Australian exploration company, Norseman Gold says it produced 14.114 ozs of gold in the three months to 31 March 2010 at a cash operating cost of A$990 per oz, generating a profit of A$0.7m.
This compares with production in the same period last year of 15,721 ozs, an operating cost of A$933 per oz and a profit of A$1.2m.
The cash balance at the end of the period was A$21.7m ( Q1 2009 A$24.9m).
The Board admits that production for the quarter of 14,114 ozs was disappointing but in-line with the Company's revised guidance for the 2009/10 financial year of 65,000 ozs recovered at a cash cost of A$930 from the Bullen and Harlequin Declines.
The Company forecast for the 2010/11 financial year remains at 105,000 to 110,000 ozs recovered at cash costs of between A$670 to A$730 per oz of gold.
This increase in production is due to the anticipated increase in production from the OK Decline as it moves out of its development phase and into its production phase.
© 2010 BFNNews.com. All rights reserved
