| | Publié le 31 mai 2007 | Reports First Quarter 2007 Financial Results |
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Suivre la société
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Morgain Minerals and Aurogin
Resources have announced plans to merge, pending a shareholder vote in
early July. Shareholders of both companies will receive 1 share of the new
company for every 2 current shares.
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Aurogin Reports
First Quarter 2007 Financial
Results
May 31, 2007
Aurogin Resources Ltd. has provided its
unaudited financial results for the first quarter ended March
31, 2007. The consolidated interim financial statements along
with management's discussion and analysis are available on
SEDAR and on the company's website. (All currency references
are to U.S. dollars, unless otherwise
noted.)
SUMMARY OF FINANCIAL AND OPERATING
HIGHLIGHTS
Three
months ended March 31
2007
2006
Gold ounces -- produced 3,008
-
Gold ounces -- sold 1,241
-
Average realized gold price ($/ounce) $665
-
Total cash costs per ounce sold ($/ounce) $290
-
Metal sales $824,575
$-
Cost of sales $360,300
$-
Accretion, depreciation, depletion &
amtiz. $137,523
$-
Mine operating earnings $326,752 $-
Net (loss) for the period $(105,769) $(92,553)
(Loss) per share (basic and diluted)
nil
nil
Cash flow used in operating activities
$(192,309) $(76,573)
"Over all, we were pleased with the progress
made during the quarter at our El Sastre operation," said John
Paterson, president and chief executive officer of Aurogin.
"During the quarter, we mined ore at a much higher grade than
forecast in our mine plan. Gold recoveries continue to meet
our expectations and we expect to post bottom line earnings in
the second quarter."
Mr. Paterson noted: "While commercial production
commenced in December, 2006, work still remained in the first
quarter of 2007 to advance the mine to full-scale production.
Prior to final completion of the leach pad, we took the
opportunity in the first quarter to focus our mining efforts
on stripping and waste removal, placing only 36,700 tonnes of
new ore on the leach pad. Going forward, we expect our stripping ratio to be lower which should result in lower cash
costs on a per ounce basis. We also completed construction of
the 300,000-tonne leach pad in the quarter. In February and
March we placed ore on the leach pad at approximately 70 per
cent of our ultimate target mining rate of 25,000 tonnes of
ore per month. We are confident that we can achieve our target
rate and are working towards that goal. By the end of the
quarter, our team had also made significant progress in
reducing certain operating costs which will lower cash costs
on a per ounce basis going
forward."
Quarter over quarter, revenue from gold sales of
$824,575 rose 65 per cent due to a 54-per-cent increase in the
number of ounces sold and a 7-per-cent increase in its averaged realized price per ounce sold of $665. This was $15
per ounce better than the average market price of gold per
ounce in the quarter.
Cost of sales was $290 per ounce in the quarter.
Over all, the average cash cost per ounce sold for all the
gold recovered from ore placed on the leach pad prior to Dec.
31, 2006, was $267 per ounce. Going forward, costs on a per
ounce basis are expected to decline as the mine achieves
target mining rates and forecast stripping ratio and realizes
the effects of cost reduction
measures.
Exploration efforts during the quarter focused
primarily on working toward the completion of the technical
report on the Bridge property in Guatemala (see Aurogin news
in Stockwatch on April 24, 2007) and the update report on the
El Sastre exploitation licence (see Aurogin news in Stockwatch
on May 9, 2007). These reports estimated new inferred mineral
resources on the Bridge and El Arenal zones and estimated the
first mineral reserves on the El Sastre Main zone. Subsequent
to end of the quarter drilling recommenced on the El Sastre
property. In addition, the company began drilling on its
100-per-cent-owned Lone Mountain property in Eureka, Nev. (see
Aurogin news in Stockwatch on May 16,
2007).
During the first quarter of 2007 (see Aurogin
news in Stockwatch on March 5, 2007) Aurogin announced intended plans to merge with Morgain Minerals Inc. Work on
this front is continuing. A shareholder vote seeking approval
for the proposed merger is expected to be held in late July,
2007.
Coal
Harbor Communications
Tel:
1+ (604) 662-4505
info@coal-harbor.com
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATEUR |
CODE : AUQ.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Aurogin Res. est une société de production minière basée au Canada. Aurogin Res. détient divers projets d'exploration au Canada et au Guatemala. Ses principaux projets en exploration sont WEMINDJI et BATCHA au Canada et LAS MINAS et BRIDGE ZONE au Guatemala. Aurogin Res. est cotée au Canada. Sa capitalisation boursière aujourd'hui est 8,5 millions (12,7 millions US$, 11,5 millions €). La valeur de son action a atteint son plus bas niveau récent le 27 juin 2003 à 0,03 , et son plus haut niveau récent le 21 avril 2006 à 0,61 . Aurogin Res. possède 47 442 200 actions en circulation. |
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