Guyana Goldfields Inc. Announces Earnings and Production Results for the First Quarter Ended March 31, 2017; Provides Production Guidance for the Year of 2017 and Capital Expenditure Guidance for the Year of 2017
Guyana Goldfields Inc. announced earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of $49,957,000 against $48,530,000 a year ago. Earnings before tax were $10,391,000 against $11,495,000 a year ago. Net earnings were $9,938,000 or $0.06 per diluted share against $7,017,000 or $0.04 per diluted share a year ago, primarily due to the recognition of the deferred tax asset during the current quarter of $3.0 million. Cash flow from operations was $16,918,000 against $26,121,000 a year ago. Excluding changes in non-cash working capital, operating cash flow was $21.9 million for the quarter, in-line with the previous year. This was due to revenues and production costs being relatively flat year-on-year.
For the quarter, the company reported gold produced of 40,900 ounces against 41,300 ounces a year ago. Ore processed of 602,800 ounces against 462,600 ounces a year ago. Ore mined was 498,800 ounces against 553,600 ounces a year ago.
For 2017, the company expects capital expenditure requirements of $21.4 million.
For 2017, the company expects gold production of 160,000 to 180,000 ounces.