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RNC Minerals revenue rises nearly 75% on record gold mining output in Australia

A high-grade gold discovery generated sufficient cash to eliminate more than $30 million in long-term and convertible debt
Gold bars and the Canadian flag
Gold production of 31,360 mined gold ounces set a quarterly production record, tripling from the period a year earlier

RNC Minerals Corp (TSE:RNX, OTC:RNKLF) said Tuesday that its third-quarter revenue rose almost 75% as the miner reported record gold mining output at the Beta Hunt Mine in Western Australia.

Gold production of 31,360 mined gold ounces set a quarterly production record, tripling from the period a year earlier. The mined grade increased to 6.67 grams per ton from 2.34 grams per ton.

READ: RNC Minerals posts 60% increase in gold output at Beta Hunt mine in Australia

For the quarter, revenue rose to $43 million from $25 million. The net loss narrowed to $7.5 million from $12 million. For the nine months ended September 30, adjusted earnings before interest, tax, depreciation and amortization climbed to $11 million from $1.2 million. Mined gold production at the Beta Hunt Mine in Western Australia surged to 31,360 mined gold ounces.

"The third quarter was transformative for both RNC and the Beta Hunt Mine,” President and CEO Mark Selby said in a statement.

He added that a major high-grade discovery in the Father’s Day Vein generated sufficient cash to eliminate more than $30 million in long-term and convertible debt.

The company said Monday that a second drill has arrived at the Beta Hunt Mine to target the sediment layer in the Western Flanks structure.

--This story has been updated to correct the Ebita figure to $1.2 million. The company had previously provided a figure of $1.4 million.

Contact Dennis Fitzgerald at [email protected]

 

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