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Santacruz Silver (TSXV:SCZ) has reported its financial and operating results for the first quarter of 2016. As quoted in the press release: Q1 HIGHLIGHTS: Silver equivalent payable ounces sold of 318,596 Revenues of $3,537 Gross Income from mining operations was $462 Cash operating cost per AgEq ounce sold was $10.93/oz All-in sustaining cash cost (AISC) …
Santacruz Silver (TSXV:SCZ) has reported its financial and operating results for the first quarter of 2016.
As quoted in the press release:
Q1 HIGHLIGHTS:
- Silver equivalent payable ounces sold of 318,596
- Revenues of $3,537
- Gross Income from mining operations was $462
- Cash operating cost per AgEq ounce sold was $10.93/oz
- All-in sustaining cash cost (AISC) per AgEq ounce sold was $14.10
- Subsequent to Q1 approximately $2,000 in value added taxes were recovered from the Mexican government, approximately $4,200 remains to be recovered.
Arturo Prestamo, president and CEO, said:
We have achieved constructive progress both operationally and financially in the first quarter this year. Our decision in Q3 2015 to move to an in-house mining team is now beginning to show the benefits. In addition, our change in mining method to cut-and-fill has resulted in better dilution control and consequently improved head grade. These measures were taken in order to produce efficient ounces and have resulted in the reduced costs you see in this first quarter. We will continue to implement cost saving initiatives going forward with a view to further reducing costs.