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Copper Mesa Reports fiscal 2008 Third Quarter Results
VANCOUVER, Nov. 14 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa" or the "Company") (TSX:C...
About this update from Vital Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 14 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa"\nor the "Company") (TSX:CUX) today reported its third quarter 2008 financial\nresults for the period ended September 30, 2008.\n\n\nHighlights for the quarter included:\n\n- Commenced drilling on the Zonia Mine copper project in Arizona\n- Began pre-feasibility study on the Zonia Mine, with targeted\n completion date by the end of the second quarter 2009\n- Received confirmation of ownership of the Golden 1 and Golden 2\n concessions on the Junin copper project in Ecuador\n- Completed bridge loan facility for up to $2.3 million\n\n\n"During this quarter, we received confirmation of ownership from the\nEcuadorian government regarding the Golden 1 and Golden 2 concessions on the\nJunin copper project. We view this as an encouraging step by the Ecuadorian\ngovernment in supporting exploration and mining companies in the country, and\nwe eagerly anticipate the new Mining Law," said Gary E. Davis, President and\nCEO of Copper Mesa. "Looking ahead, we are focusing our exploration efforts on\nthe past-producing Zonia Mine in Arizona with the goal to create near-term\nvalue for our shareholders."\n\n\nFinancial Review:\n\n\nThe Company incurred a net loss for Q3 2008 of $2.3 million compared to\n$2.5 million for the prior year. The decrease in net loss was due to lower\nexploration expenditures of amounting to $1 million for Q3 2008 compared to\n$1.5 million for the prior year. The Company has reduced its exploration\nefforts, including social programs, in Ecuador pending the finalization and\nadoption of a new Mining Law. The decreased exploration expenses in Ecuador\nfor the quarter were partially offset by exploration efforts at the Company's\nZonia Mine and Emerald Isle Mine copper properties, acquired earlier this\nyear.\n\n\nAs the Company has not commenced mining operations it had no operating\nrevenues in either quarter ended September 30, 2008 or 2007. The Company\nearned interest income of $39,146 and $116,427 for the three months ended\nSeptember 30, 2008 and 2007, respectively. The higher interest for the three\nmonths ended September 30, 2007 was due to higher overall cash balances.\n\n\nAt September 30, 2008, the Company had cash and cash equivalents of $1.2\nmillion. Approximately 58% of this amount is ...