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Apex Reports 281% Higher Net Income

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MANILA, Philippines – Apex Mining Co., Inc. (PSE:APX) reports its financial health for the first nine months of 2016 showing a 281 percent higher consolidated net income from P76 million to P291 million against last year of same record. Alternatively, Parent Company registered 141 percent higher net income at P323 million.

The third quarter’s consolidated net income is valued at P158 million, which is a reversion of over P163 million from P5 million net loss in the same period last year. On the other hand, Parent Company’s third quarter net income increased from P26 million to P166 million.

The operations yield of Maco mine pursues higher income with an average of over 1,450 tonnes of ore daily in the third quarter. Although the average generation is lower than its goal of 1,500 tonnes daily, the measure is 12 percent higher than its initial average of 1,295 tonnes daily.

The production of gold had a new record level, which is 33 percent higher than its last year’s 30,995 ounces output at 41,123 ounces this year. Silver output reached 232,201 ounces, which is a 41 percent climb from last year. This year, there are lower ore grades at 4.83 grams of gold for every tonne and 31.53 grams of silver per tonne. Last year, it was recorded that there are ore grades of 5.69 grams of gold per tonne and 33.96 grams of silver per tonne.

The average nine-month value of gold is $1,300 per ounce in the third quarter. However, Maco production was valued at $1,275 per ounce, which is faintly higher than last year’s record of $1,192. Silver prices have an average of $18 per ounce this year, which is higher than its last year record of $16 per ounce in the nine-month period.

The stronger prices have pulled the revenue by 49 percent during the three quarters of 2016. From P1.8 billion last year, the nine-month period registered P2.7 billion. The full year revenue of 2015, which is P2.4 billion, has already been exceeded by Apex.

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