Grant,
Here is the requested information, sorry for the delay, my mistake
Regards,
John
FINANCIAL and CAPITAL POSITION
Results of diamond mining during the first six months of operations of the Corporation's satellite company, Otjua Minerals (Pty) Ltd., generated revenues of $472,000, production costs and expenses of $661,000 for an operating loss of $189,000. During the same period last year Otjua Minerals (Pty) Ltd., had revenues of $434,727, production costs and expenses of $773,237 for an operating loss of $338,510.
In summary, for the first six months the Corporation generated a net loss of $96,000 on its share of diamond mining revenues of $241,000 compared to a net loss of $225,795 on diamond mining revenues of $322,629 during the same period last year.
During the first semester, the Corporation raised $600,600 through a private placement. Part of the proceeds will provide the means for Nora Exploration Inc. to further the development of certain of its holdings in Namibia. The remaining balance was retained in the company as working capital.
REVIEW and OUTLOOK
The recent acquisition, coupled with its other holdings has allowed Nora to firmly establish the Corporation in the marine diamond industry. As the second largest surface area owner in the most prolific diamond region of the world, Nora is well on its way in becoming a significant player in the industry.
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