K92 earns $5.28M (U.S.) in Q2, increases guidance
2019-08-15 07:03 ET - News Release
Mr. John Lewins reports
K92 MINING INC. RELEASES 2019 Q2 FINANCIAL RESULTS, INCREASES 2019 PRODUCTION GUIDANCE AND DECREASES 2019 COST GUIDANCE
K92 Mining Inc. has released results from its financial statements for the three and six months ended June 30, 2019.
This second quarter of 2019 saw record tonnes processed, producing 19,652 ounces gold equivalent from the Kora North deposit with cash costs of $551 (U.S.)/gold ounce and AISC (all-in sustaining costs) of $681 (U.S.)/gold ounce. Revenue for the second quarter was $23,293,370 (U.S.) with a gross margin $10,784,119 (U.S.).
For complete details of the consolidated interim financial statements and associated management's discussion and analysis, please refer to the company's profile on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.
John Lewins, K92 chief executive officer and director, stated: "The second quarter of 2019 was a record for K92 in terms of tonnes processed. K92 produced just under 20,000 ounces AuEq for the quarter and just under 40,000 ounces AuEq for the year to date, putting us ahead of our production guidance and below the cost guidance provided at the beginning of the year. As a result, K92 has increased its production guidance to between 72,000 and 80,000 AuEq ounces and decreased its all-in sustaining cost guidance to $720 to $760/ounce from $780 to $820/ounce gold. Production continues to meet revised expectations in the third quarter of 2019."