Dynacor Gold Mines Inc. (dynacor) Symbol: DNG Toronto Stock Exchange (TSX)
Dynacor continued its custom milling operations despite the reduction in the procurement of gold ore. This reduction was caused by the sales tax withheld by the Peruvian tax authorities which has in turn resulted in a reduction of liquidity. The Company operated at a production level inferior to its capacity throughout the quarter. Dynacor has recorded a provision of
Q3 2009 HIGHLIGHTS
- Net Loss of $1.5M. - Gold sales of 3,321 ounces (9,508 ounces in 2008), a decrease of 65% compared to the corresponding period of 2008. - Gross margin per ounce, before amortization, of $101 compared to $103 for the corresponding period of 2008. - Cash, cash equivalents and short term investments of $1.1M. - Cash flow used for operating activities in the amount of $0.2M. - Net loss per share of $0.05 for the quarter; however, earnings per share of $0.03 for the twelve-month period ended September 30, 2009.
OUTLOOK
Dynacor sold more than 18,000 ounces of gold for the nine month period ended
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company active in
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Malaga, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
For further information: For further information: Jean Martineau, President & CEO, Dynacor Gold Mines Inc., (514) 288-3224; Dale Nejmeldeen, Investor Relations, Dynacor Gold Mines Inc., (778) 574-2806, [email protected]
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