Business
Diamond Fields Reports Second Quarter Results
Diamond Fields Reports Second Quarter Results.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\n\nSYMBOL: DFI\n\nVANCOUVER, Feb. 17 /CNW/ - Diamond Fields International Ltd. (TSX:DFI)\n(\"DFI\" or the Company\") announces results for the period ended December 31st,\n2005.\nNet loss for the six months ended December 31, 2005 was $(2,894,106) or\n$(0.03) per share, compared with a net earnings of $362,172 or $0.00 per share\nin 2004. All revenue for the six months ended December 31, 2005 resulted from\nthe sale of diamonds held in inventory or recovered during operations. A total\nof 7,846 carats were sold at an average price of approximately $183 per carat\ngenerating revenue of $1,431,911. Comparatively, the Company sold 26,250\ncarats in the six months ended December 31 2004 at an average price of $205\nper carat generating revenue of $5,391,621. Production, royalty and selling\nexpenses associated with the sale of inventory totaled $2,324,888; whereas,\nthese operating costs for the same period in 2004 were $2,490,067. The higher\ncosts in 2004 resulted from higher production and the terms of the contract\nmining agreement with Samicor Mining (Pty) Ltd. The Company generated an\noperating loss of $(892,977) for the quarter ended December 31, 2005 compared\nwith $2,901,554 for the quarter ended December 31, 2004. Factors contributing\nto the loss included downtime due to equipment failures on the mv DF\nDiscoverer, along with weather delays, a port call for refueling, and the\nunpredictable grade of the resource.\nThe Company incurred general and administrative expenses of $2,043,621\nduring the six months ended December 31, 2005 compared to $1,759,626 during\n2004. Included in these amounts are financing fees and interest, which have\nincreased due to the ship acquisition loan with Quest Capital Corporation and\nthe note payable. The Quest Capital loan was repaid in full in November, 2005\nwith funds raised from the Company's private placement closing, announced on\nNovember 7th, 2005. Office expense increased as a result of the Company's\nexpanded operations. Stock based compensation decreased due to the graded\nvesting of the Company's stock option plan.\nThe complete report of the Company's unaudited financial statements and\nrelated notes for the second quarter period ended December 31, 2005, together\nwith Management's Discussion and Analysis, have been filed on SEDAR and are\navailable at www.sedar.com and ...