In the same category

Malaga Inc.

Published : April 13th, 2007

files its audited consolidated financial statements and announces fourth quarter and year-en

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Canada | Gold | Gold Production | Gold Sale | Peru | Tungsten |

Dynacor Mines Inc. (dynacor)
Symbol: DYN
Toronto Stock Exchange

Dynacor files its audited consolidated financial statements and announces fourth quarter and year-end results

Montr�al, Qu�bec, April 13, 2007 - On April 12, 2007, Dynacor has filed its audited consolidated financial statements for the year ended December 31, 2006 and the other required documents with the regulatory authorities. Dynacor expects that the cease-trade order issued by the regulatory authorities will be lifted early next week.

Dynacor is a public company listed on the Toronto Stock Exchange under the symbol DYN. It has been involved in acquisition, exploration, development and operation of mining properties in Peru for the past 11 years.

The Company is mainly active in southern Peru with gold production derived from custom milling operations at the Acari plant, and in northern Peru with the Pasto Bueno tungsten mine where pre-production has begun in September 2006. The first container of concentrate was shipped in October 2006 and that year, the sales of concentrate represented $1,235,460. This amount was reduced from the related deferred exploration according to accounting policies.

In 2005 and 2006, gold sales revenues are derived from ore purchased from local miners. These sales and related costs are recorded in the consolidated statements of earnings.

Total gold production derived from ore purchased from local miners was 14,312 ounces for 2006 compared to 14,301 ounces for 2005. Total gold production was as follows:













Gold sale






Cost of gold sale





























Pasto Bueno
Since September 20, 2006, production is in excess of 50 tonnes/day. Production is expected to increase in order to achieve, by the second quarter of 2007, the maximum capacity of 250 tonnes/day.

Over the next months, Dynacor plans to increase the mill capacity at Acari from 100 t/d to 130 t/d and reach a gold production of 25,000 ounces per year through custom milling operations.

On February 20, 2007, the Company announced its intention to roll over its gold assets into a new subsidiary and to give its shareholders ownership of such subsidiary. Dynacor will continue to focus on developing its tungsten production at the Pasto Bueno mine, in Peru.

The new company, to be named later, will hold all the current gold assets of Dynacor, namely the Acari property and mill, and all the gold exploration properties, which include the Tumipampa and Casaden properties.

For the year ended December 31, 2006, the Company reported a net loss of $2,978,470 compared to a net loss of $592,763 during the same period in 2005. The gross margin decreased from $1,032,979 in the year ended December 31, 2005 to $988,564 for the same period in 2006. The increase of the loss is due to general and administrative expenses that have increased to $2,025,796 in 2006 compared to $1,048,849 in 2005. This increase is due to a rise in activities related to the start-up of production at the Pasto Bueno mill. In addition, a charge of $135,604 for foreign exchange loss was recorded in 2006 compared to $54,214 in 2005. Also, a charge of $1,220,100 for stock-based compensation was recorded during the year ended December 31, 2006 compared to nil during the same period in 2005. This factor has contributed to the increase in the loss for the year.

General and administrative expenses increased to $2,025,796 for the year ended December 31, 2006 compared to $1,048,849 for the year 2005. The increase is due mainly to office expenses and general exploration - Peru that have increased by $189,039 due to the set-up of a corporate structure to include the Pasto Bueno operation. Exploration expenses not related to specific properties owned by the Company are presented in the table above under office expenses and general exploration in Peru.  

General and Administrative Expenses












Professional fees






Office expenses - Canada






Office expenses and general exploration - Peru







Travel and representation






Salaries and remuneration






Transfer agent and listing fees












Total general and administrative expenses












The value of properties, plants and equipments increased by $1,845,796, and amounted to $3,211,067 as at December 31, 2006 compared to $1,365,271 as at December 31, 2005, due in part to the rehabilitation of the Pasto Bueno mill, the purchase of mining equipment and the purchase of a building in Lima.

Deferred exploration and development expenses increased by $2,021,655 compared to $868,205 as at December 31, 2005, due mainly to additional exploration work done on the Pasto Bueno mine for $3,052,977.

Shareholder's Equity
Increase in the shareholder's equity for the year ended December 31, 2006 comes from the issuance of 29,639,539 common shares through private placements for a gross total of $9,055,122 less issuance fees of $703,256 for net proceeds of $8,351,866. The importance of the cost of issuance fees is mainly due to the adjustment of the value of the warrants granted with the Black-Scholes model.

For more information, please contact:

Marc Blais, President
Dynacor Mines Inc.                                                                                                  
450 667-3224 

Jean Martineau, Chairman of the Board
Dynacor Mines Inc.
450 667-3224

Renmark Financial Communications Inc.
Danielle Velez:
Christina Lalli:
Media - Vanessa Napoli:
Tel.: 514 939-3989
Fax: 514 939-3717


Data and Statistics for these countries : Canada | Peru | All
Gold and Silver Prices for these countries : Canada | Peru | All

Malaga Inc.

Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Malaga is a gold and tungsten producing company based in Canada.

Malaga holds various exploration projects in Peru.

Its main asset in production is PASTO BUENO in Peru.

Malaga is listed in Canada and in United States of America. Its market capitalisation is CA$ 918 375 as of today (US$ 881 456, € 674 490).

Its stock quote reached its highest recent level on June 20, 2008 at CA$ 0.49, and its lowest recent point on July 15, 2013 at CA$ 0.01.

Malaga has 183 675 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Annual reports of Malaga Inc.
2007 Annual Report
Nominations of Malaga Inc.
12/2/2011Announces Appointment of Pierre Monet as President and Chief...
6/23/2011Appoints Three New Board Members
7/8/2008appoints Paul Cregheur to the Board of Directors
6/26/2008appoints three new Directors
12/20/2007Appoints a new board member
Financials of Malaga Inc.
4/3/2013Publishes Year-End Results
8/22/2008Q2 2008 financial results and outlook for 2008
4/14/2008Reports its year end financial results for 2007
11/15/2007reports net earnings in its third quarter 2007
8/16/2007Reports $6,749,432 revenue from the sale of gold and tungste...
5/23/2007reports sales of $2.3 million of tungsten concentrate for th...
4/13/2007files its audited consolidated financial statements and anno...
Project news of Malaga Inc.
5/31/2011(Pasto Bueno)Announces a $1.5 Million Diamond Drilling Campaign in the Co...
4/24/2008(Pasto Bueno) Pasto Bueno: Commissioning of the first phase of the Pasto ...
3/3/2008(Pasto Bueno)discovers new tungsten mineralized vein structures at Pasto ...
11/13/2007(Pasto Bueno) Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zone...
5/15/2007(Pasto Bueno)commercial production begins at the Pasto Bueno mine
Corporate news of Malaga Inc.
6/6/2013Files a Notice of Intention to Make a Proposal Under the Ban...
5/21/2013Publishes Q1 Results
4/9/2013Sells Its Hydro Electric Power Plant
11/9/2012Update on Mining Operations
11/9/2012Update on Mining Operations
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
8/15/2012Announces Its Q2 Results
5/9/2012Maintains Profitability and Generates Cashflow From Operatin...
4/17/2012to Recover Additional Tungsten From Its Tailings Pond
3/28/2012Improves Profitability and Generates a Net Income of $5.6M a...
2/27/2012(Pasto Bueno)Increases Its Resources by More Than 140% and Its Reserves b...
2/16/2012to Build New Hydroelectric Plant in Peru
1/9/2012(Pasto Bueno)Announces Appointment of Fernando Pajuelo Rincon as General ...
10/4/2011Joins OTCQX-"MLGAF"
8/15/2011Reports Financial Results for Second Quarter 2011: Generates...
6/17/2011Generates a Net Income of $0.8 Million and an EBITDA of $1.3...
5/20/2011Says it is Not Aware of Any Undisclosed Development That Wou...
4/11/2011Reports Record Sales of US $4.5 Million in the First Quarter...
3/31/2011Reports Income of $1.1 Million From Mining Activities
10/30/2007 Announces the Final Distribution Ratio of Dynacor Gold Mine...
9/26/2007senior management changes within the company
7/17/2007Change of corporate name and trading symbol (previously Dyna...
4/17/2007has 100% ownership of its Acari property in Peru
3/21/2007signs an engagement letter of up to CA$5 million with D&D Se...
2/20/2007To Spin Off Gold Assets To Shareholders
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.005
07/15 15:51 -
Prev close Open
0.010 -
Low High
0.005 0.005
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.005 -50.00%
Volume 1 month var.
0 -50.00%
24hGold TrendPower© : -11
Produces Tungsten
Explores for
Interactive chart Add to compare
Print Compare Export
Last updated on : 3/25/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :