Rns...1 Oct 2013 10:30
Unaudited Financial Highlights: 12 months 12 months
ended August ended August
2013 2012
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Revenue (GBP'000) 39,080 54,925
EBITDA (GBP'000) (5,486) (1,548)
Cash (used) / generated from operating activities
(GBP'000) 193 6,257
Underlying operating (loss) (GBP'000) (12,304) (6,598)
Cash cost per ounce shipped (US$/ounce) 1,606 1,643
Average realised gold price (US$/ounce) 1,533 1,644
Basic loss per share (pence) (10.45) (7.81)
Capital Investment (GBP'000) 13,884 16,063
Cash and Cash equivalents (GBP'000) 635 2,437
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David Paxton, CEO of Vatukoula Gold Mines, commented:
"During the last twelve months we have embarked on controlling costs and setting the foundation for future growth. While we finalised the long-term financing announced on 12 August, Q4 production remained at a restricted rate. Nonetheless our continued cost controls and higher grades delivered from underground lowered our cash costs per ounce by some 23% over Q3
Once the Zhongrun agreement has completed we will be able to deliver our Company strategy to grow our production to sustainable and profitable level and we expect to see the effect of this investment filter through to increases in production in the six months following the completion of the investment with our long term production target being achieved in the 12 months after"
Operating Results