SPOKANE, WA / ACCESSWIRE / January 8, 2018 / Goldrich Mining Company (OTC PINK: GRMC) (''Goldrich'' or the ''Company'') announces the 2018 budget for its Chandalar placer mine (''Chandalar'') in Alaska, as provided by our joint-venture partner NyacAU, LLC (''NyacAU'').
The Chandalar mine is owned by Goldrich NyacAU Placer, LLC (''GNP''), a joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich's 23,000-acre Chandalar gold project in Alaska. NyacAU acts as project manager.
The budget information provided by NyacAU to Goldrich is required under the terms of the GNP Operating Agreement. NyacAU has not provided Goldrich the supporting documents for GNP's budget and Goldrich has not reviewed the detailed assumptions and calculations used to prepare the budget.
The GNP budget states it is based on the plant running for 100 days at 20 hours per day. Subject to weather, the plant normally runs from June to mid-September of each year. In 2017, the plant ran from approximately June 1st to September 27th.
In addition to plant production days, the GNP budget anticipates a winter trail to transport additional equipment and supplies from February through approximately mid-April as well as winter mining crews to strip overburden. Included in the equipment GNP plans to transport are six additional haul trucks which will expand the total number of haul trucks at site from 12 to 18.
The GNP budget provided to Goldrich estimates total 2018 production will be approximately 21,000 ounces of fine gold and gives the following budget information:
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Actual* ($000)
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Budget**
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| 2015 |
2016
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2017
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2018
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Revenue
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$ | 4,308 | $ | 10,688 | $ | 15,558 | $ | 26,442 | ||||||||
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Cost of Sales
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$ | 9,232 | $ | 7,616 | $ | 11,138 | $ | 12,289 | ||||||||
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Operating Expenses
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$ | 1,104 | $ | 961 | $ | 958 | $ | 941 | ||||||||
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Depreciation/Amortization
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$ | 8 | $ | 104 | $ | 119 | $ | 17 | ||||||||
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Other Income (Expenses)
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$ | 1,068 | $ | 1,267 | $ | 887 | $ | 158 | ||||||||
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Mining Taxes & Royalties
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$ | - | $ | 67 | $ | 249 | $ | 1,304 | ||||||||
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$ | 11,412 | $ | 10,015 | $ | 13,351 | $ | 14,709 | ||||||||
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Net Income (Loss)
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$ | (7,104 | ) | $ | 673 | $ | 2,207 | $ | 11,733 | |||||||
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Ounces of fine gold produced
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3,827 | 8,226 | 12,340 | 21,154 | ||||||||||||
* Final numbers may change as Goldrich and NyacAU are currently in arbitration concerning certain accounting and expense items. Also, numbers shown above for 2017 will change as they include estimates for the last quarter of the year.
** Revenue is based on a gold price of $1,250 per ounce of gold.
About Goldrich Mining
Goldrich Mining (OTC PINK: GRMC) is a U.S. based resource company focused on developing the Chandalar gold district in Alaska, USA. The Company controls a land package spanning 23,000 acres of highly prospective gold targets and historic mines. Goldrich is focused on building shareholder value by monetizing placer assets, generating non-dilutive funds, and working towards building a lode gold mine at Chandalar in addition to the existing joint-venture placer gold mine already producing on site.
