TORONTO, Nov. 12 /CNW/ - Metalore Resources Limited reports in its latest Quarterly (as of Sept 30/08) that Net earnings for the first six months of the current Fiscal Year (2009) were 15 cents per share compared to 14 cents per share for the corresponding period of the last Fiscal Year. Previously negotiated Forward Sales Contracts, above $10 (USD) per Mmbtu, covering approximately two-thirds of its Natural Gas Production for the remaining six months of the Fiscal Year, should have a further positive effect on year end results.
The MD&A, accompanying the Financials, states that, "The Company had planned to increase the Dividend this December; however, as a measure of fiscal restraint (in light of current continental and global economic conditions), the Directors voted to limit the dividend to 7 cents per share this year, Payable on December 15/08, to Shareholders of Record on November 28th."
The Company has sufficient Cash Flow to adequately complete its ongoing exploration and development programs for both Gold and Natural Gas. "Our ship is amply seaworthy to weather and safely navigate through the current and impending economic storm", stated George Chilian, President of Metalore.