James, the litigation and revenue (POG related) aside, the Glimmer operation has done a great job in reducing their costs during the last quarter. This should bode well going foward. Now if they can only use some of their energies to settle this gnawing problem, we can use the turn around in the POG to create some value for the shareholders.
"Exall nine-month results
Exall Resources Limited EXL
Shares issued 28,758,560 Nov 17 close $0.165
Thu 18 Nov 99 News Release
Mr. Stephen Roman reports
For the quarter ended Sept. 30, 1999, Exall reported a net loss of $716,431
(2.5 cents per share on a fully diluted basis) on revenue of $4,203,432,
compared with net income of $801,031 (2.4 cents per share) on revenue of
$7,630,117 in the corresponding period of 1998. Revenue for the nine-month
period was $15,569,815 compared with $21,664,587 for the nine months of
1998. Net loss for the nine-month period was $1,061,829 (3.5 cents per
share) compared with net income of $1,134,688 (3.6 cents per share) for the
same period in 1998. The loss incurred during the quarter was the result of
the severe drop in the price of gold, lower than normal grade of ore milled
and a reduction of mill availability at the St. Andrew Goldfields stock
mill.
OPERATING HIGHLIGHTS
Three months Nine months
ended ended
09/30/99 09/30/99
Glimmer mine
100 per cent
Ounces gold
produced 10,490 36,531
Tonnes milled 58,292 203,292
Daily average
tonnes milled* 925 900
Gold grade
(grams/tonne) 5.3392 5.5856
Ounces per
short ton .1557 .1629
Cash costs
per ounce
(U.S. $) $256.65 $261.76
Includes
production cost
per ounce 198.70 203.30
Plus waste
development
per ounce 57.95 57.46
Gold price
received 272.27 277.37
* during available milling days.
Going forward the situation is improving. On Oct. 15, 1999, Exall began
milling the Glimmer mine ore at the Kinross Macassa Mill in Kirkland Lake,
Ont. This arrangement, announced by Exall in Stockwatch Sept. 9, 1999, is
beneficial in that no other ore is presently being milled at Macassa and
the excellent performance and economics of this operation should translate
into improved profitability for the Glimmer mine. Gold recoveries are
presently in excess of 97 per cent and improving as the mill is being
fine-tuned. The end of the third quarter also brought a meaningful rise in
the price of gold which will also positively impact operations.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended Sept. 30
1999 1998
Gold revenue $ 4,203,432 $ 7,630,117
----------- -----------
Mine operating
costs
Cost of sales 4,502,481 5,749,199
Depletion and
amortization 497,665 602,859
----------- -----------
5,000,146 6,352,058
----------- -----------
Gross profit
(loss) (796,714) 1,278,059
----------- -----------
Expenses
Administration 165,389 202,090
Amortization 2,700 3,000
----------- -----------
168,089 205,090
----------- -----------
Income (loss)
before the
following (964,803) 1,072,969
----------- -----------
Interest and
other income 5,845 760
Writedown of
mining properties
and related
expenditures (5,672) -
Non-controlling
interest 248,199 (272,698)
----------- -----------
248,372 (271,938)
----------- -----------
Net income
(loss) for
the period $ (716,431) $ 801,031
=========== ===========
Income (loss)
per share (2.5 cents) 2.8 cents
CONSOLIDATED STATEMENT OF OPERATIONS
Nine months ended Sept. 30
1999 1998
Gold revenue $15,569,815 $21,664,587
----------- -----------
Mine operating
costs
Cost of sales 14,670,978 17,580,197
Depletion and
amortization 1,651,113 1,951,428
----------- -----------
16,322,091 19,531,625
----------- -----------
Gross profit
(loss) (752,276) 2,132,962
----------- -----------
Expenses
Administration 649,916 708,760
Amortization 8,100 9,000
----------- -----------
658,016 717,760
----------- -----------
Income (loss)
before the
following (1,410,292) 1,415,202
----------- -----------
Interest and
other income 9,726 2,833
Writedown of
mining properties
and related
expenditures (19,021) -
Non-controlling
interest 357,758 (283,347)
----------- -----------
348,463 (280,514)
----------- -----------
Net income
(loss) for
the period $(1,061,829) $ 1,134,688
=========== ===========
Income (loss)
per share (3.5 cents) 4 cents
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Winzer |
