Argonaut Gold Announces Second Quarter 2018 Operating and Financial Results
Production of 38,441 Gold Equivalent Ounces
Toronto, Ontario - (August 9, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the second quarter ended June 30, 2018. The Company reports a quarterly cash flow from operating activities before changes in operating working capital of $17.0 million, net income of $0.4 million or earnings per share of $0.00, adjusted net income of $7.0 million or adjusted earnings per share1 of $0.04, net cash1 increase of $1.5 million and production of 38,441 gold equivalent ounces (“GEO” or “GEOs”). All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).
Pete Dougherty, President and CEO stated: “As previously reported, we went several weeks without blasting material at our La Colorada mine. I commend the team for its ability to adjust the mine plan temporarily and maintain our 12,000 tonnes per day operation without sacrificing the long term mine plan. Although the use of low-grade stockpiles will ultimately lead to lower 2018 production at La Colorada, with the continued outperformance at our new San Agustin mine, we remain comfortable with our consolidated annual production and cost guidance of between 165,000 and 180,000 GEOs at cash costs between $700 and $800 per gold ounce sold1.”