Post by
Canonball on Mar 26, 2008 12:07am
They have poured over 6000 ounces ...
WGW AMEX
2 Bloor Street West, Suite 2102, Toronto, -1, M4W 3E2, CA. TEL: 416 324 6000
Western Goldfields Inc. is a gold producer focused on completing the expansion of its Mesquite Mine, located in Imperial County, CA, and returning the mine to full production by January 2008.
With Proven and probable reserves total 2.8 million ounces of gold. Western Goldfields is fully permitted and estimates average production of 160,000-170,000 ounces of gold annually during the first eight years of mine life.
In June 2007, Western Goldfields announced that its production schedule had been moved ahead by one full quarter, which will bring the company into full production by January 2008. The company commenced pre-stripping operations in June 2007.
Poured gold production for the nine months ended Sept. 30, 2007, was 6,083 ounces. Gold sales for the period were 6,101 ounces. On Oct. 12, 2007, the company completed a public share offering of 9,840,000 common shares at Canadian Dollar (C$) 3.05 per share. Gross proceeds to the company were C$30,012,000.
In addition, the underwriters exercised their over-allotment option in respect of 1,476,000 common shares for gross proceeds of C$4,501,800. Total proceeds, net of underwriter's commission at 5% and other expenses of the issue, were C$32,695,243, or approximately US$33,500,000.
P/E ratio -7.35 Short Interest 14,017
Shares Outstanding 129,645,000
Market Cap 412,271,100
Hope this info is of value
Cheers
Comment by
mlmack on Mar 26, 2008 8:56am
"Poured gold production for the nine months ended Sept. 30, 2007, was 6,083 ounces"
Something is wrong here, they poured there first 1,000 oz. in Jan. 2008 !!!
Comment by
stocksnbonds on Mar 26, 2008 4:55pm
Not necessarily. They had ore piled up by the previous regime. They simply had to put it on leach pads. The new mining as I understand it started in the new year.
I could be wrong but they did have ore with which they could produce gold last year. Heck, they produced gold all of last year if you look at their revenues. the 1000 oz could have been the new gold from new mined ore?
Comment by
Canonball on Mar 26, 2008 10:44pm
mlmack...I am including the site I copied and pasted the info from...I didn't make it up just posting what I found.
https://www.amex.com//PreciousMetals2008.
cheers
Comment by
mlmack on Mar 27, 2008 3:59am
Ya I read it, thanks. I just did not realize this was going on.
I see tires are being blamed on the costs going up to $410., Barrick recently invested $100's of millions in a tire manufacturer to ensure supply, who would of thunk.
They have an updated presentation on their website, still looking at $.30 earnings with POG at $800.