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October 30, 2014

Bisha Mining Announces Q3 2014 Operating Results

 

Bisha Mining Share Company (BMSC) is pleased to report financial and operating results for the three and nine months ended September 30, 2014. 

Third Quarter 2014 Highlights

  • Produced 56.4 million pounds copper in the quarter, (19% increase over Q2)

  • Achieved industry lowest quartile C1 cash costs of $1.07 per pound

  • Announced successful drilling results confirming a VMS district in and around Bisha

  • Zinc plant expansion on track for 2016 start-up

  • Achieved a safety milestone of over three years without a lost time injury



 

Q3 2014

Q2 2014

Q1 2014

YTD 2014

 

 

 

 

 

 

 

Revenues (millions)

$

147.9

$

169.2

$

99.2

$

416.3

 

 

 

 

 

 

Mining – copper:

 

 

 

 

Ore mined, tonnes(1)(2)(3)

481,000

697,000

487,000

1,665,000

Waste mined, tonnes

2,707,000

2,719,000

3,471,000

8,897,000

Strip ratio, (using tonnes)

5.6

3.9

7.1

5.3

 

 

 

 

 

Processing – copper:

 

 

 

 

Ore milled, tonnes

477,000

386,000

353,000

1,216,000

Copper feed grade, %

6.3

6.6

6.1

6.3

Recovery, % of copper

85.6

84.6

83.5

84.7

Copper concentrate grade, %

27.2

27.1

28.8

27.6

Copper in concentrate produced, millions of pounds

56.4

47.4

34.0

143.5

Copper in concentrate produced, tonnes

25,600

21,500

18,000

65,100

Payable copper sold, millions of pounds(4)

49.8

51.5

34.0

135.3

Payable copper sold, tonnes(4)

22,600

23,400

15,400

61,400

Copper price realized. per payable pound sold

$

2.98

$

3.21

$

3.01

$

3.08

C1 cash cost per payable pound sold

$

1.07

$

1.05

$

0.98

$

1.04

(1)  Ore tonnes mined for the three month period ended March 31, 2014 included 91,000 tonnes of oxide ore including pyrite sand, 382,000 tonnes of supergene ore and 14,000 tonnes of primary ore.
(2)  Ore tonnes mined for the three month period ended June 30, 2014 included 126,000 tonnes of oxide ore including pyrite sand, 531,000 tonnes of supergene ore and 40,000 tonnes of primary ore.
(3)  Ore tonnes mined for the three month period ended September 30, 2014 included 1,000 tonnes of oxide ore including pyrite sand, 426,000 tonnes of supergene ore and 54,000 tonnes of primary ore.
(4)  Q1 2014 included 4.5 million pounds (Q4 2013 – 30.6 million pounds) of pre-commercial production. Receipts from pre-commercial production sales were credited against mineral property, plant and equipment, net of cost of sales.

 

Cliff Davis, BMSC Chairman, commented, “We are pleased to report strong performance by the Bisha plant and in the trucking logistics as the Bisha ore body continues to deliver continued high grade copper feed.  Monetizing our working capital including accounts receivable from our customers and the copper concentrate in finished goods will be our short term objective so as to have a strong finish to the year.  In the longer term, another major focus is to ensure our zinc plant is commissioned on time and on budget so as to capitalize on expected strong zinc prices.”

Forward Looking Statements: The above contains statements regarding future gold and copper production, mine operations, and process recoveries.  Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved.  Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.  The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future.

 

Bisha Mining Share Company

“Cliff T. Davis”

Cliff T. Davis
Chairman