Santacruz Silver Mining Ltd. (TSXV:SCZ) provided an update on its operations during the second quarter of 2013, commenting that although it hit some snags in achieving its production goal at the Rosario mine, it still anticipates that the mine will be cash-flow positive by the fourth quarter of this year.
Arturo Préstamo, president and CEO of Santacruz, commented:
During our first quarter of production at the Rosario Mine, we have taken a definitive step towards our goal of achieving full operating capacity of 500 tons per day by the end of Q1 2014. Nonetheless, we encountered a number of temporary short-term production challenges. Our operational team has met these start-up challenges head on and continues to work pro-actively towards our production goal. We fully expect these initiatives to become more apparent in subsequent quarterly results while at the same time maintaining a strong treasury.
For the duration of 2013, the Rosario Mine will be in a ramp-up mode. I want to commend our operations team, led by our COO, Francisco Ramos, for constructing the Rosario milling facility on time and on budget, and for the team’s continued effort to achieve our production target. We anticipate that the Rosario Mine will be cash flow positive by Q4 2013.