Funded - High Grades - So Cheap24 Dec 2014 09:31
FINANCIAL RESULTS - INCOME IN THE QUARTER
For the three month period ended September 30, 2014, Minco recorded a gain of $135,000 compared to a loss of $1,117,000 for the same period ended September 30, 2013. A foreign exchange gain of $503,000 was recorded during the period compared to a foreign exchange loss of $417,000 during the same period in 2013.
For the nine month period ended September 30, 2014, Minco incurred a consolidated net loss of $352,000 compared to a loss of US$1,873,000 during the same period ended September 30, 2013. A foreign exchange gain of $568,000 was recorded during the period compared to a foreign exchange loss of $196,000 during the same period in 2013.
During the nine month period ended September 30, 2014, Minco invested $2,445,000 in exploration and development expenditures. At September 30, 2014, Minco held mineral properties with a book value of $13,855,000.
At September 30, 2014, Minco held $6,887,000 in cash and cash equivalents.
At September 30, 2014, the Company had a working capital surplus of $6,627,000, compared to a working capital surplus of $9,739,000 at December 31, 2013, and is adequately financed to meet its planned programs and business objectives.