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GREAT WESTERN MINERALS GROUP RELEASES 2nd QUARTER 2011 FINANCIAL RESULTS
GREAT WESTERN MINERALS GROUP RELEASES 2nd QUARTER 2011 FINANCIAL RESULTS.
About this update from Great Western Minerals Group Ltd
[{"type":"text","content":"GREAT WESTERN MINERALS GROUP LTD. TSX Venture Symbol: GWG CUSIP: 39141Y 10 3OTCQX: GWMGF GREAT WESTERN MINERALS GROUP RELEASES 2nd QUARTER 2011 FINANCIAL RESULTS “Q2 2011 Revenues Increase 63%, Gross Margins Grow by 81%” August 30, 2011 - Saskatoon, Canada: Great Western Minerals Group Ltd. (\"GWMG\" or the \"Company\", TSX:V – GWG) today announced its financial results for the 2nd Quarter of 2011. GWMG now reports its results under International Financial Reporting Standards. For the three months and the six months ended June 30, 2011, GWMG’s financial summary and highlights are as follows: Three months ended June 30/11Three months ended June 30/10Six months ended June 30/11Six months ended June 30/10Revenue$5,178,295$3,179,788$9,415,774$7,234,553Gross Margins$1,683,680$931,541$2,978,775$2,247,502Earnings (Loss)($3,613,712)($1,501,730)($6,843,468)($2,207,392)Earnings (Loss) per share($0.010)($0.005)($0.019)($0.008) · Manufacturing / processing revenues from GWMG’s wholly owned subsidiaries Less Common Metals Limited (“LCM”) and Great Western Technologies Inc. for the 2nd Quarter of 2011 represent a 63% increase over the 2nd Quarter of 2010.· Gross margins on manufacturing / processing operations for the 2nd Quarter 2011 represent an increase of 81% over the same period of 2010.· The net consolidated loss for the 2nd Quarter of 2011 of $3.6 million ($.010/share on a fully diluted basis), which includes stock based compensation of $1.7 million and the write-off of the Chaleur exploration property in the amount of $165,359, compares to $.005/ share in the 2nd Quarter of 2010.· GWMG completed the 2nd Quarter of 2011 with $10.2 million in cash on hand compared to $4.1 million as of...