Business
Scorpio Announces Third Quarter 2009 Results of $0.01 Earnings per Share
Scorpio Announces Third Quarter 2009 Results of $0.01 Earnings per Share
About this update from Scorpio Gold Corporation
[{"type":"text","content":"\n\n\n\nNov. 16, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 16 /CNW/ -- Scorpio Mining Corporation (TSX: SPM) (\"Scorpio\" or the \"Company\") today reported unaudited financial and operating results for the third quarter ended September 30, 2009 (\"Q3\") and provided an update on operations.Peter J. Hawley, Chairman, CEO reports, \"Once again the Scorpio team is very proud to report a record third quarter for commercial production with positive mine operations earnings, positive net earnings and earnings per share, an increase in concentrate sales, underground production, mill throughput and a decrease in Mexico operating costs per tonne, smelter treatment charges and underground development costs. Given that is this only our third quarter of commercial production and the Company is able to report positive earnings per share, it speaks well of the dedication of our team to enhance shareholder value.Since the end of the third quarter, metal prices have strengthened allowing a production ramp-up that saw us exceeding all the mandated targets set for each quarter and once again increasing the mill throughput to 21,000 tonnes per month for the next quarter. This positive track record for 2009 should continue in the fourth quarter resulting in increased revenues per tonne of concentrate sold. The Company has set strict mandates for 2009 to show profitability, and to date has exceeded all goals set. The Company, as mandated, has also aggressively sought acquisitions of near-term, high-grade development projects and operating assets in Mexico as shown in the recently announced Platte River Gold transaction.\"This earnings release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to Financial Statements for the period ended September 30, 2009, which are available on the Company's website at www.scorpiomining.com and have been posted on SEDAR at www.sedar.com.Third Quarter 2009 Highlights:- Nuestra Senora mine operating earnings were $1,800,936 compared to$1,100,429 in the second quarter of 2009 (\"Q2\").- Net earnings were $908,549 or $0.01 per share compared to netearnings of $462,634 or $0.00 per share in Q2.- The Company's Mexican operations generated positive cash flows.- Nuestra Senora cash operating costs were 4% lower than budgeted at US$43.94 per tonne compared with the forecasted cost o...