Premier Gold Mines' Q3 Gold Output Grew 17%

SEATTLE (Scrap Monster): Premier Gold Mines Limited reported operating and financial results for the third quarter of 2020. The company reported its best operating quarter in 2020, backed by significant reduction in mine cash costs at Mercedes mine and continued strong production from South Arturo.

The company’s gold production totalled 19,278 ounces in Q3 this year, compared with 16,484 ounces of gold production during the corresponding quarter a year before. The revenue increased from $18.7 million to $30.5 million over the previous year. Premier Gold reported mine operating income of $13.9 million, when matched with mine operating loss of $0.4 million during Q3 last year.

The surge in revenue was mainly on account of the impact of the increased production and related revenue generated from the South Arturo and Mercedes operations. The $494 per ounce jump in average realized selling price of gold also contributed to the revenue increase. Meantime, the company reported $51.9 million in cash and cash equivalents.

Commenting on the results, Ewan Downie, President & CEO stated that the revised mine plan implemented at Mercedes has exceeded its expectations, ever since the resumption of mine operations in Q2. Also, the year-to-date production from South Arturo mine has already exceeded the annual production plan, he added.

YOU MAY ALSO BE INTERESTED IN:

Premier Gold Announces Positive Restart at Mexican Gold Mine

Premier Gold MInes to Spin-off its Nevada MIne Properties