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Thursday, 1 November 2012
Arian Silver says talks over new mill are positive
Arian Silver (LON:AGQCVE:AGQ) said today it expects to give an update on a new toll mill for its silver mine in Mexico "very soon".
Arian milled nothing in the three months to September following a dispute with the owner of the mill it used previously.
Jim Willliams, Arian's chief executive, today said: "The Q3 results are in line with expectations, reflecting the suspension to our milling operations.
"I am pleased with our ability to respond swiftly and decisively and this is reflected in the reduction of operating cash costs whilst we are not milling, from over US$1 million per month down to US$0.1 million per month.
"Discussions regarding the refurbished mill continue positively, and I hope to be able to provide a more complete update on this matter very soon," he added.
Revenue totalled $4.6 million in the nine months to Spetmber down from US$5.1 mln a year earlier, while the pre-tax loss was $1.2 million for the nine months down from US$10.5 mln. Working capital was US$2.2mln at end Septmber.
The new mill, which is located nearby on the outskirts of the city of Zacatecas, is currently expected to become operational during the current quarter.