Oracle Mining Corp. (fka OMCCF)

[lmcat]

From their just released quarterly report.

For the quarter ended September 30, 2011, the Corporation had a net loss of $3.2 million compared to net income of $1.7 million in the 2010 comparative period. Net income in the comparative period was primarily driven by gains of $2.6 million arising from the sale of investments. Net loss in the current period is primarily due to exploration and evaluation expenditures at the Oracle Ridge copper project. The current loss for the quarter ended September 30, 2011 consisted of general and administrative expenses of $1.3 million (2010 - $0.6 million) and $2.3 million in exploration and evaluation expenditures (2010 - $Nil).

As at September 30, 2011, total assets were $35.8 million compared to $46.5 million as at December 31, 2010. The difference resulted from increased expenditures relating to the ongoing development of the Oracle Ridge copper project, including the exploration program, technical studies and permitting activities.

As at September 30, 2011, total liabilities were $4.8 million compared to $5.6 million as at December 31, 2010. They primarily consist of liabilities assumed on the acquisition of the Oracle Ridge copper project, which includes promissory notes payable of approximately $3.3 million. In January 2011, the Corporation settled the total liability outstanding for the purchase of land adjacent to the Oracle Ridge copper property for $0.6 million. Subsequent to the quarter end, in October 2011 the Corporation settled $0.5 million owing on its promissory notes payable.

At September 30, 2011, the Corporation had cash and cash equivalents of $13.1 million, working capital of $11.9 million, and long-term debt of $2.6 million.

They have now spent $11,000,000 to get the Oracle Ridge Mine into production and more work remains to be done.