For a complete listing of our news releases, please visit http://goldenminerals.com/press.php
GOLDEN, CO, May 9, 2012 (Marketwire via COMTEX) --Golden Minerals Company ("Golden Minerals" or the "Company") (NYSE Amex: AUMN) (TSX: AUM) announces first quarter 2012 results.
For the quarter ended March 31, 2012, Golden Minerals recorded revenue of $6.4 million from the sale of metals, reflecting a continued ramp-up in production at our Velardena operations located in Durango State, Mexico. Revenue more than doubled from the fourth quarter 2011. Revenue net of cost of sales of $7.9 million at the Velardena operations generated a negative gross margin of $1.6 million, which was less than the negative gross margin of $3.3 million recorded in the fourth quarter 2011. The Company's net loss for the first quarter 2012 was $10.1 million. In addition to the negative gross margin, the net loss included $3.4 million of costs related to mine development and expansion activities at the Velardena operations, $2.4 million of exploration expenses, $1.4 million of expenses at the El Quevar project, $2.0 million of corporate general and administrative expenses, and $1.8 million of depreciation expense.
The Company previously announced its strategic focus for 2012, which includes plans to increase production from Velardena incrementally. As part of this strategy, the Company plans to monetize where appropriate its large portfolio of exploration properties in Mexico, Peru and Argentina and reduce expenditures at other properties. Expenditures for El Quevar and our exploration properties were significantly lower in the first quarter 2012 as compared to previous quarters in 2011.
The Company's cash and short term investments balance decreased by $16.3 million during the quarter to $32.3 million as of March 31, 2012. The decrease is primarily due to the expenditures described above and to additional capital expenditures of $2.8 million and an increase in net working capital of $3.3 million, both primarily related to the Velardena operations.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the ramp-up and expansion of existing production at the Velardena operations in Mexico and advancement of the evaluation stage El Quevar project in Argentina.
|Teléfono||(303) 839-5060 (888) 696-2739 Fax:(303) 839-5907|
|Dirección||350 Indiana Street, Suite 800 Golden, Colorado, 80401 U.S.A.|
Este contenido es exclusivo para socios de Mining Club.
Para acceder, súmese a Mining Club de forma gratuita haciendo click aquí.
Si ya es miembro, ingrese con su email: