Calissio Resources Group Inc (OTCMKTS:CRGP) announced update on its operations as the Testing stage at the San Pedro Mill approaches completion. It announced on March 11 upgrades to Mill were complete and that it intends to start testing at the new facility. The mill, which is based in Michoacan, has been expanded in capacity to 200 tons per day from 120 tpd.
The expert view
Adam Carter, the President and CEO said Calissio team is thrilled with planned testing process at upgraded San Pedro, and the management is ramping up full production. So far, evaluation process has been well, and the company is confident of things going as planned. Additionally, with the trenching plan advancing rapidly at Cobre El Desvan, the first quarter as a whole has been quite successful for the company.
Calissio reported 4Q2014 results in February. The gross profit before taxes and general expenses in 4Q jumped 21.6% over the previous quarter, while production surged 28.2% over the same period. For FY2014 gross profit and production both jumped by over 700% over 2013. Calissio expects earnings and production to surge in FY2015, following significant exploration and other facility expansion and development activities performed in 1H2014.
Expressing his views on the performance, Carter said that Calissio team is proud of its achievements for FY2014, with production and earnings growth for four consecutive quarters and a record year. The strategy is to stay concentrated on exploration growth, production and supply to extend footprint in Mexico. The company is positioned well for continued success, despite decline in commodity prices. The company is a low cost producer.
In last trading session, the stock price of Calissio declined more than 24% to close the trading session at $0.0470. The decline came at a share volume of 3.01 million compared to average share volume of 214,334.