Louvem Mines Inc. (TSX VENTURE: LOV), announces its financial
results for the second quarter ended June 30, 2009. Financial
results are based on Canadian GAAP and dollar amounts are reported
in Canadian currency, unless otherwise noted.
Revenues were $2,557,757 for the second quarter of 2009,
compared with $4,001,274 during the same period in 2008. In all
2,351 ounces of gold were sold at an average price of US$899
(CAN$1,084) per ounce in the second quarter of 2009, compared with
4,351 ounces of gold sold at an average price of US$860 (CAN$917)
per ounce for the same period in 2008. The decrease in revenue is
mainly attributable to the decrease in number of ounces sold,
however this drop was offset by the higher average selling price
per ounce of gold.
Total expenses for the second quarter of 2009 were $2,968,452,
compared with $3,007,731 incurred in the same period in 2008. Total
operating costs for the second quarter of 2009 were $2,083,229,
compared with $2,022,665 for the same period in 2008. The cash cost
per ounce of gold sold increased from US$436 (CAN$465) for the
second quarter of 2008 to US$735 (CANS$886) for this quarter,
mainly attributable to an important decrease in the recovered grade
at the Beaufor Mine.
Exploration spending in the second quarter 2009 was $511,495,
compared with $586,457 in the same period in 2008, reflecting
sustained efforts in exploration. Depreciation and depletion
decreased from $178,400 in 2008 to $68,167 in 2009, reflecting a
lower production rate and a lower depreciation and depletion rate
per ounce of gold sold that is calculated based on the proven and
probable reserves, which were broadly similar at the Beaufor Mine
at December 31, 2008 when compared with December 31, 2007.
The Company posted a net loss of $368,762, or $0.01 per share,
for the second quarter of 2009, compared with net earnings of
$975,227, or $0.04 per share, for the same period in 2008. Cash
used for operations were $1,099,188 for the second quarter of 2009,
whereas for the same period in 2008, $1,344,728 had been generated
from operations.
During the quarter ended June 30, 2009, 22,806 tonnes of ore
from the Beaufor Mine were processed at an average recovered grade
of 6.41 g/t, and 4,701 ounces of gold were sold at an average price
of US$899 (CAN$1,084) per ounce; Louvem's share was 2,351 ounces.
In the same quarter the prior year, 29,062 tonnes of ore were
processed at an average recovered grade of 9.31 g/t, and 8,702
ounces of gold were sold at an average price of US$860 (CAN$917)
per ounce; Louvem's share was 4,351 ounces. Cash costs per ounce
sold rose from US$436 (CAN$465) in the second quarter of 2008, to
US$735 (CAN$886) in the second quarter of 2009. This cost increase
is due to a lower production, the increase in expenses for the
definition drilling and a 31% drop in the recovered grade compared
with the same period in 2008. The lower grade can largely be
explained by the disappointing results from room-and-pillar stopes,
where very good grades are usually obtained.
SIX-MONTH REVIEW
For the six-month period ended June 30, 2009, revenues stood at
$5,951,413, down 24% relative to revenues of $7,841,588 for the
same period in 2008, reflecting the lower number of gold ounces
sold. During the first six months of 2009, 5,351 ounces of gold
were sold at an average price of US$917 (CAN$1,106) per ounce,
compared with 8,352 ounces of gold sold in the first half of 2008
at an average price of US$877 (CAN$935) per ounce.
Operating expenses for the six-month period ended June 30, 2009
were $4,373,324, up $236,433 over operating costs of $4,136,891
during the same period last year, primarily due to higher mining
costs and increased definition drilling at the Beaufor Mine.
Exploration costs were $790,345 during the first half of 2009,
compared with $747,228 during the same period in 2008, reflecting
the Company's sustained efforts to increase its reserve base.
For the six-month period ended June 30, 2009, the Company posted
a net loss of $31,918 or nil per share, compared with net earnings
of $1,881,653, or $0.07 per share, for the six-month period ended
June 30, 2008.
During the first half of 2009, 52,269 tonnes of ore from the
Beaufor Mine were processed at an average recovered grade of 6.37
g/t, and 10,702 ounces of gold were sold at an average price of
US$917 (CAN$1,106) per ounce; Louvem's share was 5,351 ounces. For
the six-month period ended June 30, 2008, 59,759 tonnes of ore were
processed at an average recovered grade of 8.69 g/t, and 16,705
ounces of gold were sold at an average price of US$877 (CAN$935)
per ounce; Louvem's share was 8,352 ounces. Cash costs per ounce
were US$677 (CAN$817) for the first six months of 2009, compared
with US$464 (CAN$495) per ounce for the same period in 2008. The
number of tonnes processed for the first six months of 2009 is 13%
lower than for the same period in 2008, but is within forecasted
levels. Cash costs per ounce in Canadian dollars increased by 65%
compared with the corresponding period in 2008, due to a 27% drop
in the recovered grade and higher mining costs.
The definition drilling program is ongoing, with 8,781 metres
drilled compared with 4,550 metres drilled during the first six
months of 2008.
Exploration
During the second quarter of 2009, a total of 10,560 metres were
drilled at the Beaufor Mine, including 7,712 metres targeting depth
extensions below the current mining infrastructure. Drilling
results obtained since the start of the year 2009 have not led to
any significant increase in inferred resources in the zones at
depth compared with the resource calculation as of December 31,
2008.
In order to increase the amount of inferred resources below
existing infrastructure, new targets will be drill-tested by the
end of 2009. The main targets are primarily located along the east
and west extensions of the Q Zone, the depth extension of the C
Zone, and the area proximal to the Perron Fault.
Outlook
Louvem Mines is maintaining its exploration efforts at the
Beaufor Mine and is working to lower its production costs. The
Company has no long-term debt and has access to 5.4 million dollars
in working capital as at June 30, 2009.
Martin Rivard
President and Chief Executive Officer
About Louvem Mines Inc.
The Company has a 50% interest in the Beaufor Mine and owns
other exploration properties located near Val-d'Or, in northwestern
Quebec, Canada.
More information on Louvem Mines can be found on its website at:
www.louvem.com.
KEY FINANCIAL DATA
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Three-month period Six-month period
ended June 30 ended June 30
2009 2008 2009 2008
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Results ($)
Revenues 2,557,757 4,001,274 5,951,413 7,841,588
Net earnings (loss) (368,762) 975,227 (31,918) 1,881,653
Cash flow from (used in)
operations (1,099,188) 1,344,728 (776,230) 2,739,013
Results per share ($)
Net earnings (loss) basic (0.01) 0.04 - 0.07
Weighted average number
of common shares 25,929,689 25,929,689 25,929,689 25,929,689
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June 30, 2009 December 31, 2008
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Financial position ($)
Total assets 8,316,478 9,281,325
Working capital 5,363,552 5,468,777
Long term debt - -
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SALES AND PRODUCTION DATA
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Beaufor Mine - 50 % Three-month period ended June 30,
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2009 2008
Gold sales (ounces) 2,351 4,351
Production of gold (ounces) 2,199 5,007
US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 735 886 436 465
Average selling price (per
ounce of gold) 899 1,084 860 917
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Beaufor Mine - 50 % Six-month period ended June 30,
--------------------------------------------------------------------------
2009 2008
Gold sales (ounces) 5,351 8,352
Production of gold (ounces) 4,625 10,199
US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 677 817 464 495
Average selling price (per
ounce of gold) 917 1,106 877 935
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Average exchange rate used for 2008: US$1 equals CAN$1.0660
2009 estimated exchange rate: US$1 equals CAN$1.2062
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Louvem Mines Inc. Martin Rivard President and Chief
Executive Officer 514-397-1448 514-397-8620 (FAX)
www.louvem.com
Louvem Mines Inc. (TSXV:LOV)
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