Press Release: Dynacor Gold Mines Inc.
RELATED QUOTES
| Symbol | Price | Change |
|---|---|---|
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MONTREAL, QUEBEC–(Marketwire -11/14/11)- Dynacor Gold Mines Inc. (“Dynacor” or the “Company”) (TSX:DNG.TO – News) today reported its financial results for the third quarter ended September 30, 2011. The unaudited condensed interim consolidated financial statements along with management’s discussion and analysis are available on the Company’s website www.dynacorgold.com. The documents have been filed electronically with SEDAR at www.sedar.com. All amounts are in U.S. dollars unless otherwise indicated.
The Company’s ore processing activities in Peru continue to offer a strong performance. During the third quarter, sales amounted to $20.0 million for cumulative total sales of $52.8 million for the nine-month period ended September 30, 2011 compared to $12.6 million and cumulative sales of $27.5 million for the same periods in 2010, an increase of 58.7% and 92.0% respectively over 2010.
During the quarter, Dynacor sold 11,121 ounces of gold compared to 9,977 ounces in the third quarter of 2010, an increase of 11.5%.
Q3-2011 Highlights
-- Total sales of $20.0M during the quarter ($12.6M in Q3-2010); -- Net earnings of 0.05 per share (Net loss of $0.03 per share in Q3-2010) -- Adjusted EBITDA of $2.4M (loss of $0.1M in Q3-2010); -- 16,575 MT (metric tonne) processed (33% increase over the 12,464 MT in Q3-2010); -- 11,134 ounces of gold produced during the quarter for a cumulative of 32,868 ounces in 2011 (10,576 ounces in Q3-2010 and cumulative of 23,047 ounces in 2010); -- Gross margin before depreciation of $256 per ounce ($228 per once in Q3- 2010); -- Operating income of $2.0M (cumulative of $5.1M in 2011) ($1.5M in Q3- 2010 and cumulative $2.7M); -- Adjusted net income of $1.3.M in Q3-2011 compared to an adjusted net loss of $0.8M in Q3-2010.
During the quarter ended September 30, 2011, Dynacor generated a net income of $1.8 million or $0.05 per share, compared to a loss of ($0.8 million) ($0.03 per share) in Q3-2010. The increase in net income for the quarter ended September 30, 2011 is a result of the increase of its gross operating margins explained by higher gold sales price and increased production. The net income also includes a non-cash gain on revaluation of warrants of $0.4 million. In 2010, the Company had recorded a $1.6 million provision on Peruvian sales receivable withheld which had contributed to the Q3-2010 loss.
Q3 FINANCIAL HIGHLIGHTS
For the three-month For the nine-month periods ended periods ended September 30, September 30, (in $'000) 2011 2010 2011 2010
