Business
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Full Year Ended May 31, 2007
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Full Year Ended May 31, 2007.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nLONDON, August 15 /CNW/ - Uruguay Mineral Exploration Inc. (TSX\nVENTURE:UME) (LSE:UGY):\n\n\nSummary of Results\n\n\n-- Gold production was 29,265 ounces for the fourth quarter, bringing\nyear to date production to 96,420 ounces.\n\n\n-- Cash costs were $US 273 per ounce for the quarter and $US 294 for the\nfull year, compared with $US 243 and $US 210 for the comparable periods last\nyear. Cash costs increased due to a higher strip ratio, general industry cost\nincreases, a more abrasive work index for ore mined and processed and\nmarginally lower production compared with the previous year.\n\n\n-- Net profit after tax for the fourth quarter was $US 6.4 million or\n$US 0.13 basic earnings per share, with net profit for the full year of $US\n14.5 million, up 37% year-on-year, or $US 0.30 basic earnings per share.\n\n\n-- Cash flow from operations before non-cash working capital movements\nwas $US 11,356 million for the fourth quarter and $US 24,177 million for the\nyear to date, up 18% year-on-year.\n\n\n-- The higher average realized gold price for the fourth quarter of $US\n658 per ounce resulted in increased sales of $US 21.8 million for the quarter,\nresulting in sales for the full year of $US 63.1 million, up 23% year-on-year,\nwith an average price of $US 610 per ounce for the full year.\n\n\n-- A final dividend of C$ 3.5 cents per share proposed to be paid on 26\nOctober, 2007 to all shareholders on the register as at 12 October, 2007.\n\n\n 3 Months to Full Year to\n ------------- --------------\n May May May May\n 2007 2006 2007 2006\nOperating Review\nGold produced Ounces 29,265 25,350 96,420 101,287\nAverage cash cost US$/oz 273 243 294 210\nAverage price received US$/oz 658 543 610 482\n\n------------------------------- --------- ------ ------ ------ -------\nFinancial Review\nRevenue US$ '000s 21,840 15,992 63,056 51,206\nNet income for the period US$ '000s 6,337 4,077 14,554 10,583\nCash flow from operations(x) US$ '000s 11,356 7,445 24,177 20,515\nBasic earnings per share US$ 0.13 0.090 0.30 0.23\nCash at the end of the period US$ '000s 13,978 8,931 13,978 8,931\nTotal debt at the end of period US$ '000s 3,385 4,225 3,385 4,225\n------------------------------- --------- ------ ------ ------ -------\n\n\n(x) before non-cash working capital movements\n\n\nTony Shearer, Chairman commented: "The past year...