MONTRÉAL, QUEBEC–(Marketwired – Aug. 29, 2017) - Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX VENTURE:MYA) has released its unaudited condensed consolidated financial statements accompanied by the management’s discussion and analysis (“MD&A”) for the six-month period ending in June 30, 2017.
The documents have been filed electronically with SEDAR and will be available on the Corporation’s website: www.mayagoldsilver.com.
2017 – Corporation’s highlights for the six-month period ended June 31, 2017
Total assets of $28,917,212 as of June 30, 2017;
Closing of a $1.5 million non-brokered private placement of units;
Repayment at maturity of $3.05M 8% unsecured convertible debentures from surplus cash from its Zgounder Silver Mine.
Zgounder Silver mine highlights during the six-month period ended June 31, 2017 include:
Silver production of 8,6945 kg of silver (279,548 ounces) an 4.34% increase from the first half period of 2016.
Revenue from silver in the six-month period ended June 30, 2017 totalled $6,470,653 (2016 – $6,001,227) and the development cost incurred during the period, excluding capitalised interest, amounted to $5,064,831 (2016 – 4,415,045).
The net cash flow generated from the activities at Zgounder, before capitalised interest, totaled $1,405,822 (2016 – $1,586,182) and was accounted for against Property, plant and equipment since the Company had not yet reached the commercial phase of this property.
The average silver price realised during the six-month period ended June 30, 2017 was US$17.47 (2016 – US$16.87) versus an average market silver price during the same period of US$17.33 (2016 – US$15.80).
The Flotation Cell Units have arrived at the Zgounder Millenium Silver Mining (“ZMSM”) site and the civil engineering works is in progress.
The Corporation initiated a diamond drilling program with update of the status of silver resources, reported exceptionally drill intercepts from its exploration program at the Zgounder Silver Mine and has identified Ruby Silver Ore (Proustite) at Zgounder;
In June, the Corporation has also mandated GMG to conduct a Preliminary Economic Assessment on the Boumadine polymetallic deposit. Compilation and computerization of historical data have been initiated.
Cash flow generated from the activities at the mine is non-International Financial Reporting Standards (IFRS) performance measures, and may not be comparable to similar measures presented by other companies. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, the Corporation and certain investors use this information to evaluate the Corporation’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The cash flow generated from the development activities at the mine derived from the Corporation’s cash flow from investing activities, acquisitions of property, plant and equipment, less Silver sales.
Noureddine Mokaddem, President & CEO of Maya stated “The Corporation continues on a strategy of developing its assets through production improvements at the Zgounder Silver mine, upgrading inferred resource categories, and updating the Zgounder resource and reserve estimates. In addition, exploration activities around Zgounder indicate additional zones of mineralization and lastly, preliminary data compilation and piloting processing test for the Boumadine Project have started, providing our shareholders with more mineral resource to increase share value.”
see and read more on
http://mayagoldsilver.com/maya-gold-silver-summarizes-activities-of-second-quarter-2017/ |
