Business
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Nine Months Ended February 28, 2007
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Nine Months Ended February 28, 2007.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nLONDON, April 12 /CNW/ - Summary of Results\n\n\n-- Gold production was 27,921 ounces for the third quarter, bringing\nyear to date production to 67,155 ounces - consistent with the Company's\nreforecast objective of 95,000 ounces for the full year.\n\n\n-- Cash costs were $US 253 per ounce for the quarter and $US 303 for the\nnine months to February 28, compared with $US 203 and $US 199 for the\ncorresponding quarter and nine month period of the previous financial year.\nCost performance for the third quarter was consistent with previous quarters\nwith the higher production volumes reducing the unit cost per ounce.\n\n\n-- Net profit after tax for the third quarter was $ 3,899,000 or $ 0.080\nbasic earnings per share, with net profit for the 9 months to February 28,\n2007 of $ 8,217,000 or $0 .17 basic earnings per share.\n\n\n-- Cash flow from operations before non-cash working capital movements\nwas $ 5,641,000 for the third quarter and $ 12,821,000 for the year to date.\n\n\n-- The higher average realized gold price for the third quarter of $ 638\nper ounce resulted in increased sales of $ 16,606,000 when compared with the\ncorresponding quarter of the previous financial year, when sales of $\n12,167,000 were recorded at an average sales price of $ 510 per ounce.\n\n\n-- The interim dividend of C$ 2.0 cents per share announced with the\nresults for the second quarter on 11th January 2007 will be paid to\nshareholders on 12 April 2007.\n\n\nTony Shearer, Chairman commented: "The strong production results during\nthe quarter demonstrate that the Company is making up the shortfall from the\nfirst half and is on track to produce 95,000 ounces for the year. Unit\noperating costs have fallen in line with these higher production volumes.\nFinancial performance has also improved with the average sales price of gold\nbenefiting from no hedge deliveries. Approvals to divert the Arroyo Corrales\nprovide increased certainty for the company in achieving its near term\nobjectives and underwrites the cashflows necessary to grow the company in the\ncoming years. Our Board visit to Uruguay during February confirmed that the\nmanagement team changes are starting to make an impact with increased\nexploration and development activity, and better focus on delivering resource\ngrowth."\n\n\n 3 Months to 9 Months to\n -----------...