Correction - Glamis Gold - Results for 6-Month Period ended Dec. 31, 1995.1996--Glamis (NYSE NYSE See: New York Stock Exchange :GLG GLG Geology GLG Ganz Liebe Grüße (German) GLG Grocery List Generator GLG Glamis Gold Ltd (stock symbol) GLG Goofy Little Grin GLG Goodrich Landing Gear )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GLG) has changed its fiscal year to December 31. Attached are the financial results for the period July 1, 1995 to December 31, 1995 the "transitional period". The Company experienced a loss of $0.07 per share during the "transitional six-month period ended December 31, 1995 compared to a profit of $0.10 per share during the fiscal year ended June 30, 1995. The loss was mainly the result of the $1,800,000 write down of inventory on the Baltic heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. pad and the $607,000 expense incurred by the Company on the unsuccessful bid for Eldorado Corporation. During the six-month period ended December 31, 1995, the Company determined the recoveries from the mixed and unoxidized ore placed on the Baltic heap leach did not meet the rates anticipated and that the heap therefore would not yield the amount of gold anticipated. It was, therefore, decided to reduce the value of the inventory to an amount which the Company anticipates the heap will yield in the future. Mining at the Baltic has been suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. test at the laboratory and test heap leach levels are underway to determine the best method of ore processing. The mixed and unoxidized ore reserves at the Baltic pit represent approximately 7.8 percent of the total reserves of the Company excluding those of the Imperial Project. Production has been replaced with oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. ore from the Yellow Aster and Lamont pits and it is anticipated that total gold production for the fiscal year ended December 31, 1996 will be in the range of 107,000 to 110,000 ounces, which production is substantially unhedged. An average cash cost of production is expected to be in the range of $200 - 210 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Revenues for the 6-month period ended December 31, 1995 were $17.2 million, $388 per ounce, compared to $39.0 million, $384 per ounce, for the year ended June 30, 1995. Average cash cost of production was $262 per ounce for the period ended December 31, 1995. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, the average cash cost of production was $248 per ounce of which $20 per ounce represents the $1,800,000 inventory write down. Therefore, the production cash cost per ounce was $228 for the period ended June 30, 1995 compared to $202 for the year ended June 30, 1995. The increase in the average cash cost per ounce from $202 to $228 is solely attributable to the fewer ounces produced on an annualized basis. At December 31, 1995 the Company had working capital of $15.0 million including cash of $4.0 million. The cash balance was reduced from that at June 30, 1995 of $14.1 million mainly through funding the Imperial County feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. and the construction of the first phase of the 60,000,000 ton Rand Rand See Witwatersrand. rand 1 n. See Table at currency. [Afrikaans, after(Witwaters)rand. heap leach pad and recovery facilities at the Rand Mining Company. Long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than of $2.8 million were substantially unchanged from those at June 30, 1995. -0- GLAMIS GOLD LTD. CONSOLIDATED STATEMENT OF EARNINGS [Expressed in thousands of U.S. dollars]
Six months Year ended
December 31, June 30,
1995 1995
GOLD PRODUCTION (ounces) 44,248 101,562 ______________________________________________________________
Revenue from gold production $17,155 $39,032
Cost of production 11,873 20,552
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5,282 18,480
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Expenses:
Depreciation & depletion 4,662 8,577
Royalties 953 2,020
Exploration 67 1,795
Selling, general & administrative 1,448 2,854
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7,130 15,246
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Earnings (loss) from operations (1,848) 3,234
Interest and other income (expense) (337) 505
Interest on long-term debt (95) (216)
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(432) 289
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Earnings (loss) before income taxes (2,280) 3,523
Provision for income taxes
Current (288) 921
Deferred (131) (86)
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(419) 835
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Net earnings (loss) (1,861) 2,688 ______________________________________________________________ EARNINGS PER SHARE $(0.07) $ 0.10 ______________________________________________________________ Average shares outstanding 26,386,707 18,207,597 CONTACT: Glamis Gold Glamis Gold Ltd. was a Reno, Nevada based gold producer with operations in the Americas. In 2006 they expected to produce 620,000 ounces of gold at a total cash cost of US$190 per ounce. They remained 100% unhedged. On 31 August 2006, Goldcorp acquired Glamis Gold for $8. Ltd., Vancouver J.R. Billingsley, (604) 681-3541 (604) 681-9306 (Fax) Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.glamis.com |
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