Sandstorm Gold Reports Record Revenue in Q3, 2012 (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (TSX VENTURE:SSL)(NYSE MKT:SAND) is pleased to announce its unaudited results for the third quarter ended September 30, 2012 (all figures in U.S. dollars).
Third Quarter Highlights
Record revenue of $15.1 million.Gold sales of 9,066 ounces.Operating cash flow of $10.6 million.Average cash cost per ounce1 of $408 resulting in cash operating margins2 of $1,258 per ounce.Net income of $4.9 million.The Company's common shares began trading on the NYSE MKT LLC under the symbol SAND.The Company agreed to contribute up to $10.0 million towards the Phase 1 Expansion at Luna Gold Corp.'s Aurizona Mine. In conjunction with Sandstorm's capital contribution, Luna has provided the Company with a contractual guarantee that the Aurizona Mine will complete its Phase 1 Expansion by the end of 2013.The Company entered into a precious metals purchase agreement with Colossus Minerals Inc. to purchase an amount equal to 1.5% of the gold and 35% of the platinum produced from the Serra Pelada Mine located in Para, Brazil.President & CEO Nolan Watson commented, "Q3 was another strong quarter for Sandstorm in terms of revenue and cash flow and we were able to increase our growth profile with the addition of the Colossus Minerals precious metals stream and the expansion commitment by Luna Gold. We are focused on acquiring additional gold streams and with over $150 million in available capital, we are well capitalized to do it."
Outlook
Based on existing gold stream agreements, the forecasted attributable production for 2012 is 31,000 to 34,000 ounces of gold, increasing to over 60,000 ounces of gold equivalent per annum by 2015.
Further details of the individual gold streams can be found within Management's Discussion and Analysis contained in the Company's third quarter 2012 report and on the Company website.
Webcast and Conference Call Details
A conference call will be held on Friday, October 26, 2012 starting at 8:30am PDT to further discuss the third 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 |
