CGI : South American Gold and Copper Company Limited Announced Positive Earnings for the Three Months and Nine Months Ended June 30, 2009.
South American Gold and Copper Company Limited (the "Company") (TSX: SAG) reported its financial results for the three months and nine months ended June 30, 2009.
Revenues for the third quarter ended June 30, 2009 were $2,890,000, which included $2,455,000 from the sale of 2,829 gold ounces and $435,000 from the sale of copper and silver concentrates. The Company had no revenues for the comparable period in 2008.
Net earnings for the quarter ended June 30, 2009 were $651,000 or $0.001 per share compared to $NIL for the comparable quarter in 2008.
Revenues for the nine months period ended June 30, 2009 were $8,527,000 which included $7,589,000 from the sale of 9,187 gold ounces and $938,000 from the sale of copper and silver concentrates. The Company had no revenues for the comparable period in 2008.
Net earnings for the nine month period ended June 30, 2009 were $1,389,000 or $0.002 per share versus $NIL for the comparable period in 2008.
At June 30, 2009 the Company had a positive cash position of $1,935,000 and a positive working capital position of $1,891,000.
Compania Minera Pimenton, the Company's 100% owned subsidiary, reported cash costs of $489.90 per ounce of gold produced and total costs of $617.92 per ounce of gold produced for the nine month period ended June 30, 2009 calculated in accordance with the standard definition of costs drawn up by the Gold Institute.
South American Gold and Copper Company Limited is a minerals producing, exploration and development company with properties and activities currently focused in Chile.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
