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Copper Mesa Announces Financial Results of 2nd Quarter 2008
TSX: CUX VANCOUVER, Aug. 14 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa" or the "Company...
About this update from Vital Energy Inc.
[{"type":"text","content":"\n\n\n\nTSX: CUX\n\n\nVANCOUVER, Aug. 14 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa"\nor the "Company") (TSX:CUX) today reported its unaudited second quarter 2008\nfinancial results.\n\n\nHighlights for the quarter included:\n\n - Acquired a metallurgical data package and descriptive report by\n Metcon Research, Inc. on the Zonia Mine copper project, Arizona.\n - Retained Tetra Tech Inc. (NASDAQ: TTEK) to coordinate, assemble\n and prepare a definitive feasibility study on the Zonia Mine\n copper project.\n - Shareholders approved the Company's name change from "Ascendant\n Copper Corporation" to "Copper Mesa Mining Corporation" and\n subsequently began trading under the new symbol "CUX" on the TSX.\n\n\n"Over the course of the past six months, we have made the transition from\na copper exploration company to a near-term copper developer, with a\ndiversified asset base in the Americas," said Gary E. Davis, President and CEO\nof Copper Mesa. "We are confident that the past-producing Zonia Mine, in\nparticular, will create near-term value for our shareholders."\n\n\nFinancial Review:\n\n\nThe Company incurred a net loss of $4,022,000 and $5,371,000 for the\nsix months ended June 30, 2008 and 2007, respectively. The primary reason for\nthe decreased net loss was due to lower exploration expenditures of $1,379,000\nand $3,036,000 for the six months ended June 30, 2008 and 2007, respectively.\nThe Company has reduced its exploration efforts in Ecuador pending the\nfinalization and adoption of a new Mining Law. The decreased exploration\nexpenses in Ecuador for the period were partially offset by exploration\nefforts at the Company's newly-acquired Zonia Mine and Emerald Isle Mine\ncopper properties. Offsetting the lower exploration costs were higher expenses\nrelated to legal, $188,000 and $35,000 for the three months ended June 30,\n2008 and 2007, respectively, and audit and accounting fees of $135,000 and\n$61,000 for the three months ended June 30, 2008 and 2007, respectively. Both\nlegal and audit and accounting fees are higher for the three months ended\nJune 30, 2008 due to the increased activity related to post Redstone Mining\nCorporation (formerly St. Genevieve Resources Ltd.) acquisition issues. Travel\nand accommodation expense were also higher...