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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.”

 

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