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Santacruz Silver Mining Ltd. (TSXV:SCZ) released its third-quarter results on Tuesday morning, posting a net loss of $1.05 million as it deals with a volatile silver market.
Santacruz Silver Mining Ltd. (TSXV:SCZ) released its third-quarter results on Tuesday morning, posting a net loss of $1.05 million as it deals with a volatile silver market. On the good side, the company announced it has made improvements at the Rosario mine over the quarter, reducing operating costs and establishing a floor price for silver production from the mine.
According to the press release, highlights from the quarter include:
Third quarter financial summary highlights (US $ 000’s except per share amount):
- Revenue: $3,167
- Mine Operating Income (Loss): $26
- Net Loss: $1,054
- Basic Loss per Share: $0.01
- Working Capital at September 30 and June 30, 2014: $4,223
Arturo Prestamo, president and CEO, said:
The third quarter has seen continued improvements at the Rosario Mine. Most importantly we have seen a significant increase in our revenues while at the same time a continuous reduction in our operating costs per silver equivalent ounce resulting in positive cash flow of $464,000 at our Rosario Mine during the quarter.
Click here to read the Santacruz Silver Mining Ltd. (TSXV:SCZ)Â press release