Business
Malaga Inc. reports $6,749,432 revenue from the sale of gold and tungsten in its second quarter 2007
Malaga Inc. reports $6,749,432 revenue from the sale of gold and tungsten in its second quarter 2007.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMalaga Inc. (Malaga)\n\n\nSymbol: MLG\n\n\nToronto Stock Exchange\n\n\nMONTREAL, Aug. 16 /CNW Telbec/ - Malaga Inc. reports its financial\nresults for the three months ended June 30, 2007 (all currency figures appear\nin Canadian dollars unless otherwise specified). The consolidated financial\nstatements along with management's discussion and analysis are available for\nviewing on the Malaga website at www.malaga.ca, and the documents have been\nfiled with SEDAR at www.sedar.com.\n\n\nSUMMARY OF FINANCIAL RESULTS FOR THE SECOND QUARTER 2007\n\n\ncompared to results for the same period in 2006\n\n\n- Revenue generated from the sale of gold and tungsten is $6,749,432 in\n Q2 2007, compared to $2,083,327 in Q2 2006. The gross margin deriving\n from gold and tungsten sales increased from $248,508 in Q2 2006 to\n $1,311,010 in Q2 2007. This significant increase is largely due to the\n beginning of commercial production at the Pasto Bueno tungsten mine on\n April 1, 2007.\n- Tungsten production recorded in Q2 2007 was 15 044 MTU's. The average\n sale price per MTU of tungsten was US$176. Cash operating cost per MTU\n was US$111. Revenue generated from the sale of Tungsten during Q2 2007\n was $3,047,394. The gross for margin deriving from tungsten production\n for Q2 2007 was $942,946. The average production rate for the\n three-month period was 210 tonnes/day, as the full capacity rate of\n 250 tonnes was attained during the month of June.\n- Gold production, deriving from custom milling, at the Acari plant,\n increased to 5 134 ounces in Q2 2007, compared to 3 065 ounces in\n Q2 2006. The average sale price was US$655 per ounce in Q2 2007,\n compared to US$592 for the same period in 2006. Operating cost per\n ounce of gold was US$590 in Q2 2007, compared to US$536 in Q2 2006. The\n gross margin deriving from gold production for Q2 2007 was $368,064 as\n compared to $248,508 for the same period in 2006. The increase in the\n gross margin is directly related to the increase in production volume\n as well as the increase in the price of gold.\n- The Company recorded a net loss of $459,145 compared to $952,771 for\n the same period in 2006. The improvement is attributed mainly to an\n increase in gold sales and attainment of commercial operating capacity\n at the Pasto Bueno tungsten mine. The Company expects further\n improveme...