The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Black Fox Generates Cash Flow in Q3
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KERRY SMITH, Haywood Securities
(11/18/2009)
"Apollo reported Q3 operating and financial results after pre-releasing production stats at Black Fox in early October. Apollo reported production of 19,718 ounces from Black Fox in Q3/09, achieving mill throughput of 1,749 tons per day at a gold grade of 4.05 grams per ton and recovery of 94%. Total production including 2,760 of custom milled ounces was 22,478 ounces. Cash flow before non-cash working capital changes was US$3.1 million, or US$0.01 per share, slightly better than our estimate. Forecasts, target price, rating—We have revised our mill throughput and grade assumptions for 2009 modestly and are now forecasting 53,800 ounces of commercial production in 2009 at a cash cost of US$565 per ounce, versus 55,000 ounces at US$560 per ounce previously. We have also lowered anticipated production from custom milling to 4,900 ounces from 6,750 ounces owing primarily to a lower grade assumption of 1.5 grams per ton, versus 1.9 grams per ton previously. Our assumptions for 2010 are unchanged, resulting in no effect our $0.95 target price and SECTOR OUTPERFORM rating." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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