Santacruz Silver Reports Higher Production for Q3

Santacruz Silver Mining Ltd. (TSXV:SCZ) released its financial and operating results for the third quarter of 2015, commenting that produced 277,487 silver equivalent ounces, up 4 percent from the previous quarter. Cash costs per silver equivalent ounce sold came in at $14.13.
Other Q3 highlights include:

• Silver equivalent payable ounces sold of 231,332
• Revenues of $2.59 million
• Gross loss from mining operations was ($0.55) million
• Cash flow from mining operations was break even
• Cash operating cost per AgEq ounce sold was $14.13/oz
• All-in sustaining cash cost (AISC) per AgEq ounce sold was $17.55
• Average realized silver price per ounce of $17.00/oz from Price Protection Program

Arturo Prestamo, president and CEO of Santacruz, commented:

During the third quarter the Rosario Mine made significant steps towards continued improvements in operational performance. Over the quarter we transitioned from third party contract mining to our in-house mining operations team, which carried additional costs for third quarter, but benefits will be reflected in the following quarters and years to come. With this move we will be able to continue to reduce the mining costs at the Rosario Mine. In addition, the Company commenced using a new permanent tailings disposal system that utilizes dry-stacking technology in conjunction with the prior existing tailings structure. Operating costs are also expected to decrease as a result of the implementation of this system.
Further, we are excited to begin delivering mill feed from the new Veta Grande project to the Rosario Mine milling facility. This additional mill throughput will also help to reduce the operating costs and increase production as we move forward during the fourth quarter. The completion of this process also accomplishes a second corporate objective, that being the diversification of the Company’s operations base.

Click here to read the full Santacruz Silver Mining Ltd. (TSXV:SCZ) press release.