Business
Dynacor Gold Mines Inc. reports net earnings for the year ended 2007
Dynacor Gold Mines Inc. (dynacor) Symbol: DNG Toronto Stock Exchange (TSX)
About this update from Dynacor Group Inc
[{"type":"text","content":"\n\n\n\nDynacor Gold Mines Inc. (dynacor)\n\n\nSymbol: DNG\n\n\nToronto Stock Exchange (TSX)\n\n\nMONTREAL, April 1 /CNW Telbec/ - Dynacor Gold Mines Inc. (Dynacor\nTSX:DNG) is pleased to announce its financial results for the fourth quarter\nand the period ended December 31, 2007. Highlights are:\n\n\n- production at the Acari plant, acquired on May 1st, 2007, reached a\n record level of 25,789 ounces of gold for the twelve-month period ended\n December 31, 2007;\n- gold sales reached a record of 19,322 ounces, (from May 1st, 2007 until\n December 31, 2007);\n- earnings before income taxes of $697,734 for the period;\n- net earnings per share of $0.03 ($0.02 fully diluted) for the period;\n- total assets amounting to $19.9 M;\n- shareholder's equity of $17.4 M; and\n- cash position of $2.0 M.\n\nDynacor acquired from Malaga Inc., through an agreement dated May 1st,\n2007, all the issued and outstanding shares of Minera Dynacor del Peru S.A.C,\na wholly-owned Peruvian subsidiary of Malaga Inc., as well as the gold assets\nof Malaga Inc. held by the Peruvian subsidiary. Therefore, Dynacor did not\nhave any activities prior to May 1st, 2007, thus having an impact on the\nresults for the eight-month period.\nDynacor reports its financial results for the fiscal year ended period\nended December 31, 2007 (all currency figures appear in Canadian dollars\nunless otherwise specified). The consolidated financial statements along with\nmanagement's discussion and analysis are available for viewing on the Dynacor\nGold Mines website at www.dynacorgold.com, and the documents have been filed\nwith SEDAR at www.sedar.com.\n\nSUMMARY OF FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR 2007\n\n- Revenue generated from the sale of gold is $6,501,288 for the\n three-month period ended December 31, 2007. Revenue generated from the\n sale of gold for the eight-month period ended December 31, 2007 is\n $14,264,805 (eight months of activities are included since the\n acquisition of Minera Dynacor del Peru S.A.C).\n- Net earnings of $243,000 for the three-month period ended December 31,\n 2007. For the eight-month period ended December 31, 2007, Dynacor\n reports gross earnings of $1,155,946, and net earnings of $386,358.\n- Gold production at the Acari plant, acquired on May 1st, 2007, reached\n a record level of 25,789 ounces for the twelve-...