Yamana Gold Reports Third Quarter 2006 Results: Significant Milestones Met With Year-to-Date Mine Operating Earnings Increase of 626% and Commissioning of Largest Mine
globeinvestor.com
18:25 EST Tuesday, November 07, 2006
TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - Yamana Gold Inc. (Yamana) (TSX:YRI)(AMEX:AUY)(AIM:YAU) is pleased to announce its financial and operating results for the quarter ended September 30, 2006.
Third Quarter Highlights:
Highlights from the period of June 30, 2006 to September 30, 2006 include the following:
- Mine operating earnings of $9.5 million for the quarter and $26.2 million on a year-to-date basis - an increase of approximately 545% from comparative year quarter and 626% for the corresponding year-to-date comparative.
- Revenue of $50.3 million, an increase of 20% from the prior quarter and 368% over the prior year quarter and $109.3 million year-to-date.
- Non-GAAP earnings of $4.7 million for third quarter or $0.02 per share.
- Net loss of $12.1 million for third quarter or $0.04 per share after accounting for certain non-cash and non-recurring items.
- Cash flow before working capital of $14.6 million.
- Total gold production of 88,781 ounces for the quarter, representing an increase of 167% for the corresponding quarter of 2005.
- Completed construction of Chapada mine, the Company's largest mine, and commissioned the mill processing plant. The mine and mill commenced continuous operations in early November 2006 with concentrate production expected by mid November.
- Declared commercial production on August 1, 2006 at Sao Francisco with commercial production for August and September of Q3 of 20,789 ounces.
- Negotiated terms and conditions for $200 million revolving line of credit.
- Completed acquisition of Viceroy Exploration Ltd subsequent to quarter end.
- Continued with feasibility studies on current projects and provided the feasibility study for Sao Vicente and the expansion plan for Jacobina.
"During this quarter we realized major corporate milestones with mine operating earnings increasing more than six times over the comparative nine month period in 2006 versus 2005, cash flow that has more than doubled over the same period last year, the completion of our largest mine, Chapada, and Sao Francisco reaching commercial production," said Peter Marrone, President and Chief Executive Officer of Yamana Gold Inc. "The significant improvements in our year-over-year growth in the areas of production, revenue, earnings and growth clearly demonstrate our unwavering commitment to offering value to our shareholders."
[continued] |
