CENTURY MINING POSTS 3Q PROFIT!
Century Mining Reports Net Income of C$1.1 Million and $3.7 Million of Operating Cash Flow at Sigma Mine in Third Quarter
11/20/2006
BLAINE, WASHINGTON, Nov 20, 2006 (CCNMatthews via COMTEX News Network) --
Century Mining Corporation (TSX VENTURE:CMM) is pleased to announce its financial and operating results for the third quarter ended September 30, 2006. The Company reported net income of $1.1 million, or $0.01 per share, the first net income earned in the Company's three-year history. The Sigma open pit mine generated operating cash flow of $3.7 million.
The Company will host a conference call on Tuesday, November 21, 2006 at 11:00 a.m. Pacific time (2:00 p.m. Eastern time) to discuss results and future developments in Quebec and Peru, which will be followed by a question and answer period (see phone-in details below).
Third Quarter Highlights
- Net income of $1.1 million or $0.01 per share.
- Operating profit of $3.7 million from mine revenue of $11.0 million at Sigma mining operations before depreciation and amortization.
- Produced 16,952 ounces of gold at Sigma Mine.
- Cash flows provided by operating activities of $2.9 million.
- Cash flows used in financing activities of $2.2 million.
- Cash flows used in investing activities of $5.8 million.
- Working capital of $2.6 million at September 30, 2006.
- Advanced the underground exploration and development program at the Lamaque Mine towards production in the first quarter of 2007.
- Subsequent to the third quarter, entered into an agreement to acquire a 37.5% interest in Compania Minera Poderosa S.A. that operates the Poderosa Mine in Peru.
Summary of third quarter operating results and recent positive initiatives
Net income of $1.1 million, or $0.01 per share in the third quarter was the first net income earned by the Company in its three-year history. The Sigma Mine reported an operating profit of $3.7 million in the third quarter of 2006, which is the fifth consecutive quarter of positive mine operating cash flow since the mine commenced commercial production on May 25, 2005. The following table presents production data for the five quarters of commercial production at the Sigma Mine.
stockhouse.ca |
