This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Arehada Mining loses $1.38-million in Q2 2009-08-14 00:18 ET - News Release Mr. Steve Wang reports AREHADA REPORTS SECOND QUARTER RESULTS
Arehada Mining Ltd. is releasing its second quarter results, as well as providing an update on its financial conditions.
Revenue for the quarter was $1,815,960 from the mining of 34,897 tonnes of ore, compared with $4,587,490 from 132,996 tonnes in the same quarter last year. The net loss of $1,384,217 or 0.8 cent per share in the second quarter of 2009 compares with earnings of $933,360 or 0.5 cent per share for the same quarter in 2008. The loss is due to the restarting of the mining operations in May and the gradual ramp-up of production.
During the quarter, Arehada conducted mining operations at a rate of approximately 712 tonnes per day and operated 48 days during the period, which is significantly less than the average rate of 1,536 tonnes per day during the same period last year, due to the restarting of the mine and targeting higher grades.
Head grades of approximately 1.53 per cent zinc and 2.24 per cent lead resulted in an average combined recovery rate of 90 per cent. Silver head grades of 72.62 grams per tonne met a recovery factor of 73 per cent from the lead concentrate. These grades are significantly improved over the average grades for 2008, and the company expects them to continue to improve for the balance of 2009.
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