Business
Dynacor Gold Mines reports record gold sales of 6.71 million dollars in Q1 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, May 22 /CNW Telbec/ - Dynacor Gold Mines Inc. (Dynacor TSX:DNG)\nis pleased to announce record gold sales of 6.71 million dollars as well as\nits financial results for the first 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\nQ1 2008 Highlights\n\n\n- Record gold sales of 6.71 million dollars at an average sale price of\n US$931 an ounce produced at an average custom milling cost of US$818;\n- Gross earnings of $799,257 (before amortization) and $725,597 (after\n amortization) and net earnings of $228,600 ($0.01 per share);\n- Cash and cash equivalents of $1,488,297 and a working capital of\n $4,490,273;\n- For the first time in its history the Acari plant attained a daily\n production capacity of 120t/day (a 100% increase since Q1 2006);\n- Drilling of the Tumipampa property continued at a fast pace and the\n Company expects to release these results during Q2\n\nOverall, during Q1 2008 Dynacor operated in a favourable environment that\nwas characterized by a buoyant gold market. Record gold sales were attained\nand the capacity of the Acari Plant was increased by 20% relative to Q4 2007.\nManagement is determined to pursue this expansion in the plant's capacity\nduring 2008. The Company also opened a new gold ore purchasing office in\nEspinar/Cusco some 770 km south of the Acari where many new gold mining\noperations have emerged in the last two years.\n\nOperating Activities\n\nThe Company recorded net earnings of $228,600, or earnings per share of\n$0.01. Gross earnings reached $725,597. Gross earnings were reduced, mainly,\nby the general and administrative expenses of $416,792 and the stock-based\ncompensation of $174,004 in regards with the issuance of stock options during\nthe period.\n\n\nPrincipal Financial Data (in $000)\n Three-month\n period ended\n March 31, 2008\n -----------------\nSales 6,710\nNet earnings 229\nCash flow increase from operating activities before\nNon-cash working capital items 481\nCash flow from operating act...