12:07 | 22.11.2017
Robex Resources Inc. is Releasing Their Financial Results for the Third Quarter of 2017 and Announces That Their Liabilities Have Decreased by $ 5.4 Million During the Third Quarter of 2017
QUEBEC CITY, QUEBEC–(Marketwired – Nov. 22, 2017) – Robex Resources Inc. (“Robex” and / or “the Company”) (TSX VENTURE:RBX)(FRANKFURT:RB4) is pleased to publish their financial and operating results for the quarter that ended September 30, 2017.
These results are very encouraging as the company’s liabilities have declined significantly over the last three months and after only nine months of commercial production; the mine has become a very low-costing gold producer.
Unless otherwise indicated, all amounts are in Canadian dollars.
Highlights for the third quarter of 2017
— Net cash flow related to operating activities(1) of $ 5.7 million
— Decrease in the Company’s liabilities of $ 5.4 million during the third
— 9,197 ounces of gold sold, for $ 14.8 million
— The total cash cost(2) is of $ 585 per ounce sold and the all-in
— Adjusted net income attributable to shareholders(2) is $ 2.8 million
Mining operation: Nampala, Mali
Third quarters Nine-month periods
Ore mined (tonnes) 325,524 172,690 972,299 440,958
Mining operation expenses 4,899,000 — 14,558,000 —
Segment operating income 6,208,000 (408,000) 17,667,000 (952,000)
Robex continues to reduce cash costs and maintenance costs at the Nampala mine in Mali. After nine months of commercial production, the mine is already among the best in terms of low-cost gold production. Highly qualified employees, well-established management procedures and indicators, and exemplary rigorous work enable the company to improve the profitability of the Nampala mine day after day.
This makes it possible to present a significantly reduced liability as at September 30, 2017 compared to June 30 (decrease of more than $ 5 million). Robex is proud of their progress and intends to continue on this path.
The quantity of ore processed daily during October and November 2017 is constantly increasing
The Nampala mine processed 159,000 tonnes of ore during the month of October for an average of 5,130 tonnes per day. In November, some daily productions peaked at nearly 7,000 tonnes per day. These results are extremely promising and suggest that the last quarter of 2017 may be even more promising.
ROBEX’S MD & A and the consolidated financial statements are available on the Company’s website in the Investors section at: Robexgold.com. These reports and other documents produced by the Company are also available at Sedar.com.
The technical information presented in this press release has been validated by Mr. Antoine Berton, P.Eng., Ph.D., metallurgist from Soutex, a consulting firm in metallurgy and ore processing permanently present at the Nampala site.
This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(1) Cash flow from operating activities excludes changes in non-cash working
FOR FURTHER INFORMATION PLEASE CONTACT:
Robex Resources Inc.
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