The documents have been filed electronically with SEDAR and will be available on the Corporation's website: www.mayagoldsilver.com.
2017 - Corporation's highlights for the six-month period ended June 31, 2017
-- Total assets of $28,917,212 as of June 30, 2017;
-- Closing of a $1.5 million non-brokered private placement of units;
-- Repayment at maturity of $3.05M 8% unsecured convertible debentures from
surplus cash from its Zgounder Silver Mine.
Zgounder Silver mine highlights during the six-month period ended June 31, 2017 include:
-- Silver production of 8,6945 kg of silver (279,548 ounces) an 4.34%
increase from the first half period of 2016.
-- Revenue from silver in the six-month period ended June 30, 2017 totalled
$6,470,653 (2016 - $6,001,227) and the development cost incurred during
the period, excluding capitalised interest, amounted to $5,064,831 (2016
- 4,415,045).
-- The net cash flow generated from the activities at Zgounder, before
capitalised interest, totaled $1,405,822 (2016 - $1,586,182) and was
accounted for against Property, plant and equipment since the Company
had not yet reached the commercial phase of this property.
-- The average silver price realised during the six-month period ended June
30, 2017 was US$17.47 (2016 - US$16.87) versus an average market silver
price during the same period of US$17.33 (2016 - US$15.80).
-- The Flotation Cell Units have arrived at the Zgounder Millenium Silver
Mining ("ZMSM") site and the civil engineering works is in progress.
-- The Corporation initiated a diamond drilling program with update of the
status of silver resources, reported exceptionally drill intercepts from
its exploration program at the Zgounder Silver Mine and has identified
Ruby Silver Ore (Proustite) at Zgounder;
In June, the Corporation has also mandated GMG to conduct a Preliminary Economic Assessment on the Boumadine polymetallic deposit. Compilation and computerization of historical data have been initiated.
Operating and Financial Highlights
------------------------------------
Three-months ended
------------------------------------
June 30, June 30,
2017 2016 %
(unaudited) (unaudited) Variation
------------------------------------
Material Processed (tons) 13,472 15,138 -11.01
Average Grade (g/t Ag) 350.68 327.31 7.24
Mill Recovery (%) 84.05 80.37 5.11
Silver Ingots (kg) 3,991.6 3,986.7 0.13
Silver ounces produced (oz) 128,333 128,171 0.13
Sales of silver (oz) 115,571 123,622 -6.51
------------------------------------
Sales of silver ($) 2,871,507 3,245,903 -11.53
Development expenses (excluding
interest) ($) 2,045,196 2,285,338 -10.51
------------------------------------
Cash flow generated from the development
activities at the mine (excluding
interest($) (1) 826,311 960,565 -13.98
------------------------------------
------------------------------------
Six-months ended
------------------------------------
June 30, June 30,
2017 2016 %
(unaudited) (unaudited) Variation
------------------------------------
Material Processed (tons) 27,830 29,148 -4.52
Average Grade (g/t Ag) 366.08 360.21 1.63
Mill Recovery (%) 85.34 79.34 7.55
Silver Ingots (kg) 8,694.9 8,333.66 4.33
Silver ounces produced (oz) 279,548 267,933 4.34
Sales of silver (oz) 276,659 262,550 5.37
------------------------------------
Sales of silver ($) 6,470,653 6,001,227 7.82
Development expenses (excluding
interest) ($) 5,064,831 4,415,045 14.72
------------------------------------
Cash flow generated from the development
activities at the mine (excluding
interest($) (1) 1,405,822 1,586,182 -11.37
------------------------------------
(1) Cash flow generated from the activities at the mine is non-
International Financial Reporting Standards (IFRS) performance
measures, and may not be comparable to similar measures presented by
other companies. The Corporation believes that, in addition to
conventional measures prepared in accordance with IFRS, the
Corporation and certain investors use this information to evaluate the
Corporation'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
IFRS. The cash flow generated from the development activities at the
mine derived from the Corporation's cash flow from investing
activities, acquisitions of property, plant and equipment, less Silver
sales.
1 | 2 Next Page »
