Sandstorm Gold Reports Record Gold Sales and Operating Cash Flow in Q2, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2012) - Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (TSX VENTURE:SSL) is pleased to announce its unaudited results for the second quarter ended June 30, 2012 (all figures in U.S. dollars).
Second Quarter Highlights
Record gold sales of 9,259 ounces.
Record operating cash flow of $11.3 million.
Average cash cost per ounce1 of $298 resulting in cash operating margins of $1,317 per ounce.
Net income of $5.3 million.
Sandstorm acquired from Magellan Minerals Ltd., a 2.5% net smelter returns royalty on the Coringa gold project and a 1.0% NSR royalty on the Cuiu Cuiu gold project.
Sandstorm acquired a 2.4% net smelter returns royalty on the Mt. Hamilton gold project from Solitario Exploration & Royalty Corp. and Ely Gold & Minerals Inc.
"Steady production growth from our mining partners has led to consecutive record quarters for Sandstorm," said President & CEO Nolan Watson. "During the second quarter we deployed our cash into royalty transactions that we believe will be accretive to shareholders, and the pipeline of potential gold streaming opportunities is stronger than ever."
Outlook
Based on existing gold stream agreements, the forecasted attributable production for 2012 is 28,000 to 33,000 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 second quarter 2012 report and on the Company website.
Webcast and Conference Call Details
A conference call will be held on Friday, July 27, 2012 starting at 8:30am PDT to further discuss the second 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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