B2Gold Reports Strong Third Quarter 2017 Results; New Fekola Mine Achieves First Gold Pour on October 7, 2017 & Gold Production of 40,286 Ounces to October 31 during Ramp-up Phase; Commercial Production at Fekola Anticipated by End of November
VANCOUVER, British Columbia, Nov. 07, 2017 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO)(NYSE AMERICAN:BTG)(NSX:B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the three and nine months ended September 30, 2017. The Company previously released its gold production and gold revenue results for the third quarter of 2017 (see news release dated 10/13/17). All dollar figures are in United States dollars unless otherwise indicated. In addition, the Company is pleased to announce that the ramp up to full scale production at the Fekola Mine is ahead of schedule with gold production well above budget in September and October. The Company now expects the Fekola Mine to achieve commercial production by the end of November. 2017 Third Quarter Highlights - Consolidated gold production of 135,628 ounces, including 6,340 ounces of pre-commercial gold in-circuit production from Fekola, exceeding (original) budget by 2% (or 2,254 ounces) and reforecast production by 15% (or 17,372 ounces)
- Consolidated gold revenue of $154.1 million on sales of 121,597 ounces at an average price of $1,267 per ounce
- Otjikoto Mine achieved record quarterly production of 55,151 ounces
- Fekola Mine construction completed, and processing of ore commenced more than three months ahead of schedule, in September 2017
- First gold pour at the Fekola Mine achieved on October 7, 2017
- In October 2017, subsequent to the third quarter, the Fekola Mine produced 33,946 ounces of gold in the month (significantly surpassing budget of 15,100 ounces) and is now expected to achieve commercial production (four months ahead of original schedule) by the end of November
- Consolidated cash operating costs (see “Non-IFRS Measures”) of $563 per ounce, $28 per ounce (or 5%) below budget
- Consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of $921 per ounce, $66 per ounce (or 8%) above budget, due to the timing of capital expenditures, but year-to-date AISC of $927 per ounce remained well below budget
- Cash flow from operating activities (after non-cash working capital changes) of $41.8 million ($0.04 per share)
- Strong cash position of $89.7 million at quarter-end combined with additional liquidity of $175 million available for draw down on the Company’s upsized corporate revolving credit facility
- In July 2017, the Masbate operations were presented with the Philippine Department of Environment and Natural Resources’ (“DENR”) prestigious Saringaya Award for its contribution to environmental protection, conservation and management in the regions surrounding the Masbate Mine
- In July 2017, the Company secured a $500 million upsized corporate revolving credit facility, representing a $75 million increase from the existing facility
- For full-year 2017, the Company is on track to meet the high end of its revised annual consolidated production guidance range of between 530,000 and 570,000 ounces of gold and be at the lower end of its guidance ranges for cash operating costs (of between $610 to $650 per ounce) and AISC (of between $940 to $970 per ounce)
- 2018 outlook provides for dramatic production growth of approximately 70%, with the planned first full year of production from the Fekola Mine, consolidated annual gold production is expected to increase significantly to between 925,000 and 975,000 ounces with cash operating costs and AISC expected to decrease and be approximately $525 per ounce and $800 per ounce, respectively
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