ROK: TSX.V
Overview and highlights: - Production revenues of $26 million for the year ended August 31, 2009 on sales of 2,366,321 lbs of molybdenum; - Operating cash flows of $8.7 million ($0.10/share) for the year ended August 31, 2009; - Q4 molybdenum prices significantly boosted the company's treasury since Q3 end; - Cash costs of approximately Cdn$7.30 (US$6.65) for the year; - Average molybdenum recoveries of approximately 95%; and - Molybdenum in concentrate production of 2,374,355 lbs.
MAX Molybdenum Mine - Production Results and Concentrate Sales
Revenues of
The table below is a summary of the average operating statistics by quarter for the fiscal year ended August 31, 2009:
------------------------------------------------------------------------- MAX Mine Statistics Fiscal Year Ended August 31, 2009 ------------------------------------------------------------------------- Q1 Q2 Q3 Q4 ------------------------------------------------------- Molybdenum Produced (lbs)(1) 679,697 451,130 666,301 577,227 Average Head Grade (% Mo) 1.0 0.7 0.7 0.6 Molybdenum Recovery (%) 95.6 95.1 95.4 96.4 Mill Availability (%) 97.0 97.7 98.1 95.3 Average Daily Throughput (tpd) 372 425 464 465 Cash costs per lb molybdenum ($Cdn) 7.07 9.23 6.02 7.67 ------------------------------------------------------------------------- Notes: (1) molybdenum contained in concentrate
Cash costs averaged
During the third quarter ended
Financial Results
The information in this news release and the selected financial information should be read in conjunction with the audited consolidated financial statements, and management discussion and analysis, for the year ended
During the three months ended
For the year ended
Cash flows from operations of
Summary Consolidated Statements of Operations and Loss ------------------------------------------------------------------------- Year ended Year ended August 31, August 31, 2009 2008 ------------------------------------------------------------------------- Total Revenues 25,959,489 18,785,083 ------------------------------------------------------------------------- Cost of sales (17,348,348) (7,872,063) ------------------------------------------------------------------------- Depletion, amortization, accretion (36,765,811) (12,472,155) ------------------------------------------------------------------------- Mining Loss (28,154,670) (1,559,135) ------------------------------------------------------------------------- G&A, Stock-based comp., write-offs (1,858,680) (3,800,186) ------------------------------------------------------------------------- Loss from Operations (30,013,350) (5,359,321) ------------------------------------------------------------------------- Foreign Exchange gains and other income 706,986 74,161 ------------------------------------------------------------------------- Income and mining tax recovery provision 10,858,277 2,792,009 ------------------------------------------------------------------------- Net Loss for the Year (18,448,087) (2,493,151) ------------------------------------------------------------------------- Loss per Share - Basic and Diluted (0.21) (0.03) -------------------------------------------------------------------------
Outlook
It remains management's belief that recent global events have seriously eroded the supply of molybdenum and management contends that a realization of supply and demand fundamentals in the medium-term will result in positive changes to pricing. It is therefore management's goal to accelerate production at MAX to 1,000 tpd to reduce unit costs and preserve the opportunity to produce concentrates in an appreciating price environment.
Exploration work at the Company's various projects has been limited recently to preserve cash resources. The Company has recently received recommendations from its various geological advisors to advance diamond drill programs at both the Nuevo Milenio gold/silver project and the MAX molybdenum project; however, expenditures towards mine expansion and operating efficiencies continue to be management's priority.
ROCA MINES INC. "David Skerlec" David J. Skerlec - Chief Financial Officer --------------------------------------------
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information: Investor Relations: Tel: (604) 684-2900, Fax: (604) 684-2902, Email: [email protected], Web: www.rocamines.com
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