Published On: Sun, Aug 31st, 2014

Majestic Gold Corp. (OTCMKTS:MJGCF): 3Q14 Financial and Operational Results

Majestic Gold Corp. (OTCMKTS:MJGCF) recently announced its 3Q14 financial and operational results for the period ended June 30, 2014. The company also filed the condensed consolidated Interim Financial Statements and related Management Discussion and Analysis with the SEDAR and is also available on its corporate website. The company reported net year over year decrease in 3Q14 gold production which amounted to 4,269 ounces as compared to 5,119 ounces in 3Q13. During nine-month period, total gold production increased slightly to 14,824 ounces in 2014 as compared to 14,769 ounces in 2013.

Majestic Gold Corp. (OTCMKTS:MJGCF)’s gold sales revenue in 3Q14 was $8.6 million as compared to revenue of $3.3 million in 3Q13. The company reported total 3Q14 sales of 6,590 ounces, at an average realized gold price of $1,311 per ounce, as compared to the sale of 2,251 ounces, at an average realized gold price of $1,470 per ounce, in 3Q13. During nine-month period, gold sales revenue increased to $19.8 million in 2014 as compared to $15.8 million in 2013. The company reported total sales of 14,950 ounces, at an average realized gold price of $1,322 per ounce, during the nine-month period of 2014 as compared to total sales of 9,734 ounces, at an average realized gold price of $1,621 per ounce, during the same prior year period.

Majestic Gold Corp. (OTCMKTS:MJGCF) reported gross profit of $0.5 million for 3Q14 as compared to $0.9 million for 3Q13. During nine-month period, gross profit of the company decreased to $3.1 million in 2014 as compared to $5.4 million in the same prior year period. The company’s general and administrative expenses were significantly lower during 3Q14 at $0.8 million as compared to $1.9 million in 3Q13. For nine-month period, the company reported general and administrative expenses of $4.7 million in 2013 as compared to $5.6 million during the same prior year period. The company reported net loss of $(0.97) million and $(3.25) million for 3Q14 and nine-month period of 2014 as compared to $(1.66) million and $(2.78) million, respectively, during the comparative periods of 2013.

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