Vancouver, BC, December 1, 2014 - Aurcana Corporation ("Aurcana" or the "Company") (TSXV:
AUN, OTCQX: AUNFF) is pleased to report its unaudited financial results for the third quarter ended September 30, 2014. The summary of the selected financial information should be read in conjunction with the Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended September 30, 2014 dated November 28, 2014 together referred to as the "Financial Statements", which have been filed on SEDAR (www.sedar.com) and are also available on the Company's website (www.aurcana.com). All figures are in US dollars unless otherwise noted.
Significant highlights for the 3rd quarter ending September 30, 2014 are:
During the quarter ended September 30, 2014, the Company generated revenues from the sale of 333,254 ounces of silver (Q3, 2013: 245,149 ounces); 3,127 tonnes of copper concentrate (Q3, 2013: 2,338 tonnes); 4,667 tonnes of zinc concentrate (Q3, 2013: 4,026 tonnes); and 950 tonnes of lead concentrate (Q3, 2013: 739 tonnes); for total net revenues of $11.4 million (Q3, 2013: $10.4 million). This was mainly due to an increase in the silver grade, the benefit of which is partially offset by a combination of lower metal prices and higher TCRC deductions.
The average price for sales of silver, copper, zinc and lead during the quarter were Ag $19.01 (Q3, 2013: $22.30) per ounce; Cu $3.17 (Q3, 2013: $3.27) per pound; Zn $1.05 (Q3, 2013: $0.86) per pound; and Pb $0.99 (Q3, 2013: $0.97) per pound.
The Company had earnings from mining operations of $0.6 million for the quarter ended September 30, 2014 (Q3, 2013: $2.6 million); loss before taxes of ($4.1) million (Q3, 2013: ($15.0) million); comprehensive loss of ($2.2) million (Q3, 2013: ($15.3) million).
The decrease in earnings from operations was related to market prices of the silver sold, which averaged a decrease of 17% as compared with the same period last year.
Mr Kevin Drover, President & CEO stated "La Negra continues to improve and is on target to achieve its 2014 guidance of 3.5 to 4 million ounces of silver equivalent. We will continue to focus on improving our safety performance and reducing costs, as well as improving productivity and efficiency in the coming months".
To read the complete Condensed Interim Consolidated Financial Statements click on this link: http://www.aurcana.com/_resources/financials/2014_Q3_FS.pdf
To read the complete Management Discussion and Analysis click on this link:
The Company’s shares are also traded in the United States on OTCQX under the symbol “AUNFF”. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two properties: the La Negra Mine in Mexico and the Shafter Silver Project in Texas, US. The latter was put on care and maintenance in December 2013, in part due to depressed silver prices. The Company is developing new mining plans for both properties as it continues to work to improve margins and shareholder value.
The technical information in this release has been reviewed by Jerry Blackwell (PGeo.), a Director and technical advisor to the Company and a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
“Kevin Drover”, President & CEO
For further information, visit the website at www.aurcana.com or contact:
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Gary Lindsey, Corporate Relations
This news release contains certain forward-looking statements, including statements regarding forecast silver production, silver grades, recoveries, potential mineralization, exploration result, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or does not expect”, “is expected”, anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company’s expectations include, among others, risks related to international operations, unsuccessful exploration results, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.