MONTREAL -- Dynacor Gold Mines Inc. (TSX: DNG) is pleased to report its financial results for the first quarter of 2009 ended March 31, 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 have been filed electronically on SEDAR www.sedar.com.
Q1 2009 HIGHLIGHTS
- Net earnings of $0.8 M ($0.2 M in 2008) for an earning per share of
$0.03 ($0.01 in 2008)
- Gold sales increased by 24% to reach 8,999 ounces (as compared to 7,266
ounces in Q1 2008)
- Cash and cash equivalents and short term investments equal to $2.1 M
- Cash flow generated from operating activities before change in non-cash
working capital of $0.9 M ($0.4M for Q1 2008)
- Gross margin before amortization of $206 as compared to $114 for the
corresponding period in 2008
Dynacor plans to continue the exploration of the Tumipampa property in 2009. The Company didn't complete any surveys during the three-month period ended March 31, 2009, as it is still waiting for a portion of the receivable sale taxes that is withheld by the Peruvian tax authorities. Also, prior to launching the drilling campaign, the Company wishes to carry out some detailed geochemical surface surveys, to complete systematic sampling as well as a precise geophysical data synthesis and analysis in order to better target future drilling locations and to estimate the dimensions of the Skarn structure.
ABOUT 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.
SOURCE: DYNACOR GOLD MINES INC.
Jean Martineau, President & CEO, Dynacor Gold Mines Inc., (514) 288-3224
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