Gold One has reported a 21% increase in quarterly gold production and a operating cash flow of $7,3 million for the quarter ending March 31st 2010.
The company says it continues to ramp up production at its flagship Modder East mine.
Included in the quarterly highlights are gold recoveries increased up by 4.3% to 96% for the quarter.
It’s also reported a positive outcome to Ventersburg scoping study.
Revenue for the company for the quarter was US$ 14.4 million, and cash operating costs were million US$ 7.1 million,
resulting in an operating cash flow of US$ 7.3 million.
Development and capital expenditure for the quarter for both Modder East and Sub Nigel was million US$ 5.6 million. Cash on hand at the end of the quarter was million US$ 8.9 million. The company paid US$ 4.2 million toredeem convertible bonds while also paying interest on the bonds for the quarter of around US$ 1.3 million. Excluding the payments made in respect of the convertible bonds, Gold One was cash flow positive during the quarter. Gold One has made good progress in refinancing the company's convertible bond.
One South African bank and one international bank have been shortlisted to finalise and implement a facility on a syndicated basis, and it is anticipated that final credit committee approved term sheets will be in place by the end of May 2010.
