13 May 2013 07:00
Revenues for Q1 were in line with the guidance previously announced. All of the revenue generated in Q1 originated from our joint venture with MET-SIN.
Costs of production increased from those in Q4 2012 due to the cumulative effect of temporarily lower gold grades from ore produced while completing mine development work, decreasing metal prices, and the impact of foreign exchange due to the appreciation of the Mexican Peso against the US Dollar. Gold grades have now improved since completion of development work post period end and these should be reflected in the results for Q2 2013.
Commenting today, David Newton, CEO of VANE said: "The increase in tonnes of ore processed is encouraging and demonstrates consistency of production. Despite the recent decline in commodity prices, we are confident that our Mexican business will continue to make a positive cash contribution."
Kristopher K. Hefton, BSc Geology, Chief Operating Officer VANE Minerals plc who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies, has reviewed and approved the technical information contained within this announcement.
For further information, please contact:
VANE Minerals Plc | +44 (0) 20 7667 6322 |
David Newton CEO VANE Minerals plc | |
Allenby Capital (Nominated Adviser & Joint Broker) Jeremy Porter/Alex Price | +44 (0) 20 3328 5656 |
Northland Capital Markets (Joint Broker) Louis Castro | +44 (0) 20 7796 8821 |
Bankside Consultants |
+44 (0) 20 7367 8888 |
Simon Rothschild