San Gold Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Production Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Non-Cash Impairment for the Fourth Quarter Ended December 31, 2013
Gold sales revenue in the fourth quarter of 2013 of CAD 22.9 million was 33% lower than revenues of CAD 34.1 million recognized in the fourth quarter of 2012. The decrease in gold sales revenue in the fourth quarter of 2013 is a result of a 21% decrease in the average realized gold price and a 15% decrease in the number of ounces sold compared to the fourth quarter of 2012. Total and comprehensive loss of CAD 91.7 million in the fourth quarter of 2013 decreased relative to total and comprehensive loss of CAD 3.9 million in the fourth quarter of 2012. Excluding the non-cash impairment charge of CAD 83.1 million, total and comprehensive loss was CAD 28.2 million for the year and CAD 8.6 million for the fourth quarter. Loss from operations in the fourth quarter of 2013 was CAD 86.0 million compared to income from operations of CAD 3.0 million in the same period of last year. Excluding the non-cash impairment charge of CAD 83.1 million, operating loss was CAD 0.1 million for the year and CAD 2.9 million for the fourth quarter.
The Company recorded a non-cash impairment of CAD 83.1 million on December 31, 2013, upon completion of its annual assessment of the value-in-use of its mineral properties.
For the full year the company achieved annual production guidance, producing 75,218 ounces of gold. Achieved record mill throughput of 1,758 tons per day.
For the fourth quarter, the company achieved production of 15,118 ounces of gold. Achieved mill throughput of 1,609 tons per day.