Business
Farallon announces fourth quarter and 2009 financial results
Farallon announces fourth quarter and 2009 financial results
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Mar. 30, 2010 (Canada NewsWire Group) -- /CNW/ -- Dick Whittington, President and CEO of Farallon Mining Ltd. (\"Farallon\" or the \"Company\") (TSX:FAN) is pleased to announce the unaudited financial results for the fourth quarter (\"the quarter\") and the audited financial results for the year ended December 31, 2009 (\"the year\").This news release should be read in conjunction with the Company's financial statements and MD&A which are available on SEDAR and the Company's website. Currency is United States dollars unless otherwise indicated. Farallon will hold a conference call tomorrow, Wednesday March 31st, at 8:00am Pacific time (11:00am Eastern) to discuss these results. Call-in details are provided at the end of this release.The Company recorded earnings in the fourth quarter for the first time in its history based on a strong quarter in which the milling operations exceeded the design capacity of 1,500 tonnes per day, as previously announced (see news release dated January 21, 2010).Financial highlights for the quarter and the year are as follows:- Earnings of $0.1 million before taxes for the quarter and a loss of$15.7 million for the year.- Cash flow from operations of $4.4 million for the quarter and cashused of $6.2 million for the year.- Total cash cost(i) of $0.44/lb of payable zinc for the quarter and$0.44/lb for the year.- Gross revenues of $32.3 million for the quarter and $89.1 million forthe year.- Earnings from operations of $3.9 million for the quarter and$2.9 million for the year.- EBITDA(ii) of $4.5 million for the quarter and $6.3 million for theyear.- Cash on hand at December 31, 2009 of $21.6 million and workingcapital of $14.9 million.Farallon's President and CEO, Dick Whittington, said \"2009 was a transformational year for the Company in which we moved from an exploration and development company to an operational mining company. The G-9 mine achieved commercial production on April 1st and was generating cash flow from operations by year-end. The Company has restructured its balance sheet by securing a term loan facility with Credit Suisse and held $21.6 million in cash at year-end. The growth foundation for any company needs to be a strong balance sheet, which we now have. Consequently, we believe we are well positioned, financially, to execute on our strategy of becoming a mid-ti...