Dayton Mining - Third Quarter 1996 Results.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--Nov. 1, 1996-- DAYTON (AMEX AMEX See: American Stock Exchange : DAY, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : DAY) Dayton Mining Corporation announces today its results for the nine and three months ended September 30, 1996. Financial review Don MacDonald, Chief Financial Officer, reports gold production in the nine and three months ended September 30, 1996 of 65,519 ounces and 21,793 ounces, respectively, with revenues of $34,855,000 and $11,324,000 during these periods. There was no gold production or revenue in the corresponding periods last year. The Company had a loss of $1,229,000 ($.03 per share) in the nine months ended September 30, 1996 compared with a loss of $2,758,000 ($.09 per share) in the same period last year. In the three months ended September 30, 1996 the loss was $1,732,000 ($.04 per share) compared with a loss of $847,000 ($.03 per share) in the same period last year. The Company's present gold hedging program consists of 231,500 ounces of puts at US$380 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. with 94,200 ounces of call options at an average strike price of US$400 per ounce. This provides excellent protection against lower gold prices. Operations Review Cash operating costs operating costs npl → gastos mpl operacionales were US$191 per ounce of gold in the first nine months and US$228 per ounce in the third quarter of 1996. The loss in the third quarter was primarily the result of low production and high costs during the month of August which resulted from blasting complications in a section of the Tres Perlas pit combined with a slower than anticipated leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. cycle. During the third quarter the Andacollo Gold Mine successfully achieved Full Completion under the terms of its project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. . In satisfying its lenders and their independent engineering consultants, the Andacollo Gold Mine passed a series of stringent operating, performance and economic tests designed to demonstrate the long term profitability of the mine. As a result of achieving Full Completion, Dayton is released from certain covenants under the financing and now enjoys a lower interest rate on its financing. Financial and Operations Highlights Results for the nine and three months ended September 30, 1996 are as follows, all amounts are in thousands of Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents unless otherwise stated: -0-
Nine months ended Three months ended
September 30 September 30
1996 1995 1996 1995
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Statement of Earnings
Revenue 34,855 -- 11,324 --
Operating costs 17,123 -- 6,793 --
Depreciation and
depletion 8,222 -- 2,844 --
------- ---- ------ ----
25,345 -- 9,637 --
------- ---- ------ ----
Operating profit 9,510 -- 1,687 --
Expenses
Interest expense 5,445 431 1,606 143
General and
administration 3,659 1,854 1,301 550
Amortization 1,695 -- 565 --
Exploration 351 368 115 94
Other income (expense) (411) 105 (168) 60
------ ----- ------ ----
10,739 2,758 3,419 847
------ ----- ------ ----
Net loss for the
period 1,229 2,758 1,732 847
------ ----- ------ ----
Loss per share ($) (0.03) (0.09) (0.04) (0.03)
Cash flow per share ($)
Basic 0.13 0.12 (0.05) 0.00
Fully diluted 0.11 0.08 (0.05) 0.00
Operations summary
Gold production
(ounces) 65,519 21,793
Average price realized 391 385
(US$/oz)
Cash cost per ounce 191 228
(US$/oz)
Dayton Mining Corporation holds a 100 percent interest in the Andacollo Gold Mine located in central Chile. The company trades on both the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX) and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) under the trading symbol Trading symbol See: Ticker symbol DAY. CONTACT: Dayton Mining Corporation Diane R.Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , 604/662-8383 |
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