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Share Name | Share Symbol | Market | Type |
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TSXV:RD | TSX Venture | Common Stock |
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VANCOUVER, Dec. 1, 2015 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased to announce financial results for the three and nine months ended September 30, 2015 and business highlights to date, including advancements at Red Eagle Mining's San Ramon Gold Mine in Antioquia, Colombia. Highlights include:
Selected financial data:
The following selected financial data is derived from our unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2015, as prepared in accordance with International Financial Reporting Standards (all amounts in CA$).
For the three months ended |
For the nine months ended | ||||||||||||
September 30, 2015 |
September |
September 30, 2015 |
September 30, 2014 | ||||||||||
Net loss |
$ |
646,079 |
$ |
2,135,629 |
$ |
4,032,487 |
$ |
6,376,591 | |||||
Comprehensive loss |
978,149 |
2,172,457 |
4,464,244 |
6,407,343 | |||||||||
Basic and diluted loss per share |
0.01 |
0.03 |
0.04 |
0.09 | |||||||||
As at |
September |
December | |||||||||||
Cash and cash equivalents |
$ |
10,234,096 |
$ |
427,290 | |||||||||
Property, plant and equipment |
7,857,537 |
679,876 | |||||||||||
Total assets |
31,305,015 |
1,484,794 | |||||||||||
Total liabilities |
6,443,634 |
2,253,096 | |||||||||||
Shareholders' equity |
24,861,381 |
(768,302) | |||||||||||
For the three and nine months ended September 30, 2015, Red Eagle Mining reported a net loss of $0.6 million (2014: $2.1 million) and $4.0 million (2014: $6.4 million), respectively. The net loss was reduced compared to the 2014 periods as Red Eagle Mining commenced capitalization of direct costs associated with the development of the San Ramon Gold Mine, which also results in the increased values of Property, Plant and Equipment, Total Assets and Shareholders' Equity.
This press release should be read in conjunction with the unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2015. These documents can be found on Red Eagle Mining's website or profile at www.sedar.com.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and development corporation with an experienced mine development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 100 square kilometre historic Santa Rosa Gold Project located in the Antioquia Batholith. Construction is underway at the fully permitted and fully financed San Ramon Gold Mine with production expected to commence during the second half of 2016.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Red Eagle Mining Corporation
Copyright 2015 Canada NewsWire
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