Sign up USA
Proactive Investors - Run By Investors For Investors

Orosur boosts cash flow from Uruguay gold production

Orosur is now profitable and is supported by a strong cash position
gold bar and US currency
Orosur's gold production is supported by a strong cash position

Orosur Mining Inc (LON: OMI) produced 35,371 ounces of gold from its Uruguay operations in the full year to May 31 2017, following a significant increase in production in the fourth quarter.

The average gold price received was US$1,258 per ounce.

Profit before tax came in at US$2mln, as against a loss of US$3.2mln in the corresponding period in 2016.

READ: Orosur Mining moves attention to Colombia as new investors come on board

Successful 2017

During the year the company successfully built and developed the San Gregorio West underground mine from internally generated funds, including US$5.9 mln in 2017.

Orosur had US$3.4mln in cash as at the end of May, but in August completed a US$3.2mln equity raise.

“We are very pleased to report a successful FY17 having achieved a number of important corporate milestones whilst simultaneously delivering in line with production and cost targets for the fourth consecutive year,” said chief executive Ignacio Salazar said in a statement.

“The completion of the recent financing announced on August 11th 2017, which was oversubscribed and at a premium to the prevailing market when negotiated, is an important step to support our growth strategy.”

 

View full OMI profile View Profile

Orosur Mining Inc Timeline

Related Articles

periodic table
September 14 2017
Araguaia is set to come on stream as a major new nickel project just as many analysts predict there will be an upswing in the nickel price
Lithium-battery.jpg
January 23 2017
Barisan Gold is well into the process of transforming itself into a lithium company
Otis Gold poised to ramp up exploration at flagship Kilgore project
October 23 2017
The firm has now submitted a "plan of operation" to the US forest service for Kilgore

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use