Palmarejo Silver and Gold Corporation Announces its Financial Results for the First Quarter Ended September 30, 2007
24 11월 2007 - 1:52AM
Marketwired
LONGUEUIL, QUEBEC announces that its Interim Consolidated
Financial Statements and Management's Discussion & Analysis for
the first quarter ended September 30, 2007 have been filed on SEDAR
(www.sedar.com). They are also available through Marketwire's
website at http://www.ccnmatthews.com/docs/PJO_FIN_1123.pdf and on
the Company's website (www.palmarejogold.com).
Financial highlights (in Canadian dollars) for the quarter
include capitalized project development expenditures of $29.2
million on the Company's Palmarejo project located in the Temoris
District of Chihuahua in Mexico, including $18.9 million for mining
equipment under capital lease and various construction and
engineering activities, such as road upgrade, earthworks, camp
construction, fabrication and assembly of various mill components
and modification of the ball and SAG mills. The Company also
invested $6.3 million in exploration expenditures on its Palmarejo,
Guadalupe and other silver-gold projects located in the Temoris
District of Chihuahua in Mexico, including $3.1 million for
drilling activities.
At September 30, 2007, the working capital deficit totaled $22.9
million, including an amount of $1.0 million borrowed under a
credit facility and an amount of $13.4 million due to a
wholly-owned subsidiary of Bolnisi Gold NL ("Bolnisi"), the
Company's majority shareholder, and capital lease obligations of
$7.8 million. During the quarter, Bolnisi negotiated a US$20.0
million credit facility with Macquarie Bank Limited to fund ongoing
project development. As funds are required to continue developing
the Palmarejo Project, Bolnisi will advance required funds to the
Company.
During the quarter, the Company recorded an impairment charge of
$1.0 million related to ABCPs held. Given the uncertainty regarding
the outcome of the Montreal Proposal, the fair values estimated by
the Company may change materially in subsequent periods.
At November 22, 2007, the Company has 93,114,838 common shares
issued and outstanding and 2,185,900 outstanding stock options at
an exercise price varying between $1.00 and $3.90 and expiring by
December 2010. At the same date, Bolnisi owns 66,855,237 common
shares, representing 71.8% of the total number of issued and
outstanding common shares of the Company. At September 30, 2007,
the Company had 3,947,368 outstanding warrants exercisable at a
price of $12.50 at any time prior to October 19, 2007. None of
these warrants were exercised prior to the maturity date and
consequently expired.
In the proposed merger agreement between the Company, Bolnisi
and Coeur d'Alene Mines Corporation ("Coeur"), interim court orders
have been rendered in Canada and Australia. A shareholders' meeting
of Coeur has been convened to be held on December 3, 2007, while
Bolnisi and the Company's shareholders' meetings will be held on
December 4, 2007. Assuming that the required shareholders and final
court approvals are received, the companies expect the transactions
to be completed on or about December 21, 2007.
Palmarejo Silver and Gold Corporation is a silver and gold
exploration company with projects in Mexico. Additional information
is available on SEDAR and on the Company's website.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Palmarejo Silver and Gold Corporation James Crombie
President & CEO 450-677-2253 450-677-2601 (FAX)
jcrombie@pjogold.com Palmarejo Silver and Gold Corporation Gerri
Paxton Manager, Investor Relations 450-677-2054 450-677-2601 (FAX)
gpaxton@pjogold.com www.palmarejogold.com
Palmarejo Silver & Gold Corp (TSXV:PJO)
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