Pacific Coal Resources Ltd. announces Financial Results for the Second Quarter of 2011 and Conference Call

About this update from Canter Resources Corp

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 29, 2011 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)\n announced today the release of its unaudited interim consolidated\n financial results for the three and six months ended June 30, 2011,\n together with its Management's Discussion and Analysis. These documents\n will be available on the Company's website at www.pacificcoal.ca and at www.sedar.com.\n\n\nLuis Carvajales, the Company's Chief Executive Officer, commented, \"The\n second quarter results represent considerable progress made at our La\n Divisa Cerro Largo mine as we completed the implementation of the\n integrated mine plan. Cerro Largo's contribution will have a positive\n impact on our production and revenues for the balance of the year. We\n are pleased to be on track to meet our production target of 1.8 million\n tonnes this year.\"\n\n\nFor the second quarter ended June 30, 2011, the Company reported\n revenues of $35.5 million, due to the production and sales at the\n Company's La Caypa and La Divisa (\"Cerro Largo\") mines, including sales\n of coal purchased to third parties. During the second quarter of 2011,\n the Company sold 376,332 tonnes of coal and produced 307,528 tonnes of\n coal.\n\n\nSelected Highlights\n\n\n \n\n\nThree months ending June 30, 2011\n\n\nSix months ending June 30, 2011\n\n\nTonnes produced\n\n\n307,528\n\n\n669,300\n\n\nTonnes sold\n\n\n376,332\n\n\n757,200\n\n\n(in US$ millions)\n\n\n \n\n\n \n\n\nRevenue\n\n\n35.5\n\n\n72.4\n\n\nEBITDA                                             \n\n\n(1.7)\n\n\n1.9\n\n\nNet income (loss)\n\n\n(8.8)\n\n\n(47.5)\n\n\nTotal assets\n\n\n383.1\n\n\n \n\n\nLong-term debt\n\n\n9.0\n\n\n \n\n\nShareholders' equity\n\n\n271.8\n\n\n \n\n\nProduction from Cerro Largo, prior to the acquisition by the Company on\n March 29, 2011, was 110,875 tonnes in the first quarter, with total\n production at Cerro Largo for the first six months of 2011 at 125,730\n tonnes of which 14,855 belong to the Company. During the second quarter\n of 2011, the Cerro Largo operation was principally dedicated to mine\n development, and completing the ...

More updates from Canter Resources Corp