Exall Resources Limited - Third quarter results
CLK - lastest results from Glimmer seem to be shaping up nicely.
Exall Resources Limited EXL
Shares issued 28,360,919
Thursday Nov 12 1998
Mr. Stephen Roman reports
Exall had consolidated net income of $1,134,688 (four cents per share)
for the first nine months of 1998. This compares with a loss of
$748,831 (2.9 cents per share) reported for the same period in 1997.
Net income for the three months ended Sept. 30, 1998 was $801,031
(2.8 cents per share) which is up 21 per cent from the $659,383
(2.3 cents per share) recorded for the three months ended June 30,
1998. Exall's financial position is improving rapidly as a result of
the profitable operation of the new Glimmer gold mine. Project cash
flow from mining operations was $1,620,708 for the nine month period
ended Sept. 30, 1998.
OPERATING HIGHLIGHTS
Three Nine
Months Months
Ended Ended
Sept. 30 Sept. 30
Glimmer Mine 100%
Ounces gold produced 16,275 46,615
Tonnes milled 79,287 225,916
Daily average tonnes 877 855
Gold grade (gm/t) 6.69 6.63
(ounces per ton) 0.195 0.193
Cash costs per ounce
(in U.S. dollars) $226.00 $254.00
Gold price received
(in U.S. dollars) $290.61 $293.86
The mine is presently on schedule to produce the targeted 65,000
ounces expected for 1998. A complete update of corporate activities
can be found in the third quarter report mailed to shareholders and
posted on the company's website, www.exall.com.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended Sept. 30
1998 1997
Gold revenue $7,630,117 $ -
---------- ----------
Mine costs
Operating 5,749,199 -
Amortization 605,859 -
---------- ----------
6,355,058 -
---------- ----------
Gross profit from
mine operations 1,275,059 -
Expenses
Admin and property
evaluations 202,090 207,646
Writedown of mining
properties and
related expenditures - 7,000
---------- ----------
202,090 214,646
---------- ----------
Operating income
(loss) 1,072,969 (214,646)
Interest and other
income 760 66,094
Non-controlling
interest (272,698) -
---------- ----------
Net income (loss) $ 801,031 $ (148,552)
========== ==========
Net income (loss)
per share 2.8 cents (.5 cent)
CONSOLIDATED STATEMENT OF OPERATIONS
Nine months ended Sept. 30
1998 1997
Gold revenue $21,664,587 $ -
----------- ----------
Mine costs
Operating 17,580,197 -
Amortization 1,960,428 -
----------- ----------
19,540,625 -
----------- ----------
Gross profit from
mine operations 2,123,962 -
Expenses
Admin and property
evaluations 708,760 845,655
Writedown of
mining properties
and related
expenditures - 41,339
----------- ----------
708,760 886,994
----------- ----------
Operating income
(loss) 1,415,202 (886,994)
Interest and other
income 2,833 102,163
Non-controlling
interest (283,347) -
---------- ----------
Net income (loss) $1,134,688 $ (784,831)
========== ==========
Net income (loss)
per share 4 cents (2.9 cents)
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