EXL 1998-08-19 (provided courtesy of ISDN Wire Service)
EXALL REPORTS NET INCOME
TORONTO, ONTARIO--
Exall Resources Limited reported net income of $659,383 ($0.023
per share) on revenues of $7,608,177 for the three months ended
June 30, 1998, compared with a loss of $340,668 ($0.012 per
share) in the corresponding period of 1997.
For the six months ended June 30, 1998, net income was $333,657
($0.012 per share) compared to a loss of $636,279 ($0.028 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.
Exall Resources Limited is a mining and mineral exploration
company operating and controlling the Glimmer Mine in
northeastern Ontario as well as exploring other gold projects in
the Americas. Shares of the Company trade on the Toronto Stock
Exchange under the symbol EXL. (S.E.C. registration # 82-3535.)
For additional information contact:
Stephen G. Roman at (416) 368-3949
EXALL RESOURCES LIMITED
8 King Street East, Suite 1700, Toronto, Ontario M5C 1B5
Telephone: (416) 368-3949
Facsimile: (416) 368-5146
Website: www.exall.com
EXALL RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
---------------------------------------------------------------
Six Months Ended
Second Quarter June 30
___________________ ___________________
1998 1997 1998 1997
_________ _________ _________ _________
$ $ $ $
Gold revenue 7,608,177 - 14,034,470 -
_________ _________ _________ _________
Mine costs
Operating 5,579,849 - 11,830,998 -
Amortization 765,147 - 1,354,569 -
_________ _________ _________ _________
6,344,996 - 13,185,567 -
_________ _________ _________ _________
Gross profit
from mine
operations 1,263,181 - 848,903 -
Expenses
Administration
and property
evaluations 278,343 344,003 488,314 638,009
Write-down of
mining properties
and related
expenditures 9,647 15,343 18,356 34,339
_________ _________ _________ _________
287,990 359,346 506,670 672,348
_________ _________ _________ _________
Operating income
(loss) 975,191 (359,346) 342,233 (672,348)
Interest and other
income - 18,678 2,073 36,069
Non-controlling
interest in
income (315,808) - (10,649) -
_________ _________ _________ _________
Net income (loss)
for the period 659,383 (340,668) 333,657 (636,279)
========= ========= ========= =========
Net income (loss)
per share - basic $0.023 ($0.012) $0.012 ($0.028)
========= ========= ========= =========
Net income (loss)
per share
- diluted $0.021 ($0.012) $0.012 ($0.028)
========= ========= ========= =========
EXALL RESOURCES LIMITED
CONSOLIDATED BALANCE SHEETS (Unaudited)
---------------------------------------------------------------
June 30 December 31
1998 1997
_________ _________
A S S E T S
$ $
Current
Cash and term deposits 244,565 348,990
Sundry receivables and prepaid expenses 1,212,263 795,376
Inventory 441,658 438,899
_________ _________
1,898,486 1,583,265
Mining properties and related expenses 9,122,552 9,616,692
_________ _________
Fixed assets
Cost 4,674,461 4,448,071
Less accumulated amortization (1,515,927) (987,808)
_________ _________
3,158,534 3,460,263
_________ _________
14,179,572 14,660,220
=========== ===========
LIABILITIES
Current
Accounts payable and
accrued liabilities 4,536,303 3,730,538
Deferred hedging gain 1,689,653 2,816,088
Loans payable 156,757 330,090
Obligation under capital leases 1,047,219 938,637
_________ _________
7,429,932 7,815,353
Obligation under capital leases 11,059 600,623
Non-controlling interest 3,033,181 3,022,532
___________ ___________
10,474,172 11,438,508
___________ ___________
S H A R E H O L D E R S' E Q U I T Y
Capital stock 4,458,851 4,308,820
Deficit (753,451) (1,087,108)
_________ _________
3,705,400 3,221,712
_________ _________
14,179,572 14,660,220
========== ==========
EXALL RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(Unaudited)
---------------------------------------------------------------
Six Months Ended
Second Quarter June 30
___________________ ___________________
1998 1997 1998 1997
____________ _________ _________ _________
$ $ $ $
Operating activities
Net income (loss)
for the period 659,383 (340,668) 333,657 (636,279)
Non-cash items:
Write-down of
mining properties
and related
expenditures 9,648 (18,996) 18,356 -
Amortization of
hedging gain (563,217) - (1,126,435) -
Amortization 765,147 4,000 1,360,569 8,000
Non-controlling
interest income 315,808 - 10,649 -
_________ _________ _________ _________
1,186,769 (355,664) 596,796 (628,279)
Changes in non-cash
components of
working capital (749,059) 2,303,533 386,119 2,386,651
_________ _________ _________ _________
437,710 1,947,869 982,915 1,758,372
_________ _________ _________ _________
Financing activities
Increase in capital
stock 150,031 850,001 150,031 850,001
Share issue costs - - - (5,771)
Deferred revenue - 1,006,010 - 1,006,010
Increase (decrease)
in loans payable (56,667) (500,001) (173,333) 2,475,489
Obligation under
capital leases (187,560) 219,649 (480,982) 966,319
Non-controlling
interest - 300,000 - 2,007,330
_________ _________ _________ _________
(94,196) 1,875,659 (504,284) 7,299,378
_________ _________ _________ _________
Investing activities
Increase in mining
properties and
related
expenditures (145,644)(4,409,686) (344,785)(9,912,438)
Increase in
capital assets (133,127) (3,699) (238,271) (20,709)
_________ _________ _________ _________
(278,771)(4,413,385) (583,056)(9,933,147)
_________ _________ _________ _________
Change in cash
and term deposits 64,743 (589,857) (104,425) (875,397)
Cash and term
deposits, beginning
of period 179,822 1,499,698 348,990 1,785,238
_________ _________ _________ _________
Cash and term
deposits, end
of period 244,565 909,841 244,565 909,841
======= ======= ======= =======
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