Ascendant Resources (TSX:ASND) (OTCQX:ASDRF) (FRA:2D9) announces production results from its El Mochito mine for the first quarter of 2018 demonstrating its continued production improvements highlighted by an average head grade of 6.1 percent of zinc equivalent, which is a significant improvement over the fourth quarter average head grade of 5.3 percent of zinc equivalent, and a strong closing cash balance of US$13.1 million as at March 31, 2018. Contained metal production for the quarter was 21.4 million ZnEq lbs, an increase of 9 percent over the fourth quarter 2017 and 57 percent over the first quarter 2017.
As quoted in the press release:
President and CEO Chris Buncic stated: “In the first quarter we continued to build upon our successful operational turnaround at the El Mochito mine. The team has demonstrated a greater understanding of the ore body, mine plan and plant, and continues to show adaptability and improved operational efficiencies. We are very pleased to have been able to deliver strong growth in payable pounds on a metal basis and exit the quarter with over $13 million in cash, putting us on track for our EBITDA and free cash flow generation projections for 2018.”