Sandstorm Gold Recognizes Record Gold Sales and Operating Cash Flow of US$9.3 Million
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2012) - Sandstorm Gold Ltd. (TSX VENTURE:SSL) ("Sandstorm" or the "Company") is pleased to announce its unaudited results for the first quarter ended March 31, 2012 (all figures in U.S. dollars).
First Quarter Highlights
Record operating cash flow of $9.3 million.
Record gold sales of 7,946 ounces.
Average cash cost per ounce1 of $314 resulting in cash operating margins of $1,380 per ounce.
Sandstorm entered into a revolving credit agreement to borrow up to $50 million, which remains undrawn.
"The first quarter proved to be another record quarter in terms of gold sales and cash flow," said President & CEO Nolan Watson. "As our cash balance continues to grow, we are better positioned to complete additional gold streams while minimizing equity dilution. I am confident that our team will be able to add significant value through acquisition during 2012."
Outlook
Based on existing gold stream agreements, the forecasted attributable production for 2012 is 26,000 to 34,000 ounces of gold increasing to over 50,000 ounces of gold per annum by 2015.
Further details of the individual commodity streams can be found within Management's Discussion and Analysis contained in the Company's first quarter 2012 report and on the Company website.
Webcast and Conference Call Details
A conference call will be held on Friday, May 4, 2012 starting at 8:30 am PDT to further discuss the first quarter results. To participate in the conference call use the following dial-in numbers:
Local / International: 647-788-4916
North American Toll-Free: 877-214-4966
It is recommended that participants dial in five minutes prior to the commencement of the conference call. Click here to access an audio webcast of the conference call which will also be available on the Sandstorm website.
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