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Platinum Group Metals Ltd. (NYSEMKT:PLG) announced the financial results for the first quarter ended November 30, 2014 along with an outlook for 2015.
Platinum Group Metals Ltd. (NYSEMKT:PLG) announced its financial results for the quarter ended November 30, 2014, along with an outlook for 2015.
Highlights include:
- At November 30, 2014 the Company’s cash position was $65 million. The Company’s current cash position is approximately $167 million, with the increase being due to the net proceeds of the Company’s offering of common shares that closed on December 31, 2014.
- The management team who will take Project 1 and the Company into production in 2015 has been expanded. Key operational leadership roles have been filled in recent months, including mine general manager, production manager, equipment specialist, engineering specialist, safety and environment manager and a training superintendent.
- The Company achieved solid performance in 2014, with a good safety record, as Project 1 reached 70% completion. Project 1 is planned to be in production in calendar Q4 2015. After a planned two year ramp up period, steady state production is scheduled at 275,000 ounces platinum, palladium, rhodium and gold (‘4E’). The Company’s current cash position is projected to be sufficient to complete the mine build to initial production.
Click here for the Platinum Group Metals Ltd. (NYSEMKT:PLG) press release