Business
Endeavour Mining reports Q2 2011 Cash Flow from Mine Operations of $13.3 million and earnings of $32.8 million
Toronto Stock Exchange: EDV   (All figures are in US dollars unless otherwis...
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\n\n\nToronto Stock Exchange: EDV   \n\n\n(All figures are in US dollars unless otherwise indicated)\n\n\nGEORGE TOWN, Grand Cayman, Aug. 10, 2011 /CNW/ - Endeavour Mining\n Corporation (\"Endeavour\" or the \"Corporation\") (TSX: EDV) today\n announces financial and operational results for the second quarter of\n 2011.\n\n\nThe Corporation's Youga Mine in Burkina Faso produced 21,575 ounces of\n gold during Q2 2011 at cash cost of $586 per ounce produced1.  During the quarter, 24,697 ounces of gold were sold at a cash cost of\n $512 per ounce sold1 and operating cash flow from mine operations was $13.3 million.  The\n combination of steady gold production, reducing inventory levels\n through higher gold sales, and continued strength in gold price\n resulted in strong financial results.\n\n\nAt June 30, 2011, the Corporation had cash equivalents and marketable\n securities of $195 million and was debt-free.  The Corporation also\n holds a 38.5% stake in Namibia Rare Earths Inc., a recent IPO on the\n TSX, with a market value of $17.7 million as at June 30, 2011.\n\n\nFinancial Highlights from Q2 2011\n\n\nGold revenues of $36.0 million, which compares to $20.8 million in the\n same quarter of 2010\n\n\nGold production of 21,575 ounces, which compares to 20,292 ounces in the\n same quarter of 2010\n\n\nGold sales of 24,697 ounces, which compares to 17,566 ounces in the same\n quarter of 2010\n\n\nEarnings from mine operations were $14.8 million, which compares to $7.2\n million in the same quarter of 2010\n\n\nOperating cash flow from mine operations was $13.3 million, which\n compares to $6.7 million in the same quarter of 2010\n\n\nNet earnings attributable to shareholders of $32.8 million or $0.29 per\n share, which compares to $8.9 million or $0.09 per share in the same\n quarter of 2010.  The significant increase in earnings during the\n current quarter is due to strong earnings from the mine operations and\n a one-off gain of $22.1 million associated with the Namibia Rare Earths\n Inc. IPO transaction.\n\n\nBased on actual production results of 41,631 ounces at a cash cost of\n $608 per ounce produced1 for the first half of 2011 and the budgeted plan for the remainder of\n 2011, the Corporation anticipates achieving full year guidance of\n approximately 84,000 ounces.  With recent fu...