Cerro Grande MiningCorporation Reports Significant Improvement in Results for the ThreeMonths and Nine Months Period Ending June 30, 2011 Compared to SimilarPeriods in 2010
8/11/2011 2:00 PM - Canada NewsWire
TORONTO, Aug. 11, 2011, 2011 (Canada NewsWire via COMTEX News Network) --CerroGrande Mining Corporation (the "Company") (TSX-CEG) (formerly SouthAmerican Gold and Copper Company Limited) reported today its unauditedresults for the three months ended June 30, 2011 compared to the threemonths ended 2010 and for the nine months ended June 30, 2011 comparedto the nine months ended June 30, 2010.
Revenues from gold,copper and silver sales for the three months period ended June 30, 2011were US $7,695,000 compared to US $2,714,000 for the three monthsperiod ended June 30, 2010. Net earnings were a positive US $1,057,000for the three months period ended June 30, 2011 compared to a loss of(US $2,803,000) for the three months period ended June 30, 2010.
Goldounces sold were 4,305 ounces or $6,640,000 and copper and silversales were $1,055,000 in the three month period ended June 30, 2011compared to gold ounces sold of 2,047 ounces or $2,514,000 and copperand silver sales were $200,000 in the comparable quarter of 2010.
Forthe nine months period ended June 30, 2011 revenues from gold, copperand silver sales were US $18,715,000 compared to US $6,914,000 for thecomparable period in 2010. Net earnings were a positive US $3,086,000or US $.03 per share for the nine months period ended June 30, 2011compared to a loss of (US $4,331,000) or (US $.02) per share for thecomparable period in 2010.
Gold ounces sold in the nine monthperiod ended June 30, 2011 were 11,262 ounces compared to 5,547 ouncessold in the nine month period ended June 30, 2010. Cash cost per ounceat the Pimenton mine, net of by-product credits, was US $654 for thenine months ended June 30, 2011 compared to US $1,077 in the comparableperiod ended June 30, 2010.
Working capital at June 30, 2011 wasa positive 1.45 to 1.00 including cash of US $4,659,000 compared to anegative .80 to 1:00 including cash of US $1,470,000 for the comparableperiod in 2010.
Cerro Grande Mining Corporation is a mineralsproducing, exploration and development company with properties andactivities currently focused in Chile.
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