Banks Island Gold Ltd. Reports Audited Earnings and Operating Results for the Year and Cash Flow Results for the Fourth Quarter Ended February 28, 2015
June 29, 2015 at 08:30 pm EDT
Banks Island Gold Ltd. reported audited earnings and operating results for the year and cash flow results for the fourth quarter ended February 28, 2015. For the year, the company reported net revenues of $3,954,145, after metal deductions and concentrate charges. During that period the company recorded cost of sales of $4,969,674 for a loss from mine operations of $1,015,529. The cost of sales figures included non-cash costs for depreciation and depletion and share-based compensation of $1,230,216 and adjusted for these two non-cash amounts the company recorded a positive gross margin of $214,687.
For the quarter, the company reported positive cash from operating activities of $789,000.
The company began producing saleable concentrate in February, 2014 to the end of May, 2015, the company has produced an estimated 19,087oz of gold and 54,967oz of silver metal contained in concentrate.