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GobiMin Inc.

Publié le 27 mai 2014

GobiMin Announces First Quarter 2014 Results

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Mots clés associés :   Copper | Hong Kong | Nickel |

GobiMin Announces First Quarter 2014 Results

(Expressed in United States dollars except where otherwise indicated)

TSX-V: GMN

TORONTO , May 27, 2014 /CNW/ - (GMN.V) GobiMin Inc.("GobiMin" or the "Company") reports its financial and operating results for the first quarter of 2014.  The unaudited interim consolidated financial statements along with management's discussion and analysis have been filed with SEDAR (www.sedar.com) and are also available at the website of the Company (www.gobimin.com). 

Financial Highlights


3 months ended March 31

12 months ended


2014

2013

December 31, 2013


$

$

$

Revenue

-

-

-

Other revenue

0.2 million

0.2 million

1.5 million

Share of results of associates and a joint venture

0.2 million

0.2 million

0.3 million

Loss for the period

(0.6 million)

(0.8 million)

(3.6 million)

LBITDA(1)

(0.6 million)

(0.8 million)

(4.2 million)

Basic and diluted losses per share

(0.009)

(0.012)

(0.05)

LBITDA per share(1)

(0.010)

(0.013)

(0.07)





Cash and cash equivalents

40.9 million

38.9 million

54.5 million

Cash and cash equivalents per share(1)

0.71

0.66

0.94

Working capital

 39.1 million

45.0 million

39.7 million

Total non-current financial liabilities

4.5 million

20,000

4.5 million

Total liabilities

 17.4 million

30.2 million

34.6 million

Total assets

100.5 million

117.4 million

118.3 million

Note:

(1)

As non-IFRS measurements, LBITDA (losses before interest income and expense, income taxes,

depreciation and amortisation),LBITDAper share andCash and cash equivalents per share

do not comply with IFRS and, therefore, the amounts presented in the above table may not be

comparable to similar data presented by other companies. The data is intended to provide

additional information and should not be considered in isolation or as a substitute for

measures of performance prepared in accordance with IFRS.

Business Summary and Development

The Company owns a 70% equity interest in a company in China which is developing and operating the Sawayaerdun Gold Project (the "Gold Project") in Xinjiang.  The NI 43-101 compliant resource estimate update has been published in April 2014 . At a cut-off grade of 1.0 grams/tonne gold, its Zone I and Zone IV are estimated to contain a total of approximately 22 million tonnes at an average grade of 1.8 grams/tonne Au (about 1.27 million contained oz Au) in the Measured and Indicated Resources category and approximately 62 million tonnes averaging 1.4 grams/tonne Au (about 2.7 million contained oz Au) in the Inferred Resources category. The exploration results of 2013 has further increased the confidence and understanding of the mineralization and thus provide more reliable data for the mining plan. The full report is available on SEDAR at www.sedar.com and the Company's website at www.gobimin.com.

Due to the snowing weather of the Gold Project area, no exploration activity was conducted during the four months ended April 30, 2014 . GobiMin plans to commence the 2014 drilling programs by early June 2014 .

GobiMin also holds an equity interest of 48.02% in China Precision Material Limited ("China Precision") which engages in metal trading and processing, predominantly in silver.  On April 23, 2014 , GobiMin announced that China Precision kicked off its plan to apply for listing on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited ("HKEx") by way of placing.  As at March 31, 2014 , an amount of approximately $5.6 million was due to from China Precision that would be fully settled upon listing partially by cash and partially by new issue of share of listed company. The equity interest of GobiMin in China Precision would remain approximately 48.02%. The application for listing is subject to approval of the HKEx.

The Group owns 40% equity interests each in three exploration companies incorporated in Xinjiang, China for nickel, copper, and gold. They are treated as associates of the Group.  The net cost of the investment in these three exploration companies amounted to $1.0 million ( RMB6.3 million ). The carrying value of these companies as at March 31, 2014 was $0.7 million ( RMB4.0 million ). Exploration programs of the three exploration companies will continue in 2014.

The Group holds 3.5% equity interest in Xinjiang Tongxing Minerals Limited.  The Group is responsible for applying for the mining licence of an area adjacent to the Yanxi Copper Property ("New Mining Licence") on or before June 30, 2014 . The application for the New Mining Licence is in process and GobiMin is liaising with the relevant government departments to facilitate the application. Upon receipt of the New Mining Licence, the Group will be entitled to an additional consideration. Up to March 31, 2014 , the Group had incurred expenditures of $3.4 million in relation to the area adjacent to the Yanxi Copper Property. These expenditures were recognized as deferred expenditure in the statement of financial position.

Liquidity and Capital Resources

As at March 31, 2014 , the Group had a working capital of about $39.1 million ( December 31, 2013 : $39.7 million ), by netting off its current assets of $52.0 million ( December 31, 2013 : $69.7 million ) with current liabilities of $12.9 million ( December 31, 2013 : $30.0 million ). 

The Group has no difficulties in meeting obligations associated with its financial liabilities and commitment. The Group has determined that its cash and cash equivalents will be more than sufficient to finance its operation, including the current commitments of the Gold Project of approximately $7.1 million and the commitment for the capital contributions to the exploration company newly incorporated in Xinjiang of $0.5 million ( RMB3.2 million ).

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information.  Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in development of mineral properties, the prospective mineralization of the properties, and planned exploration programs.The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate.  These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.       

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

To receive GobiMin press releases by email, send a message to info@gobimin.com and
 specify "GobiMin press releases" on the subject line

SOURCE GobiMin Inc.

Lire la suite de l'article sur finance.yahoo.com
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GobiMin Inc.

CODE : GMN.V
ISIN : CA38020T1021
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GobiMin est une société développant des projet miniers de cuivre basée au Canada.

GobiMin est productrice de cuivre, de nickel en Chine, et détient divers projets d'exploration en Chine.

Son principal projet en production est HUANGSHAN DONG en Chine et ses principaux projets en exploration sont HUANGSHAN, YANXI et XIANSHAN en Chine.

GobiMin est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 13,3 millions CA$ (10,0 millions US$, 9,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,24 CA$, et son plus bas niveau récent le 27 décembre 2018 à 0,20 CA$.

GobiMin possède 50 310 000 actions en circulation.

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Rapports annuels de GobiMin Inc.
Annual Report 2007
Financements de GobiMin Inc.
16/05/2007Announces Closing of Private Placement
Attributions d'options de GobiMin Inc.
09/08/2007New Grant of Stock Options
Rapports Financiers de GobiMin Inc.
21/11/2013Announces Third Quarter 2013 Results
30/05/2013Announces First Quarter 2013 Results
24/08/2007Earns Record $5.4 Million in Second Quarter
23/05/2007Reports Record Earnings Per Share of $0.07 for the First Qua...
Communiqués de Presse de GobiMin Inc.
11/06/2016Annual General Meeting of Shareholders
26/05/2016GobiMin Announces First Quarter 2016 Results
22/04/2016GobiMin Announces the 2015 Results and Pays Dividend
08/04/2016GobiMin Inc.'s Subsidiary Enter into a Loan Agreement
22/01/2016GobiMin Inc. Announces Continuation of Normal Course Issuer ...
21/01/2016GobiMin Inc. Announces Continuation of Normal Course Issuer ...
19/10/2015GobiMin: Mr. Felipe Tan To File New Early Warning Report
09/10/2015GobiMin: Mr. Felipe Tan To File Early Warning Report
08/10/2015GobiMin: Mr. Felipe Tan To File Early Warning Report
17/09/2015GobiMin Inc. Announces Partial Disposition of Investment in ...
28/08/2015GobiMin Announces Second Quarter 2015 Results
24/07/2015GobiMin: Mr. Felipe Tan To File Early Warning Report
09/07/2015Announces the Acquisition of an Office Property in Hong Kong
09/07/2015GobiMin Inc. Announces the Acquisition of an Office Property...
23/04/2015Announces the 2014 Results and Pays Dividend
23/04/2015GobiMin Announces the 2014 Results and Pays Dividend
16/04/2015s Resource Estimates at Sawayaerdun Gold Project
16/04/2015GobiMin Updates Resource Estimates at Sawayaerdun Gold Proje...
19/12/2014- New Grant of Stock Options
19/12/2014GobiMin Inc. - New Grant of Stock Options
26/11/2014GobiMin Announces Third Quarter 2014 Results
28/08/2014GobiMin Announces Second Quarter 2014 Results
05/08/2014GobiMin Inc. Announces Listing of Silver Operation on the Gr...
05/08/2014Announces Listing of Silver Operation on the Growth Enterpri...
08/07/2014GobiMin Announces Full Receipt of Consideration of Yanxi Cop...
30/06/2014GobiMin Inc. Announces to Retain Market-Making Services
30/06/2014Announces to Retain Market-Making Services
06/06/2014Annual General Meeting of Shareholders
27/05/2014GobiMin Announces First Quarter 2014 Results
25/04/2014GobiMin Announces the 2013 Results and Pays Dividend
23/04/2014GobiMin Inc. Announces Proposed Listing of Silver Operation ...
23/04/2014Announces Proposed Listing of Silver Operation in Hong Kong
17/04/2014GobiMin Updates Resource Estimates at Sawayaerdun Gold Proje...
17/04/2014s Resource Estimates at Sawayaerdun Gold Project
30/01/2014Announces Renewal of Normal Course Issuer Bid
29/07/2013Obtains Revocation of Cease Trade Orders
17/07/2013provides an update on cease trade order
15/05/2013s Resource Estimates at Sawayaerdun Gold Project
01/05/2013Announces Delay in Release of 2012 Results
26/03/2013- Diamond Drill Results Update for the 2012 Campaign at the ...
16/01/2013Announces Renewal of Normal Course Issuer Bid
09/06/2011- Annual General Meeting of Shareholders
21/03/2011announces resource estimate for Sawayaerdun Gold Project
15/10/2007 Announces Proposed IPO of Its Subsid =?ISO-8859-1?Q?iary=20...
10/09/2007Receives Government Production Development Permits For Its Y...
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