stable offtake relationship with Sberbank for the sale of gold produced.
7:24 am
April 4, 2011
Is there another date for TSX-V companies to report? I'm assuming that they'd still file separately due to the fact that they were two "independent" companies for Q3.
8:33 am
April 4, 2011
Financials & MD&A link.
9:40 am
April 4, 2011
yikes – Yes, 45 days for main board and 60 days for venture post quarter end. So, perhaps (and I don't know how this occurs in our situation) we'll hear something by end of November.
Here is a reference at the Alberta Securities Commission through to the end of 2012 for filing deadlines (annual and interim) including venture and non-venture:
9:49 am
April 4, 2011
Looks like CMM and WTG Q3 financials are reported seperately; at least for this particular Q3. Perhaps lumping the 2 financials together at this moment may be too much of a rush?
1:35 pm
April 4, 2011
Updated Gold Guidance:
We can only speak to the Russian property numbers for the first 9 months. We only have Q1 and Q2 data for the San Juan and Lamaque properties (probably until 29 November).
Savkino produced 16,000 ounces in 2010. They have projected to produce 21,000 ounces in 2011. So far in the first 3 quarters they are at 593(Q1), 2638(Q2) and 8131(Q3) for a 9 month total of 11,362 ounces. This means they need to produce 9,638 ounces in Q4 to meet projection.
San Juan produced 19,200 ounces in 2010. They have projected to produce 20,000-24,000 ounces in 2011. So far in the first 2 quarters they are at 4443(Q1), 4371(Q2) for a 6 month total of 8,814 ounces. This means they need to produce between 11,186 and 15,186 ounces in Q3/Q4 to meet projection.
Lamaque produced 14,419 ounces in 2010. They have projected to produce 45,000-50,000 ounces in 2011. So far in the first 2 quarters they are at 5815(Q1), 3742(Q2) for a 6 month total of 9,557 ounces. This means they need to produce between 35,443 and 40,443 ounces in Q3/Q4 to meet projection.
Total production thus far for 2011 is 29,773. Again, bear in mind we WILL NOT know the figures for San Juan and Lamaque until 29 November, 2011. Guidance for 2011 has remained at 86K-95K ounces.
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