Dayton Mining Corp.: Third Quarter 1997 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. 10, 1997--DAYTON MIN Min (mĭn). 1 Chief river of Fujian prov., SE China, c.350 mi (560 km) long, rising in Wuyi shan and flowing SE to the South China Sea near Fuzhou; it receives several tributaries near Nanping. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAY.) (AMEX AMEX See: American Stock Exchange :DAY) Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Mining Corporation announces today its results for the three months and nine months ended September September: see month. 30, 1997, all amounts in 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. Financial Review Don MacDonald Mac·don·ald , Sir John Alexander 1815-1891. Canadian politician and the first prime minister of the Dominion of Canada (1867-1873 and 1878-1891). He is considered the organizer of the Canadian confederation, established in 1867. , Chief Financial Officer, today reported Dayton Mining Corporation made a net profit of $40,000 (a loss of $0.03 per share, after recognizing the effect of the equity accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the on convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. ) for the three months ended September 30, 1997, compared with a net loss of $1,732,000 ($0.04 per share) for the same period in 1996. Gold production for the third quarter of 1997 increased 5 percent to 22,797 ounces compared with 21,793 ounces over the same period in 1996. Cash operating costs operating costs npl → gastos mpl operacionales at the Andacollo Andacollo is a city in the Coquimbo Region, Chile. It is located at around . Gold Mine were US$230 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. in the third quarter of 1997 compared with US$228 per ounce in the same period in 1996. Revenues were $12,248,000 for the third quarter of 1997 compared with $11,228,000 in the same period in 1996. The average price realized for gold sold during the third quarter of 1997 was US$401 per ounce compared with US$385 per ounce for the same period in 1996. For the nine months ended September 30, 1997, Dayton Mining Corporation had a net loss of $557,000 ($0.09 per share, after recognizing the effect of the equity accretion on convertible debentures), compared with a net loss of $1,229,000 ($0.03 per share) for the same period in 1996. Gold production at the Andacollo Gold Mine for the first nine months of 1997 increased 7 percent to 70,232 ounces compared with 65,519 ounces over the same period in 1996. Cash operating costs at the Andacollo Gold Mine were US$238 per ounce in the first nine months of 1997 compared with US$192 per ounce in the same period in 1996. Revenues were $37,466,000 for the first nine months of 1997 compared with $34,566,000 in the same period in 1996. The average price realized for gold sold during the first nine months of 1997 was US$397 per ounce compared with US$390 per ounce for the same period in 1996. Dayton continues to have a strong balance sheet with a cash position of $107 million. The gold hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. program consists of 105,000 ounces of puts at US$380 per ounce and 29,370 ounces of calls at US$434 per ounce. Operations Review A process plant expansion at the Andacollo Gold Mine was completed in the third quarter which will double the solution flow to the process plant. A major expansion, which includes the addition of a third tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. crusher crusher, machine used to reduce materials such as ore, coal, stone, and slag to particle sizes that are convenient for their intended uses. Crushers operate by slowly applying a large force to the material to be reduced. , reclaim tunnel tunnel, underground passage usually made without removing the overlying rock or soil. Although tunnels are approximately horizontal, they must be built with sufficient gradient for proper drainage. and conveyors, is scheduled for completion this month. These expansion projects will result in several operating efficiencies, which will help to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. recovery and increase 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. by 25 percent. Operating results for the third quarter were adversely affected by shutdowns related to the expansion projects, and by mining in areas of lower grade than planned due to a delay in mining from the high grade Socorro Socorro is a Portuguese and Spanish word that means 'aid', by providing help or relief. It is a cognate of the word succor (or succour) in the English language.
tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. shutdowns. The tertiary crushers were shut down for a total of 14 days during the third quarter to facilitate crusher expansion, and another four days due to record rainfall. Cash operating costs at the Andacollo Gold Mine during the first nine months of 1997 were US$238 per ounce of gold. Total material mined during this period was 10,981,000 tonnes containing 3,584,000 tonnes of ore grading 0.93 grams of gold per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. (gpt), compared with 7,246,000 tonnes containing 3,527,000 tonnes of ore grading 1.02 gpt in the same period in 1996. This represents a 51 percent increase in total material mined and a 9 percent increase in ore mined over the same period in 1996. A total of 3,343,000 tonnes of ore grading 0.92 gpt was crushed Crushed is:
Dayton continues to actively pursue opportunities worldwide. The Company holds a 100 percent interest in the Andacollo Gold Mine located in central Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts. , and 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. -0-
Consolidated Statements of Cash Flows
for the periods ended September 30
in thousands of Canadian dollars
(unaudited)
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
OPERATING ACTIVITIES
Net income (loss) for
the period 40 (1,732) (557) (1,229)
Adjustment to reconcile net
income (loss) to cash provided
by operating activities
Depletion, depreciation and
amortization 2,677 2,844 8,073 8,222
Amortization of deferred
financing costs 407 565 1,335 1,695
Amortization of deferred
foreign exchange 169 (6) 360 21
Amortization of other
assets 13 12 37 31
-------------------------------------
Cashflow from operations 3,306 1,683 9,248 8,740
Bullion sales receivable 164 (2,267) (954) (1,937)
Other receivables (963) 192 (1,466) 509
Prepaid expenses 156 175 (198) (210)
Inventories (1,000) (2,021) (642) (4,125)
Accounts payable 3,208 47 5,676 1,985
Bank loans-current
portion 69 4,828 54,331 14,581
Capital lease obligation-
current portion (181) 98 577 455
-------------------------------------
Cashflow provided by
operating activities 4,759 2,735 66,572 19,998
-------------------------------------
INVESTING ACTIVITIES
Property, plant and
equipment (5,546) (2,350) (14,735) (11,456)
Other assets 22 (349) (125) (542)
-------------------------------------
Cashflow used by investing
activities (5,524) (2,699) (14,860) (11,998)
-------------------------------------
FINANCING ACTIVITIES
Bank loans (69) (4,828) (59,161) (14,581)
Capital lease obligation (684) (190) 899 169
Accrued liabilities 57 119 209 325
Share capital 4 408 12 38,155
Convertible debentures - - 91,083 (18,526)
-------------------------------------
Cashflow provided by
(used for) financing
activities (692) (4,491) 33,042 5,542
-------------------------------------
NET INCREASE (DECREASE)
IN CASH (1,457) (4,455) 84,754 13,542
CASH, BEGINNING
OF PERIOD 108,325 29,978 22,114 11,981
-------------------------------------
CASH, END OF PERIOD 106,868 25,523 106,868 25,523
-------------------------------------
-------------------------------------
Cashflow from operations
per share - basic $0.08 $0.04 $0.23 $0.24
Cashflow from operations
per share-fully diluted $0.06 $0.04 $0.18 $0.20
Consolidated Statements of Income
for the periods ended September 30
in thousands of Canadian dollars
(unaudited)
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
REVENUES
Sales 12,248 11,228 37,466 34,566
-------------------------------------
COST OF SALES
Operating costs 7,203 6,793 22,973 17,123
Depletion, depreciation
and amortization 2,677 2,844 8,073 8,222
-------------------------------------
Total cost of sales 9,880 9,637 31,046 25,345
-------------------------------------
2,368 1,591 6,420 9,221
-------------------------------------
EXPENSES
Amortization of deferred
financing costs 407 565 1,335 1,695
Exploration 99 115 450 351
Foreign exchange and other 101 (26) (650) 39
General and
administrative 984 1,301 3,384 3,659
Interest expense 1,981 1,688 5,542 5,696
Interest income (1,244) (320) (3,084) (990)
-------------------------------------
Total expenses 2,328 3,323 6,977 10,450
-------------------------------------
NET INCOME (LOSS) 40 (1,732) (557) (1,229)
-------------------------------------
-------------------------------------
Weighted average shares outstanding
- basic (000's) 40,857 40,606 40,853 36,623
Earnings (loss) per share
- basic $(0.03) $(0.04) $(0.09) $(0.03)
Earnings (loss) per share
- fully diluted $(0.03) $(0.04) $(0.09) $(0.03)
Consolidated Statements of Deficit
for the periods ended September 30
in thousands of Canadian dollars
(unaudited)
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
DEFICIT, BEGINNING OF
PERIOD 15,736 9,586 13,500 10,090
Convertible debentures
- equity accretion 1,301 - 2,941 -
Net (income) loss for
the period (40) 1,732 557 1,229
-------------------------------------
DEFICIT, END OF PERIOD 16,997 11,318 16,998 11,319
-------------------------------------
-------------------------------------
Gold produced (oz) 22,797 21,793 70,232 65,519
Average price realized
(US$/oz) 401 385 397 390
Cash operating costs per
ounce (US$/oz) 230 228 238 192
Consolidated Balance Sheets
in thousands of Canadian dollars
30 Sep 1997 31 Dec 1996
(unaudited) (audited)
Assets
CURRENT ASSETS
Cash and short term investments 106,868 22,114
Bullion settlements receivable 2,975 2,021
Other receivables 2,468 1,002
Prepaid expenses 235 36
Inventories 8,403 7,761
--------- ---------
Total current assets 120,949 32,934
PLANT, PROPERTY AND EQUIPMENT 128,305 121,643
OTHER ASSETS 2,632 3,497
--------- ---------
Total assets 251,886 158,074
--------- ---------
--------- ---------
Liabilities
CURRENT LIABILITIES
Accounts payable and accrued
liabilities 11,033 6,660
Bank loan - current 59,229 4,897
Capital lease obligation - current 3,289 2,712
Convertible debentures - liability
- current 7,146 -
--------- ---------
Total current liabilities 80,697 14,269
--------- ---------
LONG-TERM LIABILITIES
Bank loan - 58,766
Capital lease obligation 8,039 7,071
Convertible debentures - liability 21,675 -
Other accrued liabilities 1,190 981
--------- ---------
Total long-term liabilities 30,904 66,818
--------- ---------
Total liabilities 111,601 81,087
--------- ---------
Shareholders' Equity
SHARE CAPITAL 90,499 90,487
CONVERTIBLE DEBENTURES 66,784 -
DEFICIT (16,998) (13,500)
--------- ---------
Total shareholders' equity 140,285 76,987
--------- ---------
Total liabilities and equity 251,886 158,074
--------- ---------
--------- ---------
-0-
Notice: The Company relies on litigation protection for "forward
looking" statements.
CONTACT: Dayton Mining Corporation Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment 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 604/684-1329 (FAX) |
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