Black Hawk Mining Announces A Significant Reduction In Costs And Improved Profitability For The Second Quarter Of 2000.Business Editors TORONTO--(BUSINESS WIRE)--August 3, 2000 BLACK HAWK Black Hawk (born 1767, Sauk Sautenuk, Va.—died Oct. 3, 1838, village on the Des Moines River, Iowa, U.S.) Sauk Indian leader. Long antagonistic to whites, Black Hawk was driven into Iowa from Illinois in 1831. MINING INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BHK BHK Baby Hamster Kidney BHK Bukhara, Uzbekistan (Airport Code) BHK Bedroom Hall Kitchen (rental properties) BHK Bachelor of Human Kinetics (degree) BHK Brouwer-Heyting-Kolmogorov .) announces a significant reduction in costs and improved profitability for the second quarter of 2000. All dollar amounts are stated in U.S. dollars. Black Hawk's net income for the second quarter of 2000 was $1.0 million or $0.01 per share on revenue of $7.0 million, compared to a net loss of $0.8 million or $0.01 per share on revenue of $8.2 million for the same period in 1999. The increase in net income of $1.8 million was due to the reduction in cash operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $2.7 and other expenses of $0.2 million and was partially offset by a reduction in revenue of $1.1 million. Cash operating costs operating costs npl → gastos mpl operacionales per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. decreased from $237 in 1999 to $165 in 2000. Gold production decreased from 29,279 ounces in 1999 to 25,911 ounces in 2000. The realized gold price in the second quarter of 2000 was $272 which was $7 per ounce lower than in 1999. Cash flow from operating activities, before working capital changes, for the second quarter of 2000 was $2.0 million or $0.01 per share, compared to $0.04 million or $0.00 per share in the comparable period in 1999.
---------------------------------------------------------------
Three Months Six Months
Ended June 30 Ended June 30
2000 1999 2000 1999
---------------------------------------------------------------
Net income (loss) for the
period (000's) $ 1,012 $ (780) $ 1,296 $(1,115)
---------------------------------------------------------------
Cash flow from operating
activities before working
capital changes (000's) $ 1,969 $ 43 $ 3,246 $ 416
---------------------------------------------------------------
Cash flow per common share
from operating activities
before working capital
changes $ 0.01 $ 0.00 $ 0.02 $ 0.00
---------------------------------------------------------------
Total Gold Production
(ounces) 25,911 29,279 52,903 57,222
---------------------------------------------------------------
- El Limon Mine (ounces) 23,981 15,543 42,592 30,486
---------------------------------------------------------------
- Keystone Gold Mine
(ounces) 1,930 13,740 10,311 26,736
---------------------------------------------------------------
Cash Operating Cost per Ounce $ 165 $ 237 $ 186 $ 230
---------------------------------------------------------------
- El Limon Mine $ 158 $ 246 $ 175 $ 233
---------------------------------------------------------------
- Keystone Gold Mine $ 258 $ 228 $ 232 $ 226
---------------------------------------------------------------
Net income for the six months ended June June: see month. 30, 2000 was $1.3 million or $0.01 per share on revenue of $14.8 million, compared with a net loss of $1.1 million or $0.01 per share on revenue of $16.3 million for the same period in 1999. The increase in net income of $2.4 million was due to a reduction in cash operating expenses of $3.3 million and other expenses of $0.6 million and was partially offset by a reduction in revenue of $1.5 million. Cash operating costs per ounce decreased from $230 in 1999 to $186 in 2000. Gold production decreased from 57,222 ounces in 1999 to 52,903 ounces in 2000. The realized gold price in the six months ended June 30, 2000 was $279 which was $6 per ounce lower than in 1999. Cash flow from operating activities, before working capital changes, for the six months ended June 30, 2000 were $3.2 million or $0.02 per share compared with $0.4 million or $0.00 per share for the same period in 1999.
Black Hawk's hedge program, as at June 30, 2000 was as follows:
===============================================================
2000 2001 2002 2003 Total
---------------------------------------------------------------
Forward Sales
-------------
Ounces 16,060 - - - 16,060
Price per ounce $285 - - - $285
Call Options Bought
-------------------
Ounces 20,800 4,160 - - 24,960
Price per ounce $290 $290 - - $290
Call Options Sold
-----------------
Ounces 24,960 49,920 49,920 4,160 128,960
Price per ounce $270 $270 $270 $270 $270
Ounces 2,800 5,600 - - 8,400
Price per ounce $320 $320 - - $320
Put Options Sold
----------------
Ounces 27,000 50,004 38,997 - 116,001
Price per ounce $260 $260 $260 - $260
Ounces 3,000 6,000 - - 9,000
Price per ounce $275 $275 - - $275
===============================================================
The Company and Standard Bank London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. Limited have entered into an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. loan agreement with respect to a US$1.85 million credit facility. The original facility, entered into in December December: see month. 1996, has been extended to June 30, 2001 and is subject to a further extension to July July: see month. 31, 2002, if certain conditions are satisfied. The interest rate was increased to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.75 per cent and the Company has agreed to make principal payments of US$75,000 per month. Additional security has been pledged pledge n. 1. A solemn binding promise to do, give, or refrain from doing something: signed a pledge never to reveal the secret; a pledge of money to a charity. 2. a. by the Company. OPERATING RESULTS Black Hawk produced and sold 52,903 ounces of gold during the first six months of 2000 at a cash operating cost of $186 per ounce of gold. The El Limon Li·món , José Arcadio 1908-1972. Mexican-born American dancer and choreographer. He was artistic director of the American Dance Theater (1964). mine produced 42,592 ounces and the Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. Gold Mine produced 10,311 ounces. Gold production during the second quarter of 2000 was 25,778 ounces at a cash cost of $165 per ounce as compared with 29,279 ounces at a cash operating cost of $237 in the comparable period of 1999.
---------------------------------------------------------------
Three Months Six Months
Ended June 30 Ended June 30
2000 1999 2000 1999
---------------------------------------------------------------
Gold Production (ounces) 25,778 29,279 52,903 57,222
---------------------------------------------------------------
Cash Operating Cost per Ounce $165 $237 $186 $230
---------------------------------------------------------------
EL LIMON MINE During the first six months of 2000, El Limon produced 42,592 ounces of gold at a cash operating cost of $175 per ounce as compared with 30,486 ounces of gold at a cash operating cost of $233 per ounce for the same period in 1999. The 40% increase in gold production was due to higher recoveries and mill feed grade and was partly offset by a reduction in mill throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. . The 25% decrease in cash operating costs during the first half of 2000 was due to increased gold production and improved operating performance, which were partly offset by the increased contribution of higher cost underground production to the mill feed. During the second quarter production at El Limon Mine was 23,981 ounces of gold at a cash operating cost of $158 per ounce as compared with 15,543 ounces at a cash operating cost of $246 per ounce for the 1999 second quarter.
El Limon Production Summary
---------------------------------------------------------------
Three Months Six Months
Ended June 30 Ended June 30
---------------------------------------------------------------
2000 1999 2000 1999
---------------------------------------------------------------
Ore Milled (tonnes) 84,084 90,634 169,117 180,227
---------------------------------------------------------------
Average Ore Grade
(grams of gold /tonne) 10.2 6.3 9.0 6.3
---------------------------------------------------------------
Recovery (%) 88.2 84.4 86.2 83.3
---------------------------------------------------------------
Gold Production (ounces) 23,981 15,543 42,592 30,486
---------------------------------------------------------------
Cash Operating Cost per Ounce $158 $246 $175 $233
---------------------------------------------------------------
KEYSTONE GOLD MINE The Keystone Gold Mine produced a total of 10,311 ounces of gold during the first four months of 2000 at a cash operating cost of $232 per ounce. There was no mining activity during 2000, all gold production came from previously stockpiled ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. . In April, the ore stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. was depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d , and mill mothballing Mothballing The preservation of a production facility without using it to produce. Machinery in a mothballed facility is kept in working order so that production may be restored quickly if needed. procedures were initiated. Black Hawk intends to keep the Lynn Lynn, city (1990 pop. 81,245), Essex co., E Mass.; inc. as a town 1631, as a city 1850. Lynn is an old industrial center. The first ironworks (1643) and the first fire engine (1654) in the country were built there. Lake milling facility on care and maintenance pending future improvements in the price of gold and the possible re-establishment Noun 1. re-establishment - restoration to a previous state; "regular exercise resulted in the re-establishment of his endurance" restoration - the act of restoring something or someone to a satisfactory state of mining operations in the district.
Keystone Production Summary
---------------------------------------------------------------
Three Months Six Months
Ended June 30 Ended June 30
---------------------------------------------------------------
2000(1) 1999 2000(1) 1999
---------------------------------------------------------------
Ore Milled (tonnes) 18,270 121,504 93,056 229,073
---------------------------------------------------------------
Average Ore Grade
(grams of gold /tonne) 2.5 3.8 2.6 3.9
---------------------------------------------------------------
Recovery (%) 90.5 92.0 91.0 91.3
---------------------------------------------------------------
Gold Production (ounces) 1,930 13,740 10,311 26,736
---------------------------------------------------------------
Cash Operating Cost per Ounce $258 $228 $232 $226
---------------------------------------------------------------
(1) Keystone ceased milling operations in April.
EXPLORATION El Limon Mine The company continues to conduct exploration on the El Limon mining concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. . Diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral during the second quarter was conducted in the area of the Talavera Talavera may refer to the following places:
Limon-La India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. Exploration Concession In early June, Black Hawk signed a Letter of Intent with Newmont Overseas Exploration Limited (a 100% subsidiary of Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation) to negotiate an option and joint venture agreement on Black Hawk's Nicaraguan exploration mineral concessions. The option will include Black Hawk's 1736 sq. km Limon-La India exploration concession and two additional exploration concessions (government approval pending) with an aggregate aerial aerial: see antenna, in electronics. extent of 145 sq. km. The terms of the option require Newmont to spend a minimum of US$5.0 million over a six-year period to earn a 55% interest in the properties, with a minimum first year expenditure of US$275,000. Upon completion of its initial investment Newmont will have a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , 90-day option to earn an additional 20% interest by spending a further US$4.0 million within an additional two years. Upon vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: , the companies will participate in programs and expenditures on a prorata basis. Newmont will be the operator and will retain the right to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. the agreement at any time by giving 30 days written notice to Black Hawk. Completion of the option agreement is subject to approval of each company's board of directors. Terms for a three-year extension of the Limon-La India exploration concession have been finalized See finalization. with the Nicaraguan government. Manantial Espejo, Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. The drill program for 2000 is planned to start in September September: see month. with the return of better weather conditions. Presently the drill target list is being reviewed and initial program activities are underway. OUTLOOK The improvements in ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly to 9 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. and gold recovery to in excess of 88% have resulted in a significant increase in gold production and a reduction in cash operating cost per ounce at the El Limon mine. As a result, the mine is on target (as stated in the 1999 annual report), to produce 85,000 ounces of gold at a cash operating cost of less than $170 per ounce in 2000. BLACK HAWK MINING INC. is an international mining and exploration company that operates the El Limon Mine in Nicaragua Nicaragua (nĭkärä`gwä), officially Republic of Nicaragua, republic (2005 est. pop. 5,465,000), 49,579 sq mi (128,410 sq km), Central America. , and holds prospective gold/silver exploration properties in Nicaragua, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Argentina and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Black Hawk is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol BHK.
Black Hawk Mining Inc.
Consolidated Balance Sheets
(U.S. dollars)
(Unaudited)
as at as at
June 30, December 31,
2000 1999
---------------------------------------------------------------
Assets
Current Assets:
Cash and cash equivalents $ 1,070,688 $ 982,291
Bullion settlements receivable 2,976,104 2,987,096
Other accounts receivable 2,034,620 1,010,385
Inventories 4,728,429 5,470,507
---------------------------------------------------------------
10,809,841 10,450,279
Mineral properties and fixed
assets 13,189,688 12,896,720
Notes receivable 287,045 294,483
Deferred foreign exchange loss 94,173 106,581
---------------------------------------------------------------
$ 24,380,747 $ 23,748,063
---------------------------------------------------------------
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term debt $ 1,850,000 $ 2,000,000
Accounts payable and accrued
liabilities 3,940,911 4,245,384
Current portion of long-term debt - 50,797
Current portion of accrual for
reclamation costs 779,697 1,232,988
---------------------------------------------------------------
6,570,608 7,529,169
---------------------------------------------------------------
Accrual for reclamation costs 1,109,793 1,059,639
Long-term debt 2,701,600 2,771,600
Deferred foreign exchange gain 106,679 89,480
Future income and mining tax
liabilities 400,000 400,000
---------------------------------------------------------------
10,888,680 11,849,888
---------------------------------------------------------------
Shareholders' Equity:
Capital stock 33,288,297 32,990,161
Contributed surplus 3,756,704 3,756,704
Deficit (23,552,934) (24,848,690)
---------------------------------------------------------------
13,492,067 11,898,175
---------------------------------------------------------------
$ 24,380,747 $ 23,748,063
---------------------------------------------------------------
Black Hawk Mining Inc.
Consolidated Statements of Operations
(U.S. Dollars)
(Unaudited)
For the three months ended
June 30,
--------------------------
2000 1999
---------------------------------------------------------------
Revenue:
Gold bullion $ 7,038,706 $ 8,156,479
---------------------------------------------------------------
Direct Costs:
Mining and milling 4,279,538 6,952,615
Royalties 213,356 342,240
Reclamation 5,966 53,313
Amortization 710,580 883,458
---------------------------------------------------------------
5,209,440 8,231,626
---------------------------------------------------------------
Income (loss) from mining
operations 1,829,266 (75,147)
---------------------------------------------------------------
Other operating expenses:
Administration 356,084 621,576
Exploration 190,517 279,587
----------------------------------------------------------------
546,601 901,163
---------------------------------------------------------------
Income (loss) before the undernoted 1,282,665 (976,310)
---------------------------------------------------------------
Other (income) and expenses:
Interest and other income (5,084) (80,605)
Foreign exchange (gain) loss 109,504 (37,355)
Gain on conversion of gold loan - (209,748)
Gain on disposal of assets (13,205) -
Interest on long term debt 46,768 54,651
Interest on other obligations 123,280 36,810
---------------------------------------------------------------
261,263 (236,247)
---------------------------------------------------------------
Income (loss) before income and
mining taxes 1,021,402 (740,063)
Income and mining taxes 8,644 40,134
---------------------------------------------------------------
Net income (loss) $ 1,012,758 $ (780,197)
---------------------------------------------------------------
Net (loss) income per share $ 0.01 $ (0.01)
---------------------------------------------------------------
Weighted average common shares
outstanding 133,009,575 124,060,557
---------------------------------------------------------------
Common shares outstanding 136,406,685 125,101,759
---------------------------------------------------------------
For the six months ended
June 30,
------------------------
2000 1999
---------------------------------------------------------------
Revenue:
Gold bullion $ 14,778,100 $ 16,299,723
Direct Costs:
Mining and milling 9,830,326 13,158,236
Royalties 537,778 671,152
Reclamation 50,154 101,900
Amortization 1,658,832 1,684,109
---------------------------------------------------------------
12,077,090 15,615,397
---------------------------------------------------------------
Income (loss) from mining
operations 2,701,010 684,326
---------------------------------------------------------------
Other operating expenses:
Administration 683,303 1,096,551
Exploration 428,198 658,891
---------------------------------------------------------------
1,111,501 1,755,442
---------------------------------------------------------------
Income (loss) before the undernoted 1,589,509 (1,071,116)
---------------------------------------------------------------
Other (income) and expenses:
Interest and other income (14,987) (91,308)
Foreign exchange (gain) loss 43,536 46,706
Gain on conversion of gold loan - (209,748)
Gain on disposal of assets (13,205) -
Interest on long term debt 95,168 108,488
Interest on other obligations 166,165 72,890
---------------------------------------------------------------
276,677 (72,972)
---------------------------------------------------------------
Income (loss) before income and
mining taxes 1,312,832 (998,144)
Income and mining taxes 17,076 117,467
---------------------------------------------------------------
Net income (loss) $ 1,295,756 $ (1,115,611)
---------------------------------------------------------------
Net (loss) income per share $ 0.01 $ (0.01)
---------------------------------------------------------------
Weighted average common shares
outstanding 131,292,563 123,385,884
---------------------------------------------------------------
Common shares outstanding 136,406,685 125,101,759
---------------------------------------------------------------
Black Hawk Mining Inc.
Consolidated Statements of Cash Flows
(U.S. Dollars)
(Unaudited)
For the three months ended
June 30,
--------------------------
2000 1999
---------------------------------------------------------------
Cash flows provided by (used in)
operating activities:
Net income (loss) for the period $ 1,012,758 $ (780,197)
Adjustments for:
Deferred bullion revenue realized - -
Royalty expense settled by the
issuance of common shares 274,071 115,715
Reclamation 5,966 53,313
Amortization 710,580 883,458
Deferred gain on conversion of gold
loan - (209,748)
Amortization of deferred foreign
exchange gains and losses (33,980) (105,959)
---------------------------------------------------------------
Cash flows provided by (used in) 1,969,395 43,418
operations
Changes in non-cash working capital (255,679) 879,911
---------------------------------------------------------------
Cash flows provided by (used in)
operating activities 1,713,716 836,493
---------------------------------------------------------------
Cash flows provided by (used in)
financing activities:
Short-term debt (150,000) -
Capital leases - (13,584)
Long-term debt - (13,342)
Issuance of common shares 8,133 42,435
Cash flows provided by (used in)
financing activities (141,867) 15,509
---------------------------------------------------------------
Cash flows provided by (used in)
investing activities:
Mineral properties and fixed assets (938,255) (805,651)
Reclamation costs (378,324) (5,201)
-----------------------------------------------------------------
Cash flows provided by (used in)
investing activities (1,316,579) (810,852)
---------------------------------------------------------------
Net increase (decrease) in cash and
cash equivalents 255,270 41,150
Cash and cash equivalents:
Balance - beginning of the period 815,418 778,321
---------------------------------------------------------------
Balance - end of the period $ 1,070,688 $ 819,471
---------------------------------------------------------------
Cash flows per common share from
operating activities before working
capital changes $ 0.01 $ 0.00
---------------------------------------------------------------
Cash interest paid $ 222,014 $ 146,225
---------------------------------------------------------------
Cash income and mining taxes paid $ - $ 51,143
---------------------------------------------------------------
For the six months ended
June 30,
------------------------
2000 1999
---------------------------------------------------------------
Cash flows provided by (used in)
operating activities:
Net income (loss) for the period $ 1,295,756 $ (1,115,611)
Adjustments for:
Deferred bullion revenue realized - (128,835)
Royalty expense settled by the
issuance of common shares 274,071 202,171
Reclamation 50,154 101,900
Amortization 1,658,832 1,684,109
Deferred gain on conversion of gold
loan (209,748)
Amortization of deferred foreign
exchange gains and losses (32,955) (117,997)
---------------------------------------------------------------
Cash flows provided by (used in) 3,245,858 415,989
operations
Changes in non-cash working capital (749,367) 1,661,938
---------------------------------------------------------------
Cash flows provided by (used in)
operating activities 2,496,491 2,077,927
----------------------------------------------------------------
Cash flows provided by (used in)
financing activities:
Short-term debt (150,000) -
Capital leases - (52,963)
Long-term debt (50,797) (74,459)
Issuance of common shares 24,065 87,896
---------------------------------------------------------------
Cash flows provided by (used in)
financing activities (176,732) (39,526)
---------------------------------------------------------------
Cash flows provided by (used in)
investing activities:
Mineral properties and fixed
assets (1,778,071) (2,029,505)
Reclamation costs (453,291) (5,201)
---------------------------------------------------------------
Cash flows provided by (used in)
investing activities (2,231,362) (2,034,706)
---------------------------------------------------------------
Net increase (decrease) in cash and
cash equivalents 88,397 3,695
Cash and cash equivalents:
Balance - beginning of the period 982,291 815,776
---------------------------------------------------------------
Balance - end of the period $ 1,070,688 $ 819,471
---------------------------------------------------------------
Cash flows per common share from
operating activities before working
capital changes $ 0.02 $ 0.00
---------------------------------------------------------------
Cash interest paid $ 358,725 $ 181,378
---------------------------------------------------------------
Cash income and mining taxes paid $ - $ 51,143
---------------------------------------------------------------
Black Hawk Mining Inc. Notes to Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge For the periods ended June 30, 2000 and 1999 (U.S. Dollars) (Unaudited) 1. Income Taxes The Company has adopted the recommendations of CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook
This article is about reference works. For the subnotebook computer, see .
2. Outstanding Share Data As at August 5, 2000, there were 141,128,766 common shares of the Company ("Common Shares"), options granted under the share incentive plan of the company to purchase an aggregate of 6,541,668 Common Shares and warrants to purchase an aggregate of 1,035,373 Common Shares outstanding. 3. Segment Information The Company's operations involve the acquisition, exploration, development and operation of mining properties in North, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The Company is organized into three operating segments; Keystone Gold Mine (Canada), El Limon Mine (Nicaragua), and Exploration (Canada, Nicaragua and Argentina). The Company evaluates performance based on income or loss from mining operations before income taxes, not including non-recurring gains and losses and foreign exchange gains and losses. Although all of the Company's revenues are from the sale of gold to one customer, the Company is not economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: dependent on that customer.
i) Segment Balance Sheets
(thousands of dollars)
as at June 30, 2000
------------------------------------------------
Reportable Operating Segments
---------------------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada)(Nicaragua) (Note 1) Corporate Total
---------- -------- --------- --------- --------
Assets $ 1,543 $ 17,185 $ 3,705 $ 1,948 $ 24,381
Capital
expenditures $ - $ 1,721 $ 57 $ - $ 1,778
Note 1 - The Company's exploration properties are in Canada
($2,645) and Argentina ($1,060).
as at December 31, 1999
-------------------------------------------------
Reportable Operating Segments
----------------------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada) (Nicaragua)(Note 1) Corporate Total
Assets $ 3,572 $ 14,750 $ 3,648 $ 1,778 $ 23,748
Capital
expenditures $ - $ 3,480 $ 289 $ - $ 3,769
Note 1 - The Company's exploration properties are in Canada
($2,594) and Argentina ($1,054).
i) Segment Statements of Operations
(thousands of dollars)
for three months ended June 30, 2000
--------------------------------------------------
Reportable Operating Segments
-------------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada)(Nicaragua) (Note 1) Corporate Total
---------- -------- --------- --------- --------
Revenue $ 523 $ 6,516 $ - $ - $ 7,039
Reclamation
expense $ 6 $ - $ - $ - $ 6
Amortization $ 65 $ 646 $ - $ - $ 711
Exploration $ - $ - $ 191 $ - $ 191
Interest income $ - $ - $ - $ (5) $ (5)
Interest expense $ - $ - $ - $ 170 $ 170
Net (loss) income $ (59) $ 1,889 $ (191) $ (626) $ 1,013
Note 1 - The Company incurred exploration expenses in Canada
($26) and Nicaragua ($165).
for the three months ended June 30, 1999
------------------------------------------------
Reportable Operating Segments
-----------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada)(Nicaragua) Corporate Total
Revenue $ 3,823 $ 4,334 $ - $ - $ 8,157
Reclamation
expense $ 53 $ - $ - $ - $ 53
Amortization $ 585 $ 298 $ - $ - $ 883
Exploration $ - $ - $ 280 $ - $ 280
Interest income $ - $ - $ - $ (80) $ (80)
Interest expense $ - $ - $ - $ 91 $ 91
Net income (loss) $ (107) $ 32 $ (280) $ (425) $ (780)
Note 1 - The Company incurred exploration expenses in Canada
($57) and Nicaragua ($223).
for the six months ended June 30, 2000
------------------------------------------------
Reportable Operating Segments
-----------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada)(Nicaragua) (Note 1) Corporate Total
Revenue $ 3,081 $ 11,697 $ - $ - $ 14,778
Reclamation
expense $ 50 $ - $ - $ - $ 50
Amortization $ 427 $ 1,232 $ - $ - $ 1,659
Exploration $ - $ - $ 428 $ - $ 428
Interest income $ - $ - $ - $ (15) $ (15)
Interest expense $ - $ - $ - $ 261 $ 261
Net income (loss) $ 103 $ 2,598 $ (428) $ (977) $ 1,296
Note 1 - The Company incurred exploration expenses in Canada
($90), Nicaragua ($331) and the United States ($7).
for the six months ended June 30, 1999
------------------------------------------------
Reportable Operating Segments
-----------------------------
Keystone El Limon
Gold Mine Mine Exploration
(Canada)(Nicaragua) Corporate Total
Revenue $ 7,682 $ 8,618 $ - $ - $ 16,300
Reclamation
expense $ 102 $ $ $ $ 102
Amortization $ 1,151 $ 533 $ - $ - $ 1,684
Exploration $ - $ - $ 659 $ - $ 659
Interest income $ - $ - $ - $ (91) $ (91)
Interest expense $ - $ - $ - $ 181 $ 181
Net income (loss) $ 67 $ 617 $ (659) $ (1,140) $(1,115)
Note 1 - The Company incurred exploration expenses in Canada
($292) and Nicaragua ($367).
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