Mexico-focused gold and silver miner Vane Minerals says that its fourth quarter revenues were 74% higher than the third quarter.
The revenues grew from $1.39m to $2.41m, while production costs, helped by higher average grades and recovery rates, fell 14% to $688/ounce of gold equivalent. The fourth quarter revenues are still slightly lower than the first and second quarter revenues. Full year revenues were $10.2m.
There were 1,154 ounces of gold and 17.830 ounces of silver produced in the fourth quarter. Production capacity has been increased by one-fifth.
At 0.82p a share, up 22%, Vane is valued at £3.65m.
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