Manhattan Minerals Corp -
Manhattan year-end results
Manhattan Minerals Corp MAN
Shares issued 30,842,543 2000-03-10 close $4.7
Monday Mar 13 2000
Mr. Paul Sweeney reports
All amounts are in U.S. dollars except where otherwise noted.
Manhattan Minerals recorded a loss for the year ended Dec. 31, 1999, before writedowns relating to the Moris mine of $4,573,000 (17 cents per share), compared with a loss of $820,000 (three cents per share) in 1998. The loss after writedowns was $12,538,000 (46 cents per share) in 1999 and $4,525,000 (19 cents per share) in 1998.
The company invested $10,536,000 during the year on the Tambo Grande project in northern Peru, primarily on exploration drilling, feasibility study work and community relations activities. During the eight months of exploration activity on site, the company discovered the TG-1 oxide gold deposit, increased the resource at the TG-1 sulphide deposit and discovered the TG-3 sulphide deposit. In January, 2000, a new sulphide deposit was discovered at the B-5 anomaly approximately 11 kilometres from the TG-1 deposit. Exploration continues on B-5 and other targets and infill drilling continues on the TG-1 deposit. A feasibility study on TG-1 is expected to be completed early in 2001.
At the Moris mine, in Chihuahua state, Mexico, gold production in 1999 was 13,041 ounces, compared with 21,100 ounces in 1998. Mining operations were suspended in April, 1999, due to severe drought conditions and low gold price. Leaching of the pads continued throughout the year and is expected to be concluded in the first quarter 2000. The Moris mine is not a core asset and the company is considering its sale. The carrying value of the Moris mine was written down by $7,965,000 during 1999 to a nominal value. In 1998 the value was written down by $3,705,000. At Dec. 31, 1999, the company had working capital of $14,508,000 including cash and short term deposits of $14,289,000.
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