Congratulations to AGORACOM Client, La Mancha Resources, who put out this press release on Friday:
La Mancha Posts Record Quarterly Net Earnings as Gold Production Rises 47%
Assume I am horribly conflicted as La Mancha is a client, so have a look at the numbers below and tell me if you aren’t impressed by them.
Key Points:
SECOND QUARTER HIGHLIGHTS
– Net earnings of $6.1 million
– Cash flow from operating activities of $6.6 million
– Corporate debt decreases to $12.2 million while cash and short term investments grow to $18.4 million
– Record quarterly gold production of 27,755 ounces at an average cash cost of US $484 per ounce
– Gold production up 47% and cash costs per ounce down 21% year over year
– Company reaffirms its 2009 gold production target of 100,000 ounces
– Michel Cuilhe to step down as CEO and Chairman of the Company
La Mancha Profile
Congratulations to everyone at La Mancha!
Regards,
George
great numbers from an emerging gold producer. La Mancha is one of a very few handful of companies that will benefit from an increasing production schedule in the midst of a bullrun in the price of gold; all while managing and reducing its cash cost per ounce.
On track to profit $20 Million in 09 for the first year of full scale production, and that is based on a gold price of $900+. When gold eclipses $1000…….
Money talks and everything else walks. What I like about this is that its debt is decreasing and its cash position is increasing. On top of that, it’s cash position covers its debt by 50%. A very liquid company that is worthy of a 2nd look.
Irish