Mako Mining (TSXV: MKO) this morning released preliminary first quarter results, highlighted by the production of 12,228 ounces of gold as well as 12,740 ounces of silver.
The production results come solely from Mako’s flagship San Albino operation in Nicaragua, with the mine milling on average 608 tonnes per day. Recoveries were stated to sit at 85.3% over the course of the quarter, with gold grades averaging 7.10 g/t, and silver grades averaging 7.40 g/t.
Gold sales across Mako’s entire operations, including the newly acquired Moss Mine, are said to have totaled 10,817 ounces, leading to record gold revenue of $31.5 million. Sales includes 9,881 ounces sold from the San Albino mine at an average price of $2,898 an ounce, as well as 936 ounces sold from the Moss Mine, at an average of $2,997 per ounce.
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The sales figures are said to exclude 605 ounces sold by the Moss Mine prior to the completion of Mako’s acquisition of the operation.
Mako is said to have a cash position of $14.2 million as of April 14, following a $4.0 million tax payment, and an interest payment of $0.3 million to Wexford. The company meanwhile expects to receive $1.5 million later this month from the release of collateral at the Moss Mine, and $1.0 million from the Sailfish Silver option exercise.
Mako Mining last traded at $4.55 on the TSX Venture.
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