Dynacor Gold Mines
Inc. ( dynacor
Symbol : DNG
Toronto Stock Exchange (TSX)
Dynacor reports net
earnings of $0.6M for Q2 2009
Montr�al, Qu�bec, August 12, 2009 � Dynacor
is pleased to report its financial results for its second quarter ended
30 June 2009. The consolidated financial statements (all currency figures
appear in Canadian dollars unless otherwise specified) along with
management�s discussion and analysis are available on the Company�s
website www.dynacorgold.com and the documents have been
filed electronically on SEDAR at www.sedar.com.
Q2 2009 HIGHLIGHTS
Net earnings of $0.6M ($0.00M in Q2 2008) equal to $0.02 per share ($0.00
in Q2 2008)
� Gold sales of 5,828 ounces (8,710 ounces in
Q2 2008), a decrease of 33% compared to Q2 2008
� Gross margin before amortization of $285 per ounce compared
to $138 per ounce for the corresponding period in 2008
� Cash, and cash equivalents and short term investments
� Cash flow generated from operating activities before
change in non-cash working capital items of $0.8M ($0.3M in Q2 2008)
Dynacor�s President and CEO, recently stated: �During Q2 2009,
despite the reduction in the volume of ore purchased by the Company for
custom milling purposes - forced by the withholding of receivable sales
taxes by the Peruvian authorities which has impacted Dynacor�s available
cash flow - the Company�s milling operations generated net earnings of
$0.6M. Over the last 12 months the Company net earnings per share reached
$0.09, and during Q2 2009 Dynacor generated a cash flow from operating
activities before change in non-cash working capital items of nearly 1.0M
dollars. The Company�s custom milling operations are running below their
capacity but are nevertheless generating a profit�.
activities on the Tumipampa property will include geological and detailed
geophysical studies followed by systematic surface sampling in order to
optimally locate drilling targets, estimate the dimensions of the skarn
and further the exploration of the property.
DYNACOR GOLD MINES INC.
Dynacor is a gold
exploration and mining company, that has been active in Peru through its subsidiaries
since 1996. The Company�s assets include the Acari, Casaden and Tumipampa
exploration properties. The Acari mill produces gold by custom milling.
Dynacor�s strength and competitive advantage comes with the experience
and knowledge the Company has developed while working in Peru. Its pride
remains in maintaining respect and positive work ethics toward its
employees, partners and local communities.
information, please contact:
President & CEO
Dynacor Gold Mines Inc.