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:San Gold loses $4.98-million in Q3 2009-11-13 16:19 ET - News Release Mr. Gestur Kristjansson reports SAN GOLD REPORTS THIRD QUARTER FINANCIAL RESULTS San Gold Corp. has released its financial results for the third quarter of 2009, which have been prepared on the basis of available information up to Nov. 13, 2009. To review the complete interim unaudited financial statements and associated management discussion and analysis, which should be read in conjunction with the most recent audited annual financial statements, please visit the company's website or SEDAR.
Dale Ginn, chief executive officer, reports record third quarter revenue of $8,844,634 and first-ever operating profit.
The company transitioned to commercial production in its accounting for activities at the Hinge mine this quarter. In part this was responsible for the net income from operations of $200,000 -- this is the first time the company has reported operating income which is a significant milestone for the company and is the beginning of what management expects will be improved performance in the future. The increased level of gold in process inventory of $7.5-million compared with $4.7-million at Dec. 31, 2008, and $3.0-million at the same time last year is a result of the increasing level of production activity through the period. The company has 4,484 ounces of salable gold in inventory that was shipped in the period immediately subsequent so will be recorded as part of fourth quarter revenue.
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