Vane Minerals delivers 74 per cent leap in Q4 revenue

AIM-listed copper, gold and silver mining company Vane Minerals has posted a 74 per cent rise in its fourth quarter revenue, prompting the share price to rise by a third on Wednesday morning.

The group said revenue for the three month period rose from $1.39m to $2.41m quarter-on-quarter.

Direct production costs fell 14.2% in the period to $688 per ounces of gold equivalent and $13.2m per ounce of silver equivalent.

Over the three months 1,154 ounces of gold and 17,830 ounces of silver were produced, compared to 979 ounce gold and 19,100 ounces of silver in the third quarter.

The average recovery rate was 79.5% for gold and 77.7% for silver, against 76.8% and 76.5% respectively in the previous quarter.

David Newton, the Chief Executive Officer of VANE said: "These results are very pleasing and demonstrate the consistency of production and revenues that are being generated. We look forward to 2013 with confidence and expect our Mexican business to continue to perform strongly as a result of the increase in processing capacity."

The share price rose 33.33% to 0.90p by 10:03.

NR