Financial Results for the Quarter and Nine Months Ended 30 September 2010
(Thomson Reuters ONE) -
Crew Gold Corporation /
Financial Results for the Quarter and Nine Months Ended 30 September 2010
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DATE: November 14, 2010
TRADING SYMBOLS;
TORONTO AND OSLO - CRU
N E W S R E L E A S E
Financial Results for the Quarter and Nine Months
Ended September 30, 2010
LONDON, United Kingdom, November 14, 2010 - Crew Gold
Corporation ("Crew" or "the Company") today announces;
INTRODUCTION
As a result of the debt-to-equity restructuring
completed on December 11, 2009, and the Canadian
accounting implications surrounding it, the quarter
and nine months ended September 30, 2010 reflects the
unaudited results of operations and cash flows of the
post-reorganization Company and the quarter and nine
months ended September 30, 2009 reflects the results
of operations and cash flows of the pre-
reorganization Company. Prior period financial
information has not been restated to reflect the
impact of the financial reorganization and
accordingly certain amounts in the pre-reorganization
Company are not directly comparable. Unless the
context otherwise requires, all references to yearly
and quarterly periods are to calendar years and
quarters and all amounts are in US dollars unless
otherwise stated. Additional information relating to
the Company is available in the Company's Annual
Information Form dated March 31, 2010 which is filed
on SEDAR at www.sedar.com.
HIGHLIGHTS
· LEFA
- Gold production in Q3 2010 of 32,811 oz, 12%
below 37,458 oz produced in Q3 2009 due mainly to
conveyor reliability issues, relines to both SAG
Mills and heavy rainfall
- YTD gold production of 138,081 oz, up 12%
from 122,807 oz achieved for YTD 2009
- YTD process plant throughput rates averaged
14,000 tonnes per day ("tpd"), up 27% on YTD 2009
average of 11,000 tpd
· Financial Results
EBITDA (excluding discontinued
operations)
for the quarter ended September 30, 2010 of $5.1
million (quarter ended September 30, 2009 - negative
$4.9 million)
EBITDA (excluding discontinued
operations)
for the nine months ended September 30, 2010 of $39.8
million (nine months ended September 30, 2009 - $10.5
million)
Net loss (including discontinued
operations)
of $2.1 million for the quarter ended September 30,
2010 (quarter ended September 30, 2009 - loss of
$23.1 million)
Net profit (including discontinued
operations) of $19.4 million for the nine months
ended September 30, 2010 (nine months ended September
30, 2009 - net loss of $30.9 million)
· Outlook
- Work will continue on improving plant
availability, reliability and efficiency through the
$75 million capital program which includes the
purchase of insurance spares, progressive
refurbishment and debottlenecking projects with the
goal of improved throughput and reduced operating
costs per oz. The $75 million capital program also
includes expenditures to refurbish the mining fleet,
the purchase of additional mobile equipment and an
exploration program and is planned to be completed
prior to the end of 2012.
- On October 18, 2010 the Company announced
that the Board of Directors had approved proceeding
with a transaction in which an indirect wholly owned
subsidiary of OAO Severstal ("Severstal") would
effectively acquire all of the outstanding common
shares in the Capital of the Company that Severstal
does not already own or control thus taking the
Company private.
OVERVIEW
Crew is a mining company currently focused on
maximizing the performance of its gold mining
operations and exploration projects in Guinea.
Results
Following the sales of the assets of Nalunaq, Nugget
Pond and the Maco property in 2009, these operations
were reclassified as discontinued operations and the
results of the continuing operations of the Company
reflect LEFA and corporate overheads. The comparative
profit and loss statement, cash flow statement and
balance sheet amounts have been reclassified where
applicable.
For the quarter ended September 30, 2010, EBITDA
(excluding discontinued operations) was $5.1 million
(quarter ended September 30, 2009 - negative $4.9
million) with mineral sales of $49.9 million partly
offset by direct mining and mine site administration
costs of $42.1 million and general corporate
expenditures of $3.9 million.
Net income from discontinued operations
(Nalunaq/Nugget Pond and Maco) totalled $1.7 million
in the quarter ended September 30, 2010 (quarter
ended September 30, 2009 - net loss of $2.8 million).
Net loss (including discontinued operations) for the
quarter ended September 30, 2010 was $2.1 million
(quarter ended September 30, 2009 - net loss of 23.1
million). The net loss arises from the EBITDA of $5.1
million offset by depletion and depreciation charges
of $4.4 million, interest and finance costs of $2.5
million and foreign exchange losses of $2.1 million.
LEFA produced 32,811 oz of gold in the quarter ended
September 30, 2010 (quarter ended September 30, 2009 -
37,458 oz). Gold sold in the quarter ended September
30, 2010 was 41,228 oz at an average price of
$1,212/oz (quarter ended September 30, 2009 - 35,867
oz at an average price of $955/oz).
For the nine months to September 30, 2010, EBITDA
(excluding discontinued operations) was $39.8 million
(nine months ended September 30, 2009 - $9.8 million)
with mineral sales of $163.3 million and a gain of
$1.1 million from the disposal of Maco, partly offset
by direct mining and mine site administration costs
of $116.0 million and general corporate expenditures
of $9.7 million.
Net income from discontinued operations
(Nalunaq/Nugget Pond and Maco) totalled $1.3 million
in the nine months ended September 30, 2010 (nine
months ended September 30, 2009 - $8.9 million).
Net profit (including discontinued operations) for
the nine months ended September 30, 2010 was $19.4
million (nine months ended September 30, 2009 - net
loss of $30.9 million). This net profit arises from
the EBITDA of $39.8 million partly offset by
depletion and depreciation charges of $15.1 million
and interest and finance costs of $7.4 million.
LEFA produced 138,081 oz of gold in the nine months
ended September 30, 2010 (nine months ended September
30, 2009 - 122,807 oz). Gold sold in the nine months
ended September 30, 2010 was 140,346 oz at an average
price of $1,164/oz (nine months ended September 30,
2009 - 130,042 oz at an average price of $921/oz).
For full results, please see attached pdf file
William LeClair
President and CEO
Safe Harbour Statement
Certain statements contained herein that are not
statements of historical fact, may constitute forward-
looking statements and are made pursuant to
applicable and relevant national legislation
(including the Safe-Harbour provisions of the United
States Private Securities Litigation Reform Act of
1995) in countries where Crew is conducting business
and/or investor relations. Forward-looking
statements, include, but are not limited to those
with respect to the timing of the common share
consolidation.
Forward-looking statements involve known and unknown
risks, uncertainties and other factors that could
cause the actual results of the Company to be
materially different from the historical results or
from any future results expressed or implied by such
forward-looking statements. Although Crew has
attempted to identify important factors that could
cause actual events or results to differ from those
described in forward-looking statements contained
herein, there can be no assurance that the forward-
looking statements will prove to be accurate as
actual results and future events could differ
materially from those anticipated in such
statements. The material factors and assumptions
used to develop forward-looking statements which may
be incorrect, include, but are not limited to,
current estimates of the timing to effect the trading
of post-consolidation shares and exchange for post-
consolidation share certificates.
Except as may be required by applicable law or stock
exchange regulation, the Company undertakes no
obligation to update publicly or release any
revisions to these forward-looking statements to
reflect events or circumstances after the date of
this document or to reflect the occurrence of
unanticipated events. Accordingly, readers should not
place undue reliance on forward-looking statements.
[HUG#1462409]
--- End of Message ---
Crew Gold Corporation
Abbey House, Wellington Way, Weybridge Surrey United Kingdom
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
Q3 2010 Financial Results:
http://hugin.info/90/R/1462409/401401.pdf
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originality of the information contained therein.
Source: Crew Gold Corporation via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 15.11.2010 - 08:39 Uhr
Sprache: Deutsch
News-ID 48762
Anzahl Zeichen: 10517
contact information:
Town:
Surrey
Kategorie:
Business News
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