Exco has released its Half Year Report for the period ending 31 December 2010.

 

Highlights include:

 

• Exco generated $30m of revenue from gold sales during the six months at an average price of $1,363/oz.

• Total cash costs for the six months (including waste mining costs) were $459/oz with costs for the December quarter at $289/oz reflecting improving ore to waste ratios

• Exploration and Evaluation expenditure on our Queensland portfolio for the six months amounted to $5.7m as compared to $1.8m for the comparable period last year.

• Shareholders interests in the balance sheet have increased to $76.1m compared to $60.2m at 30 June 2010.
  
  All accumulated losses have been recovered.
  
  

• A maiden operating cash-positive quarter was recorded in December which resulted in a cash balance at the end of the six months of $13.7m.
  
  Since the repayment of the Barclays Capital financing in November, net cashflows have averaged $6m per month.
  
  At the end of February cash balances were $25m

• Ounces poured at White Dam (100%) for the six months totalled 38,053 reflecting rate of production levels 50% higher than the life of operation target rate.

• Production for January and February was 19,738 ounces, 100% above the life of operation target rate.
  
  

• Cash costs continue to trend below $500/oz since the half year.

To download a complete copy of the report, please click on the following link:

 

http://www.excoresources.com.au/investors-center/asx-announcements.aspx