Orvana earns $13.4-million in fiscal 2009Orvana earns $13.4-million in fiscal 2009
2009-12-11 18:28 ET - News Release
Mr. Malcolm King reports
ORVANA REPORTS OPERATING RESULTS FOR THE YEAR ENDED SEPTEMBER, 2009
Orvana Minerals Corp. has released operating results for the year ended Sept. 30, 2009. Dollar amounts in this news release are in thousands of United States dollars unless stated otherwise, and fine troy ounces of gold are referred to as ounces. Highlights for the year are:
- Revenues of $56.0-million on sales of 63,230 ounces for fiscal 2009 compared to $69.1 million on sales of 79,813 for fiscal 2008, with lower tonnes of gold sold contributing to most of the decline which was slightly offset by higher average gold prices realized; -- Production of 62,644 ounces at a total cash cost of $339.60 per ounce for fiscal 2009 compared to 79,604 ounces produced at a total cash cost of $240.63 per ounce for fiscal 2008;
- -- Net income of $13.4 million (
.12 per share) for fiscal 2009, compared to $25.7 million (
.22 per share) for the same period a year ago; - -- Cash provided by operating activities amounted to $19.6 million for fiscal 2009 compared to $41.2 million in fiscal 2008; and
- -- At September 30, 2009, following the Company's acquisition of Kinbauri Gold Corp., Orvana continued to maintain a strong financial position with cash and cash equivalents of $58.0 million compared to $91.0 million at September 30, 2008.