Santacruz Posts $1.05-million Third-quarter Loss

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) press release