Business
Dynacor Gold Mines Inc. reports record gold sales of 8.27 million dollars in Q2 2008
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, Aug. 25 /CNW Telbec/ - Dynacor Gold Mines Inc. (Dynacor\nTSX:DNG) is pleased to announce record gold sales of 8.27 million dollars as\nwell as its financial results for the 2nd quarter of 2008. The consolidated\nfinancial statements (all currency figures appear in Canadian dollars unless\notherwise specified) along with the management's discussion and analysis are\navailable for the viewing on the Dynacor's website at www.dynacorgold.com and\nthe documents have been filed with SEDAR at www.sedar.com.\n\n\nHighlights for the three-month and the six-month periods ended June 30,\n2008\n\n\n- Gold sales of 8,710 ounces at an average price of US$894 per ounce and\n total gold sales of 15,976 ounces for the first six months of 2008.\n- Gross earnings of $1,109,342 for the three-month period ($1,834,939 for\n the six-month period ending June 30, 2008).\n- Net earnings of $33,301 for the three-month period and net earnings of\n $261,901 for the six-month period.\n- Working capital of $4,245,367 (June 30, 2008).\n- Cash and cash equivalents of $1.4M (June 30, 2008).\n- For the three-month period ended June 30, 2008, investments amounted to\n $416,458 ($227,678 in exploration (Tumipampa) and $188,780 in capital\n assets for Acari) and $703,392 for the six-month period.\n\n\nSales\nGold sales are summarized as follows:\n\n Three-month Six-month\n period ended period ended\n June 30, 2008 June 30, 2008\n\nSales of gold (ounces) 8,710 15,976\n ------------- --------------\n ------------- --------------\n\n $ $\nSales 8,269,690 14,980,122\nCost of sales 7,054,413 12,965,588\n ------------- --------------\n ------------- --------------\n\nGross earnings before amortization 1,215,277 2,014,534\nAmortization 105,935 179,595\n ------------- --------------\nGross earnings 1,109,342 1,834,939\n ------------- --------------\n ------------- --------------\n\nTotal gold production came from the purchase of ore from local producers.\n\n Three-\n month period\n ended on\n June 30, 2008\n\n$US/ounce\n Average selling price 894\n Average cash cost 765\n --------------\n --------------\n Margin before amortization 129\n --------------\n --------------\n\nOperating Activities for the three-month period ended June 30, 2008\n\nThe Company recorded net e...