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Roxgold (TSXV:ROG) reported its financial results for the three months ended September 30th. The company reported a net loss of $911,000 for the quarter, and had $18,420,000 in cash and cash equivalents as of September 30. In the fourth quarter, the company plans to continue to advance its Yaramoko gold project in Burkina Faso.
Roxgold (TSXV:ROG) reported its financial results for the three months ended September 30th. The company reported a net loss of $911,000 for the quarter, and had $18,420,000 in cash and cash equivalents as of September 30. In the fourth quarter, the company plans to continue to advance its Yaramoko gold project in Burkina Faso.
As quoted in the press release, other highlights of results included:
- On August 19, 2014, Roxgold announced the approval of the Environmental and Social Impact Assessment (“ESIA”) for the Yaramoko project, furthering its permitting goals;
- On September 8, 2014, the Company announced the latest results from its regional exploration program at Yaramoko’s prospective Bagassi South Zone;
- On September 29, 2014, Roxgold awarded its underground mining contract to African Underground Mining Services (“AUMS”), which included a US$15 million equity investment and payment option for the Yaramoko project;
- On September 30, 2014, the Company announced that it had secured US$75 million in debt financing, subject to conditions precedent, for the development of the Yaramoko project, and that the previously mandated banks, Societe Generale and Credit Suisse had obtained their credit approvals;
- Subsequent to the end of the quarter, the Company announced that the Burkina Faso Council of Ministers had approved the award of an exploitation decree for the Yaramoko Gold Project;
- Roxgold made significant progress on detailed engineering design and procurement of long-lead items for the Yaramoko project, including the SAG mill and materials for the 90kV power supply line, totalling $5,339,000, for the quarter ended September 30, 2014;