Business
Dynacor Gold Mines Inc. reports record net earnings of more than $297,000 in Q3 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)\nSymbol: DNG\nToronto Stock Exchange (TSX)\n\n\nMONTREAL, Nov. 17 /CNW Telbec/ - Dynacor Gold Mines Inc. (Dynacor\nTSX:DNG) is pleased to announce record net earnings exceeding $297,000 as well\nas its financial results for the 3rd quarter of 2008. The consolidated\nfinancial statements (all currency figures appear in Canadian dollars unless\notherwise specified) along with management's discussion and analysis are\navailable on Dynacor's website at www.dynacorgold.com and the documents have\nbeen filed with SEDAR at www.sedar.com.\n\n\nHighlights for the three-month and the nine-month periods ended September\n30, 2008\n\n\n- Net earnings of $297,528 for the three-month period ended September 30\n and of $559,429 for the nine-month period;\n- Gold sales increased by 27% to reach 9,508 ounces (as compared to 7,478\n ounces in Q3 2007);\n- Sales of $8,379,445 for the three-month period ended September 30,\n 2008, for a total of $23,359,567 since the beginning of the year.\n- Working capital of $3,889,346 as of September 30, 2008 ($713,114 as of\n September 30, 2007)\n\nSales\nSales are summarized below:\n\n For the For the For the For the\n three-month three-month nine-month period from\n period ended period ended period ended May 1 to\n September 30 September 30 September 30 September 30\n 2008 2007 2008 2007\n\n\nGold sales\n (ounces) 9,508 7,428 25,484 11,050\n ------------ ------------ ------------ ------------\n\n $ $ $ $\nSales 8,379,445 5,237,366 23,359,567 7,763,517\nCost of sales 7,383,706 4,774,227 20,349,294 7,089,693\n ------------ ------------ ------------ ------------\n\nGross earnings\n before amortization 995,739 463,139 3,010,273 673,824\nAmortization 75,135 67,226 254,730 67,226\n ------------ ------------ ------------ ------------\nGross earnings 920,604 395,913 2,755,543 606,598\n ------------ ------------ ------------ ------------\n ------------ ------------ ------------ ------------\n\n\nTotal gold production came from custom milling of gold ore purchased from\nmany local producers.\n\n For the For the For the For the\n three-month three-month nine-month period from\n period ended period ended period ended May 1 to\n September 30 September 30 September 30 September 30\n 2008 2007 2008 2007\n\n$CA/ounce\n\nAverage selling price 868 690 899 677\nAverage cash cost 751 633...