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Message: MFN PR, Q2 Results

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jcwillis

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Looking Good - Minefinders Posts Q2 Profit

in response to MFN PR, Q2 Results by jcwillis

posted on Aug 03, 11 09:38PM (Log in to use the IP Check tool) ^[?]

UPDATE 1-Minefinders posts Q2 profit

6:18 pm ET 08/03/2011 - Reuters

(Follows alerts)

* Q2 EPS $0.38 vs loss/shr $0.01 last year

* Rev $73.1 mln vs $21.6 mln last year

* Gold production up 42 percent at 19,571 ounces

* Silver production rises 4-fold to 1 mln ounces

Aug 3 (Reuters) - Canadian precious-metals explorer Minefinders Corp posted a quarterly profit, helped by higher metal prices and improved operations at its Dolores mine in Mexico.

For the second quarter, gold production rose 42 percent to 19,571 ounces.

Minefinders produced 1 million ounces of silver in the quarter, up from 277,147 ounces.

The Vancouver, British Columbia-based company reported a net income of at $30.5 million, or 38 cents per share, compared with a loss of $2.4 million, or 1 cent a share, last year.

Revenue nearly quadrupled to $73.1 million.

The company raised its capital expenditure for the year to $45.4 million from $39.5 million for purchase of mining equipment.

Shares of the company closed at C$15.03 on Wednesday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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