Primero ringing the bell at the New York Stock Exchange

Primero ringing the bell at the New York Stock Exchange

Joseph Conway’s Primero Mining (P:TSX) announced its Q2/2013 results this morning and they were impressive.  The company was able to achieve what most junior gold producers do not these days; to deliver solid results and raise production guidance for the year.  Primero produced over 39,000 ounces at $551/oz Au-Eq (gold equivalent) cash costs.  On the back of these results the company raised guidance from 120 to 130,000 ounces to 125 to 135,000 ounces with consistent cash cost estimates of between $620 and $640/oz Au-Eq.  The company delivered adj. EPS of $0.16, above the consensus estimates of $0.12.  Primero has $130 million in cash on the balance sheet and is continuing with its expansion of the San Dimas mill from 2,150tpd to 2,500tpd which is expected to be completed by Q4/2013 with a decision on whether they will expand further to 3,000tpd coming before that.  Watch for the Cerro Del Gallo production decision in Q4/2013 as well.

News Release here: Primero Deliver Second Quarter Results and Raises Production Guidance