Calissio Resources Group Inc (OTCMKTS:CRGP) provided update on its activities as the Testing phase at the San Pedro Mill comes close to completion. On March 11, the company reported that upgrades to Mill have been finished and now it intends to begin testing process at the new facility. As per the update, the mill capacity has been expanded to 200 tons a day from 120 tpd.
The expert comments
Adam Carter, the President and CEO expressed that the management is thrilled with development of testing process at recently upgraded San Pedro Mill, and the efforts are made to ramp up full production. So far, assessment process has been well, and Calissio team is confident of achieving its goals as planned. Also he added that with the trenching plan making good progress at Cobre El Desvan, the first quarter of 2015 has been successful for the company.
Calissio released its quarterly numbers back in February and reported 21.6% sequential growth in gross profit before taxes and general expenses. The production in fourth quarter jumped 28.2% over the same quarter last year. The company reported impressive growth of over 700% both in gross profit and production compared to FY2013. The profitability and production is expected to grow in FY2015, supported by exploration and facility expansion completed in 1H2014.
Expressing his opinion on the performance, Carter further added that entire team is proud of achievements recorded in FY2014, with production and earnings reporting strong growth for four successive quarters. Calissio management focus will remain on exploration activities, production and supply to extend services in Mexico. Calissio is a low cost producer and therefore will continue with its growth even in declining commodity prices.
In last trading session, the stock price of CRGP surged more than 6% to close the trading session at $0.0500. The gain came at a share volume of 350,627 compared to average share volume of 313,817.