San Gold Corporation Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Operating and Capital Expenditure Guidance for the Full Year of 2014
For the year, the company produced 75,218 ounces of gold, consistent with the company's full-year guidance of between 75,000 and 85,000 ounces. Mill production was 641,710 tons. Mine production was 629,311 tons.
The company provided operating and capital expenditure guidance for the full year of 2014. The company is forecasting production of between 80,000 and 85,000 ounces of gold in 2014 at cash costs of $800 to $900 per ounce. The company is planning capital expenditures of approximately $36 million related to its underground capital development, definition drilling and investment in property, plant and equipment, a significant reduction compared with capital expenditures of approximately $58 million in 2013.