Avion’s Q2 2012 Earnings on Par with Year-ago Quarter

Avion Gold Corp. (TSX:AVR,OTCQX:AVGCF) announced that its earnings for the second quarter of 2012 were $15.7 million, comparable to the $15.2 million that it earned in the same quarter last year.

According to the press release, other results highlights include:

• The Company achieved revenues of $49.4 million this quarter compared to revenues of $37.9 million for the comparable quarter last year representing a 30% increase
• Avion produced 28,637 ounce of gold during the quarter after final refinery adjustments at a cash cost of per ounce produced of $910. Please see “Non-GAAP Measures” below. The Company has now set two consecutive quarterly records for the amount of gold produced in one quarter, with year to date production of 54,894 ounces after refinery adjustments. Mining and processing costs were $28.4 million compared to $12.8 million for the comparable quarter last year.
• Avion processed 191,500 tonnes of ore at an average grade of 5.05 g/t Au. Approximately 37% of the ore processed was mined from the Dioulafoundou and Djambaye open pits, and 63% of the ore was mined from Tabakoto underground. Average mill recovery for the quarter was 92.5%
• During the quarter the Company sold 30,669 ounces of gold at an average realized price of $1,606 per ounce.
• The Company generated operating cash flow before working capital adjustments of $18.8 million compared to $21.3 million for the same quarter last year.
• The Company completed the quarter having $15.3 million in cash and cash equivalents.

Click here to read the full Avion Gold Corp. (TSX:AVR,OTCQX:AVGCF) press release.