GREY:HRIVF - Post by User
Comment by
ThyFishon Nov 13, 2009 5:16pm
292 Views
Post# 16485815
RE: Unbelievable!!
RE: Unbelievable!!The games continue!!! I've had it................enough is enough!! I'd buy Prognoz for 25 million if I had the capital...........what a joke!!
The Company had a net loss of $37.8 million in Q2/2009, compared to a net income of
.9 million in Q1/2009 and a loss of $4.7 million last year. The net change in earnings of -$38.7 million compared to the previous quarter and -$34.6 million compared to Q2/2008, largely reflects the write-down of the Prognoz Silver project of -$59 million. The decrease from Q2/2008, despite higher revenues, was additionally caused by higher mining costs and amortization and depletion costs largely related to higher production levels, higher deduction of non-controlling interest in earnings of subsidiaries reflecting higher earnings at 90% owned Taparko and 85% owned Zun-Holba and Irokinda, and higher tax expense.
Prognoz Silver Project
No drilling or other exploration activity occurred at the Prognoz project site during the quarter and no work is planned for the balance of 2009 and 2010. The project's value was written down by $58.6 million to $25.6 million, reflecting two independent estimates and Canadian GAAP (EIC - 174