Business
Dynacor Gold Mines Inc. reports net earnings in its third quarter 2007
Dynacor Gold Mines Inc. (dynacor gold) Symbol: DNG Toronto Stock Exchange
About this update from Dynacor Group Inc
[{"type":"text","content":"\n\n\n\nDynacor Gold Mines Inc. (dynacor gold)\n\n\nSymbol: DNG\n\n\nToronto Stock Exchange\n\n\nMONTREAL, Nov. 15 /CNW Telbec/ - Dynacor Gold Mines Inc. (TSX: DNG) is\npleased to announce that for the third quarter ended September 30, 2007, the\nCompany reports gross earnings of $443,280, and net earnings of $185,953,\ngenerated from gold sales.\n\n\nRespectively, for the nine-month period ended September 30, 2007, Dynacor\nreports gross earnings of $614,598, and net earnings of $143,190.\n\n\nDynacor Gold Mines acquired from Malaga inc., through an agreement dated\nMay 1, 2007, all the issued and outstanding shares of Minera Dynacor del Peru\nS.A.C, a wholly-owned Peruvian subsidiary of Malaga inc., as well as the gold\nassets of Malaga inc. held by the Peruvian subsidiary. Therefore, Dynacor did\nnot have any activities prior to May 1, 2007, thus having an impact on the\nresults for the nine-month period.\n\n\nDynacor Gold reports its financial results for the three-month period\nended September 30, 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.dynacor.com, and the documents have been filed with\nSEDAR at www.sedar.com.\n\n\nSUMMARY OF FINANCIAL RESULTS FOR THE THIRD QUARTER 2007\n\n\n- Dynacor Gold generated a positive cash flow of $355,484 from operating\n activities in Q3 2007, whereas it utilized $467,107 for the nine-month\n period ended September 30, 2007. The utilization is due to the variance\n in non-cash working capital items.\n\n- Revenue generated from the sale of gold is $5,237,366 for the\n three-month period ended September 30, 2007. Revenue generated from the\n sale of gold for the nine-month period ended September 30, 2007 is\n $7,763,517.\n\n- Gold sales deriving from custom milling, at the Acari plant, reached a\n record level of 7,478 ounces for the three-month period (its subsidiary\n produced 3,200 ounces in Q3 2006). Sales were 11,050 ounces for the\n nine-month period ended September 30, 2007 (five months of activities\n are included since the acquisition of Minera Dynacor del Peru S.A.C).\n\n- The average sale price was US$658 per ounce for the three-month period,\n and US$656 per ounce for the nine-month period...