Monday, August 9, 2010

Allied Nevada Gold - Profit In Q2

Allied Nevada Gold Corp. (ANV: News , ANV.TO) announced financial results for the second quarter, posting net income of US$20.8 million or US$0.26 per share, compared to a net loss of US$6.9 million or US$0.12 per share in the prior year quarter.
Revenue from gold sales for the period was US$35.9 million, compared to US$3.7 million in the previous year period. Total revenue for the quarter was US$37.1 million, compared to US$3.8 million in the asme period last year.
Further, for the fiscal year 2010, the company said it expects to mine approximately 29 million tonnes of material, including approximately 11 million tonnes of ore at an average grade of 0.56 g/t gold and 9.7 g/t silver. The company reiterated its guidance of 100,000 ounces of gold sales at a cost of sales per ounce of gold sold of between US$400-US$450 for 2010.

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