Business
WGI Heavy Minerals Announces 2006 Results
WGI Heavy Minerals Announces 2006 Results.
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, March 27 /CNW/ - WGI Heavy Minerals, Inc. (TSX: WG)\ntoday announced results for the fourth quarter and year ended December 31,\n2006. Results have been filed and may be viewed at www.sedar.com. A summary of\nkey financial results for the quarter and year are as follows:\n\n\nHighlights\n\n\n- Revenues increased 19% for the quarter to $5.6 million and increased\n 17% for the year to a record $22.1 million.\n- Gross margin increased to 13.6% for the quarter from 4.9% in the same\n period last year. Gross margin for the year remained relatively flat\n at 14%.\n- The net loss for the quarter has decreased to $0.7 million from last\n year's $4.3 million loss due to the absence of asset write-downs and\n write-offs. The net loss for 2006 was $4.0 million or $0.18 per share\n compared to a loss of $9.2 million or $0.38 per share in 2005.\n- At December 31, 2006 the Company had a cash position (including short\n term investments) of $18.3 million.\n\n\n"The Company has made modest progress this last year. We have increased\nsales and improved operating performance in the latter part of the year. This\nis not at all good enough but, on balance, we are pleased to have been able to\nachieve this performance given the business challenges we have experienced."\nstated Chairman and CEO Covell Brown.\n\n\n"While we have made good progress in furthering our applications for\nmodest sized garnet leases in Tamil Nadu, India, on balance, we continue to\nexperience great difficulty in dealing constructively with the Central and\nState Indian Mining authorities and the Indian Department of Atomic Energy.\nWhile the current and proposed stated policies encourage foreign investment\nour specific experience has been otherwise. In Tamil Nadu, we expect to obtain\nleases on nearly 19 acres and begin to mine them in the second half of 2007."\nsaid Mr. Brown.\n\n\nCurrently the Company is engaged in Court in Andhra Pradesh in an effort\nto defend its existing leases and applications for further leases. The Company\nhas learned of a joint venture between a State Company (the Andhra Pradesh\nMineral Development Corporation (APMDC)) and a private shell entity, in which\nthe APMDC holds an 11% interest. Since this joint venture proposal has been\nformalized, there have been a series of steps taken by the State go...