Gold-Ore (Goz.to) Record Earnings for Third Quarter 2011
Gold–Ore Resources Ltd. (TSX: GOZ) today reported its financial and operating results for the quarter ended August 31, 2011. (all figures are in Canadian dollars unless otherwise stated)
Third quarter 2011 highlights:
Revenues of $17.2 million
Net income of $5.5 million or $0.06 per share
Operating cash flow of $7.8 million or $0.09 per share before changes in working capital items, and $12.2 million or $0.14 per share after changes in working capital items
Cash cost of US $882 per gold ounce sold
Gold Production of 9,302 ounces or 289.3 kilograms
Sale of 10,229 gold ounces or 318.2 kilograms
Net income for the third quarter increased 138% to $5.5 million from $2.3 million in the same period in 2010. Cash increased to $16.8 million at August 31, 2011 from $6.5 million at the end of the second quarter, and working capital increased to $21.4 million from $15.7 million over the same period.
