Business
Dynacor: Record net earnings of $1.6M for fiscal 2008 ($0.05 per share)
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, March 30 /CNW Telbec/ - Dynacor Gold Mines Inc. (TSX: DNG) is\npleased to report its financial results for the year ended December 31, 2008.\nThe consolidated financial statements (all currency figures appear in Canadian\ndollars unless otherwise specified) along with management's discussion and\nanalysis are available on the Company's website www.dynacorgold.com and the\ndocuments have been filed electronically on SEDAR at www.sedar.com.\n\n\n2008 HIGHLIGHTS\n\n- Net earnings of $1.6M ($0.05 per share)\n- Gold sales of 36,816 ounces, an increase of 17,494 ounces compared to\n 2007\n- Working capital of $4.9M\n- Cash flow generated from operating activities of $2.0M\n- Cash and cash equivalents and short term investments equal to $2.1M\n- $0.5M invested in the exploration of the Tumipampa property\n- Total assets of $23.9M\n- Gross margin before amortization of $142/ounce ($84 in 2007)\n\nDuring fiscal 2008 Dynacor increased its custom milling capacity. It\ngradually increased from 90 tons per day to reach 180 tons per day in\nDecember.\n\nCustom milling data\n\n 2008 2007\n ----- -----\nGold grade (ounces/ton) 0.877 0.887\nYield (%) 91.6 91.1\nProduction (ounces) 36,816 19,322\n\n\n\nOUTLOOK FOR 2009\n\n\nManagement expects that gold production from custom milling at the Acari\nfacility should exceed 40,000 ounces of gold for fiscal 2009 based on a\ncapacity of 180 tons per day.\n\n\nExploration activities in 2009, will be focussed on the Tumipampa\nproperty. Geophysical surveying of the entire property will be carried out in\norder to define the target areas for an upcoming diamond drilling campaign.\nThese exploration activities are expected to begin in Q2 or Q3 of 2009.\n\n\nDynacor will, during 2009, further explore the main mineralized vein on\nthe Acari property. Excavation deeper into the sulfidic zone will allow the\nCompany to evaluate the potential recovery yield for copper and gold from this\nanoxic zone. To date Dynacor has invested $6.8M in the exploration of the\nAcari property.\n\n\nIn the short term no significant work is being planned for the Casaden\nproperty.\n\n\nFinally, Dynacor is actively looking into the feasability of hooking up\nits Acari plant to the national electrical power grid. This would al...