Business
Dynacor reports net earnings of $0.6M for Q2 2009
Dynacor reports net earnings of $0.6M for Q2 2009
About this update from Dynacor Group Inc
[{"type":"text","content":"\nDynacor reports net earnings of $0.6M for Q2 2009\n\n\n Aug. 12, 2009 (Baystreet.ca) -- MONTREAL -- Dynacor (TSX:DNG) is pleased to report its financial results for its second quarter ended 30 June 2009. The consolidated financial statements (all currency figures appear in Canadian dollars unless otherwise specified) along with management's discussion and analysis are available on the Company's website www.dynacorgold.com and the documents have been filed electronically on SEDAR at www.sedar.com. \n\nQ2 2009 HIGHLIGHTS\n\n- Net earnings of $0.6M ($0.00M in Q2 2008) equal to $0.02 per share\n($0.00 in Q2 2008)\n\n- Gold sales of 5,828 ounces (8,710 ounces in Q2 2008), a decrease of 33%\ncompared to Q2 2008\n\n- Gross margin before amortization of $285 per ounce compared to $138 per\nounce for the corresponding period in 2008\n\n- Cash, and cash equivalents and short term investments of $1.6M\n\n- Cash flow generated from operating activities before change in non-cash\nworking capital items of $0.8M ($0.3M in Q2 2008)\n>>\n\n\nJean Martineau, Dynacor's President and CEO, recently stated: \"During Q2 2009, despite the reduction in the volume of ore purchased by the Company for custom\nmilling purposes - forced by the withholding of receivable sales taxes by the Peruvian authorities which has impacted Dynacor's available cash flow - the Company's milling operations generated net earnings of $0.6M. Over the last 12 months the Company net earnings per share reached $0.09, and during Q2 2009 Dynacor generated a cash flow from operating activities before change in non-cash working capital items of nearly 1.0M dollars. The Company's custom milling operations are running below their capacity but are nevertheless generating a profit\". \nEXPLORATION ACTIVITIES \nUpcoming exploration activities on the Tumipampa property will include geological and detailed geophysical studies followed by systematic surface sampling in order to optimally locate drilling targets, estimate the dimensions of the skarn and further the exploration of the property. \nABOUT DYNACOR GOLD MINES INC. \nDynacor is a gold exploration and mining company, that has been active in Peru through its subsidiaries since 1996. The Company's assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor's strength...