James, Pretty quiet on the thread lately. Thought that I should put the three and six months figures, based on today's PR up for the SI.
The following are my comments:
1. Finally starting to show the rewards of being long on this play that we have been waiting for. EXL up 4c in the past couple of days.
2. Shows the diversification into other plays, which could pay big dividends down the road. "A few irons in the fire.
3. Guyana has always been a prolific of GOLD, bauxite, etc.
4. "The increase in revenue and profit is attributable to an increase in grade of ore mined and tonnage milled during the quarter at the company's Glimmer gold mine near Matheson, Ontario. All ore milled continues to come from underground development headings as part of Exall's 18 month development plan". The support of the operation with development ore is quite significant; because once this 18 month development is completed then the production grade should be much better, giving improved revenues.
4. It would be interesting to see the GME PR because of the OS differential (28 mln for EXL and 7.5 mln for GME) and JV split of 65/35. Any predictions for GME earnings? Besides being POSITIVE.
<PR>
Exall Resources Limited - News Release
6mo results
Exall Resources Limited EXL
Shares issued 28,360,919 Aug 18 close $0.27
Wed 19 Aug 98 News Release
Mr. Stephen Roman reports
Exall had net income of $659,383 (2.3 cents per share) on revenues of $7,608,177 for the three months ended June 30, 1998, compared with a loss of $340,668 (1.2 cents per share) in the corresponding period of 1997.
For the six months ended June 30, 1998, net income was $333,657 (1.2 cents per share) compared to a loss of $636,279 (2.8 cents per share) in the corresponding period of 1997. The increase in revenue and profit is attributable to an increase in grade of ore mined and tonnage milled during the quarter at the company's Glimmer gold mine near Matheson, Ontario. All ore milled continues to come from underground development headings as part of Exall's 18 month development plan.
At the company's Wakadanawa project in Guyana the third phase of ground geochemical exploration has been completed on previously identified gold bearing structures with partner MacMillan Gold Corp. Results of the program are expected within several weeks.
The company is also in discussions regarding an exploration program on the former producing Gold Eagle mine in Red Lake, Ontario as well as a potential acquisition of an advanced stage project.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended June 30
1998 1997
Gold revenue $7,608,177 -
--------- --------
Mine costs
Operating 5,579,849 -
Amortization 765,147 -
--------- --------
6,344,996 -
--------- --------
Gross profit from
mine operations 1,263,181 -
Expenses
Admin and property
evaluations 278,343 344,003
Writedown of mining
properties and
related expenditures 9,647 15,343
--------- --------
287,990 359,346
--------- --------
Operating income
(loss) 975,191 (359,346)
Interest and other
income - 18,678
Non-controlling
interest in income (315,808) -
--------- --------
Net income (loss) $659,383 $(340,668)
========= =========
Net income (loss)
per share 2.3 cents (1.2 cents)
CONSOLIDATED STATEMENT OF OPERATIONS
Six months ended June 30
1998 1997
Gold revenue $14,034,470 -
--------- --------
Mine costs
Operating 11,830,998 -
Amortization 1,354,569 -
--------- --------
13,185,567 -
--------- --------
Gross profit from
mine operations 848,903 -
Expenses
Admin and property
evaluations 488,314 638,009
Writedown of mining
properties and
related expenditures 18,356 34,339
--------- --------
506,670 672,348
--------- --------
Operating income
(loss) 342,233 (672,348)
Interest and other
income 2,073 36,069
Non-controlling
interest in income (10,649) -
--------- --------
Net income (loss) $333,657 $(636,279)
========= =========
Net income (loss)
per share 1.2 cents (2.8 cents)
(c) Copyright 1998 Canjex Publishing Ltd.
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