Business
Uruguay Mineral Exploration Inc (''UME'') Announces Results for the Quarter Ended August 31, 2007
Uruguay Mineral Exploration Inc (''UME'') Announces Results for the Quarter Ended August 31, 2007.
About this update from Orosur Mining Inc.
[{"type":"text","content":"\n\n\n\nMONTEVIDEO, URUGUAY, October 11 /CNW/ - Uruguay Mineral Exploration Inc.\n(TSX VENTURE:UME) (LSE:UGY):\n\n\nSummary of Results\n\n\n-- Gold production was 18,488 ounces for the first quarter compared to\n19,175 ounces in the corresponding quarter of the prior financial year. While\nproduction was approximately 2,500 ounces less than anticipated for the\nquarter, the full year production forecast of 95,000 ounces is maintained.\n\n\n-- Cash costs were $US 425 per ounce for the quarter compared to $US 332\nfor the corresponding quarter of the prior financial year. This was in line\nwith our expectations as a result of the lower production.\n\n\n-- Net profit after tax for the first quarter was $US 1.2 million or $US\n0.025 basic earnings per share, compared to a net profit after tax of $US 2.6\nmillion or $US 0.054 basic earnings per share for the first quarter of the\n2006 financial year.\n\n\n-- Cash flow from operations before non-cash working capital movements\nwas $US 4,111 million for the first quarter. Cash as at 31st August was $US\n11.6 million.\n\n\n-- The average realized gold price for the first quarter was $US 661 per\nounce.\n\n\n-- The interim dividend of C$ 3.5 cents per share, announced with the\nresults for the annual fiscal year on 14th August 2007, will be paid to\nshareholders on 26th October 2007.\n\n\n 3 Months to\n -----------------------\n August 2007 August 2006\nOperating Review\nGold produced Ounces 18,488 19,175\nAverage cash cost US$/oz 425 332\nAverage price received US$/oz 661 568\n\n----------------------------------------------------------------------\nFinancial Review\nRevenue US$ '000s 13,253 12,177\nNet income for the period US$ '000s 1,224 2,567\nCash flow from operations(x) US$ '000s 4,111 3,503\nBasic earnings per share US$ 0.025 0.054\nCash at the end of the period US$ '000s 11,631 8,545\nTotal debt at the end of period US$ '000s 2,331 3,385\n----------------------------------------------------------------------\n(x) before non-cash working capital movements\n\n\nDavid Fowler, Chief Executive commented: "Despite lower than anticipated\nproduction results for the first quarter, we remain on target to produce\n95,000 ounces in the current financial year. With the diversion of the Arroyo\nCorrales completed and the work areas in the Arenal pit expanding, we are\nconfident that tar...