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Alio Announces Cost-Cutting, Focus On Mine Operations

Kitco News

Alio Gold Inc. (TSX, NYSE AMERICAN: ALO) announces changes to focus on operating mines and reduce costs. The company recently announced the temporary suspension of exploration and development work at its Ana Paula project to focus efforts and capital allocation on its two operating mines, San Francisco and Florida Canyon. Against this backdrop, the vice president of project development and the project manager will be leaving the company at end of the month, Alio says. The company says it has taken steps to reduce costs at the Ana Paula project site while maintaining some local employment. "We have increased our knowledge of the project greatly over the last year and made significant improvements to the infrastructure which will make it simpler to resume work when we are in a position to do so," says Greg McCunn, chief executive officer. Also, Colette Rustad, chief financial officer, left the company last week, Alio says. Ian Harcus, currently corporate controller, has been appointed vice president for finance. The company adds that it has implemented a number of changes at its corporate office in Vancouver, which are expected to reduce overhead by some $1.2 million over the next 12 months.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Superior Gold Reports 2Q Profit On Higher Output

Tuesday August 21, 2018 08:31

Superior Gold Inc. (TSXV: SGI) reports swinging to a profit in the second quarter as output rose. Net income was $737,000, or a penny per share, after an $82,000 loss, or zero cents, in the second quarter of 2017. Excluding special items, adjusted income was $654,000, or a penny, compared to a loss of $213,000, or zero cents, a year ago. Record quarterly production of 25,608 ounces of gold was an increase of 46% from the same period in 2017. All-in sustaining costs were $1,098 per ounce sold, which was a drop of more than $300 per ounce from the prior quarter. Superior Gold is a Canadian producer that owns the Plutonic Gold operations in Western Australia. “We reached record production at the Plutonic Gold operations, since their acquisition in October 2016,” says Chris Bradbrook, president and chief executive officer. “Production during the quarter also represented a material increase relative to the first quarter of 2018 as underground mining activities returned to higher-grade zones and ramp-up of production continued to progress well at the Hermes gold mine.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

Equinox Completes Sale Of Koricancha Mill

Tuesday August 21, 2018 08:31

Equinox Gold Corp. (TSXV: EQX) says it has completed the sale of its interest in the Koricancha Mill in Peru to Inca One Gold Corp. (TSXV: IO). The transaction was announced in July, with the sale price put at C$16.3 million plus certain recoverable taxes.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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