Orosur Mining Inc Announces Second Quarter Results

Orosur Mining Inc Announces Second Quarter Results

Orosur Mining Inc.

Orosur Mining Inc (‘OMI’ or the ‘Company’) (TSX: OMI) (AIM: OMI), the South American focused gold producer and explorer, today announces its results for the second quarter ending 30 November 2012.

Further to the announcement of 7 December, the Company reiterates that production for the quarter was 13,970 ounces and Orosur remains on track to achieve its forecast production target of 63,000 to 68,000 ounces for the full year.

The Company reports that the development of the Arenal Deeps ramp and lateral development to enable production from transverse stopes are on track for completion during the quarter ending 28 February 2013. Completion of the ramp and lateral development will enable the Company to access higher grade transverse stope ore at Arenal Deeps for the first time in the last quarter of the financial year ending 31 May 2013.

Operating and Financial Summary

                 

Key Results Summary1

     

Three months ended
30th November

     

Six Months Ended
30th November

      2012       2011       2012       2011
Operating Results                                        
Gold produced       Ounces       13,970       11,916       29,421       24,404
Cash cost2       $US/oz       1,215       1,007       1,151       975
Average price received       $US/oz       1,694       1,717       1,642       1,663
                                         
Financial Results                                        
Revenue       $US ‘000s       24,168       20,985       50,502       42,011
Net income for the period after tax       $US ‘000s       1,210       2,565       3,501       6,977
Cash flow from operations3       $US ‘000s       3,485       4,651       8,523       10,223
Cash at the end of the period       $US ‘000s       3,745       17,054       3,745       17,054
Total debt at the end of the period       $US ‘000s       9,718       5,949       9,718       5,949
 

(1)Results are based on IFRS and expressed in US dollars

(2)Operating cash cost is total cost excluding royalties and capital tax on production assets

(3)Before non-cash working capital movements

Production for the quarter was 13,970 ounces. Despite ore production being slowed from all pits due to heavy rain during the quarter and the mining sequence being changed production and cash costs from Arenal Deeps, Sobresaliente, and Zapucay were all in line with expectations.

However, ore mined from the Crucera pit during the quarter was of a lower grade than planned, resulting in lower ounces produced and higher cash costs per ounce at that pit. The cash cost per ounce for Crucera has increased because, though we have produced approximately the same amount of ore at the same cost, the grade of the ore has been lower than expected and so we have produced fewer ounces, thus increasing the total cash cost per ounce for the quarter to $US 1,215 an ounce compared with a target of approximately $US 1,100.

The impact of the higher cash costs and lower production from Crucera, offset in part by higher gold prices than we had planned for, reduced our cash flow for the quarter by $US 2.0 million. As a result the Company’s cash balance at the end of the quarter was $US 3.7 million.

CEO’s Comment

David Fowler, Chief Executive Officer, commented:

“Production was at the lower end of expectations for the quarter due to lower than anticipated grades from the Crucera pit. During December we slowed the rate of mining at Crucera in order to adapt the mining approach to reduce dilution, thus achieving less tonnes of ore produced at an improved grade. Accordingly, and taking account of the significant progress made on developing the ramp at Arenal Deeps, we remain confident that we will meet our production target for the second half, and achieve production for the full year of between 63,000 and 68,000 ounces.

“We anticipate that the grade achieved at Crucera will result in cash costs for the full year being in the range of $US 1,000 to $US 1,065 per ounce, a modest increase on the $US 975 that we forecast in October. We are focused on improving grade control and mining practices, and identifying where cost savings can be made elsewhere in the operation to offset part of the impact of the lower grade from Crucera.

“As a result of the lower cash flow in the second quarter we expect that our cash balance, prior to the additional capital expenditure outlined below, at year end will be approximately $US 13 million (based on production of 65,750 ounces and a gold price of $1,625 an ounce) compared with the $US 15 million that we announced in October. We expect to commit up to $US 4 million of additional capital expenditure in the second half of the year to accelerate the “pre-strip” of the San Gregorio extension that had been planned to commence in the next financial year . We have also incurred additional exploration expenditure to earn our interest in Pantanillo during the first half and plan, following a positive review of the project, to complete the initial acquisition of 25% of the Talca asset. Together with San Gregorio these investments will reduce the expected cash balance as at 31 May 2013 to approximately $US 8 million.

“Overall, we are confident that the Company remains on track to successfully deliver the strategy that was outlined in October 2012.”

Financial Highlights

  • Revenue increased 15 per cent to $US 24.1m for the quarter (Q2 2011: $US 21.0m), with an average realized gold price of $US 1,694 (Q2 2011: $US 1,717/oz).
  • Net profit after tax for the quarter was $US1.2m (Q2 2011: $US 2.6m). For the half year net profit after tax was $US3.5m (1H 2011: $US 7.0m).
  • Cash flow from operations for the quarter was $US3.5m (Q2 2011: $US 4.6m) with $US 8.5m for the half year (1H 2011: $US 10.2m). $US 4.8m was consumed in working capital during the half. Working capital is expected to be maintained or reduced in the second half of the current financial year.
  • Capital expenditure for the first half was $US 11.75m. Total capital expenditure for the year is expected to be $US 24.5m compared to an original budget of $US 20.5m. The Company is planning to spend up to $US4m in the second half of the current year to change the mining sequence of San Gregorio to accelerate pre-strip on this deposit. This will allow the Company to maintain higher ore stock levels to reduce risk and maximise throughput and maintain consistent production over the coming years.
  • The Company’s cash balance at 30 November 2012 was $US 3.75m compared to $US 7.2m at 31 August 2012. This is in accordance with previous guidance. Cash flow from operations and profitability in the second half is expected to be significantly stronger as higher production levels are forecast with similar cost levels. The Company’s cash balance is therefore expected to increase in the second half.

Production Highlights

  • Production for the quarter increased by 17 per cent year on year to 13,970 ounces (Q2 2011: 11,916 ounces). 29,422 ounces were produced for the half year (1H 2011: 24,404), an increase of 20.6 per cent.
  • During the quarter 1.8m tonnes of waste (Q2 11/12 – 1.4m) and 284,880 tonnes of ore (Q2 11/12 – 232,070) were mined with an average grade of 1.50 g/t (Q2 11/12 – 1.25g/t).
  • During the quarter 385,271 tonnes of ore (Q2 11/12 – 391,686) were fed into the plant at an average grade of 1.21 g/t (Q2 11/12 – 1.02 g/t) to produce 13,970 ounces of gold (Q2 11/12 – 11,916) with a metallurgical recovery of 93.4% (Q2 11/12 – 92.6%).
  • Cash operating costs for the quarter were $US1,215 per ounce (Q2 2011: $US1,007). Higher costs were due to lower head grade mined from the Crucera pit, planned higher stripping costs for the quarter and Uruguayan inflation and peso exchange rate when compared to the prior year. Unit mining and processing costs including Arenal Deeps underground costs were in accordance or below budget.
  • Successful continued development of the ramp at Arenal Deeps with 352 metres completed during the quarter. The ramp is planned for completion during January with ore production targeted for the second half of February when level development for the initial mining levels is complete.
  • The production forecast for the full year remains on track to be in the range of 63,000 to 68,000 ounces. Production in the second half is expected to increase as Arenal development will transition from waste to ore, higher grade Arenal ore will be accessed in the last quarter and Crucera ore delayed from the first half of the year will be processed in the second half.
  • Cash cost per ounce for the full year is expected to be in the range of $US1,000 to $US1,065 per ounce, approximately 6 per cent above the Company’s budget for the year, as a result of the average grade of ore mined from the Crucera open pit in the first half of the year being lower than initially expected. Unit operating costs are in line with budget.

Exploration and Development Highlights

  • Maiden NI43-101 compliant resource estimate expected at Mahoma in the second half of fiscal 2013 – expected to support the commencement of feasibility work. 4,530 metres of infill and extension drilling have been completed on the Mahoma vein project. Best results reported to date for the current programme include 1.4 meters at 219 g/t, 1.6 meters at 32.1 g/t, 1.4 meters at 36.7 g/t, 3 meters at 20 g/t and 4 meters at 41.2 g/t.
  • Company completed drilling and expenditure commitments on the Pantanillo project it optioned from Anglo American. During December the Company exercised its option to acquire the Pantanillo project and now owns the project. Field work during quarter three will be focused on target generation with no further drilling planned for this fiscal year.
  • Completion of the previously announced review of the Talca project. The review identified a number of new areas with potential for discovery of high grade veins. Company to complete the acquisition of initial 25 per cent interest during 2013. Upon completion, the Company will have five years to perform further exploration work without having to make further payments. A CSMT geophysical survey is planned to test these and existing zones before further drilling is performed.
  • At Anillo 75 km² of new mapping and 28 trenches were completed during the quarter. Anomalous Au and Ag values were obtained in the Anillo Central and South East sectors that suggest the existence of an underlying hydrothermal cell. A CSMT geophysical survey is planned for the third quarter with 2,000 meters of drilling in the fourth quarter to test these targets.

Financial and Operating Performance Details

Further information on financial and operating performance can be found in the Company’s Management Discussion and Analysis filed on SEDAR.

Exploration and Development

Mahoma

During fiscal 2013, 44 drill holes equal to 4,530.2 m were completed at the project: 1560.20 m of diamond drilling and 2970 m RC drilling (of which 1830 m were for pre-collars). Resource modelling will commence when the pending assay results are received in January with a first NI43-101 resource estimate for Mahoma targeted for completion during the second half of the financial year. A plan view of the drill holes contained in the following table is available on the Company’s website.

                                         

Hole
Number

     

from
meters

     

to
meters

     

interval
meters

      Au g/t       Comments
MHDD029       70.8       72.4       1.6       5.96        
MHDD030       25.9       26.4       0.5       1.39        
      32.7       34.7       2       3.30        
MHDD031       17.2       18       0.8       1.88        
      38.8       39.85       1.05       1.02        
      67       67.8       0.8       4.60        
      86.15       87.55       1.4       219.33        
MHDD032       92.03       92.6       0.57       30.10        
MHDD033       91.9       92.6       0.7       3.13        
      96.6       97.2       0.6       16.72        
      98.3       99.9       1.6       32.15        
      108.9       109.9       1       1.06        
MHDD034       103.2       103.9       0.7       2.82        
MHDD035       102.6       105.55       2.95       3.48        
      106.1       106.6       0.5       2.80        
MHDD036       91.9       93.3       1.4       36.71        
MHDD037       No significant results        
MHDD037       97       98.4       1.4       3.15        
      101.5       102       0.5       3.56        
MHDD038       103       105       2       1.77        
      107.5       108       0.5       2.09        
MHDD039       138.1       138.6       0.5       2.06        
      139.2       140       0.8       2.80        
      141.5       142       0.5       4.06        
MHDD040       106.7       107.85       1.15       4.03        
MHDD041       129.5       130.5       1       2.87        
MHDD042         118.7       119.7       1       2.80        
      125.7       126.2       0.5       2.10        
MHDD043         51.55       52.1       0.55       1.62        
      58.2       58.75       0.55       11.73        
MHDD045       102.1       104.35       2.25       12.33        
MHDD046       73.2       73.9       0.7       2.62        
      78.9       79.9       1       3.60        
      121.1       122.3       1.2       1.99        
MHDD047       No significant results from RC pre-collar       Assay results pending from 100 m diamond drilling.
MHDD048       No significant results from RC pre-collar       Assay results pending from 50 m diamond drilling.
MHDD049       No significant results from RC pre-collar       Assay results pending from 60 m diamond drilling.
MHDD050       23       25       2       2.16       Assay results pending from 55 m of diamond drilling.
MHDD051       No significant results from RC precollar       Assay results pending from 54 m of diamond drilling.
MHDD052       No significant results from RC precollar       Assay results pending from 70 m diamond drilling.
MHDD053       40       41       1       10.70       Assay results pending from 18 m diamond drilling.
MHDD053       45       46       1       6.32      
MHDD054       No significant results from RC precollar       Assay results pending from 30 m diamond drilling.
MHDD055       No significant results from RC precollar       Assay results pending from 34 m diamond drilling.
MHDD056       No significant results from RC precollar       Assay results pending from 50 m diamond drilling.
MHDD057       No significant results from RC precollar       Assay results pending from 28 m diamond drilling.
MHRC011       7       8       1       1.01        
MHRC012       48       49       1       3.33        
MHRC013       11       12       1       2.07        
MHRC013       22       23       1       1.84        
MHRC014       29       30       1       1.91        
MHRC015       45       48       3       20.02        
MHRC016       52       54       2       2.67        
MHRC016       71       72       1       3.68        
MHRC016       74       75       1       4.73        
MHRC017       77       78       1       2.56        
MHRC017       80       81       1       3.01        
MHRC017       52       53       1       1.42        
MHRC018       55       57       2       9.84        
MHRC019       61       63       2       1.98        
MHRC019       51       55       4       41.22        
MHRC020       62       63       1       1.18        
MHRC020       53       59       6       2.00        
MHRC021       62       63       1       2.41        
MHRC022       50       52       2       4.87        
MHRC022       28       29       1       1.29        
MHRC024       87       88       1       46.77        
MHRC025       90       92       2       1.81        
 

Arenal Deeps

Infill and extension drilling continued during the quarter. Results of holes drilled during the quarter are shown in the following table. Drill holes ALDD142 and ALD143 were drilled from surface with the remained drilled from underground. All holes are diamond drilling.

                                         
HOLE_ID       from (m)       to (m)       interval (m)       Au ppm       Comments
ALDD142       267.70       275.15       7.45       2.06       Drilled from Surface

Includes 1.5 m at 17.8 g/t

      278.85       283.35       4.5       6.4      
      294.55       303.15       8.6       2.4      
ALDD143       295.80       301.65       5.85       1.63       Drilled from Surface
      305.45       306.85       1.4       1.96      
      338.10       342.70       4.6       1.30      
      352.60       361.45       8.85       2.65      
DDHUGN132_W2_1       32       38.2       6.2       2.15        
      74.6       76.8       2.2       1.30        
      78.95       80.9       2.0       2.75        
      84.5       93.55       9.1       3.70        
DDHUGN132_W2_2       67.3       69.4       2.1       4.47        
      108.5       117.9       6.3       4.05        
DDHUGN132_W2_3       42.9       44.9       2.0       3.78        
      69.7       77.7       8.0       2.12        
      82.9       85.9       3.0       5.43        
      95.6       114.8       19.2       8.45        
DDHUGN132_W2_4       28.9       32.53       3.6       2.32        
      38.9       41.6       2.7       2.84        
      43.6       68.5       24.9       4.57        
      76.3       84.3       8.0       5.63        
      86.8       136.6       49.8       5.78        
DDHUGN132_W2_5       26.7       29.1       2.4       2.27        
      48.8       61.6       12.8       4.58        
      63.9       70.1       6.2       2.55        
      72.1       101       28.9       4.54        
      105.5       107.5       2.0       2.02        
DDHUGN157-8       28.5       30.15       1.7       1.73        
      33.5       34.5       1.0       6.56        
      45.9       47.9       2.0       8.97        
      143.9       148.3       4.4       6.68        
      154.4       159.2       4.8       5.19        

Other Uruguay

Field work has commenced on the Presidente Terra property which is located approximately 240km NE from Montevideo or 370 km NW by road to the San Gregorio mine site. Geologic mapping and sampling are been carried on at the Presidente Terra Central Zone and the Retamosa zone which is in the western portion of the property. Both areas were previously not worked due to access restrictions. Depending on the results, drilling is planned for May 2013.

Surface geologic mapping and sampling was carried on at Arroyo Laureles, Rincon de los Castillos and Vaca Muerta projects during the quarter. Geophysics and subsequent RCD drilling is planned, depending on permitting during the second half of fiscal 2013. Rincon de los Castillos and Arroyo Laureles are thought to be the eastern strike extent of the San Gregorio system that has produced 1m ounces of mineralisation.

Anillo

During the quarter field work resulted in detailed geologic mapping of 75 km² and the completion of 28 trenches from which 528 samples were taken of which approximately 70 per cent of assay results have been received. Anomalous Au and Ag values were obtained at Anillo Central, consistent anomalous Au values at SE part suggest the existence of underlying hydrothermal cell. Locally high Cu values support this assumption.

Trench sampling results:

                                         
Hole Number       from meters       to meters       interval meters       Au ppb       Comments
T-ANC-06       66       68       2       48        
        72       76       4       78       Grey quartz vein
including       72       74       2       92        
        82       84       2       73.6        
        162       166       4       64        
T-ANC-07       4       6       2       44        
        18       20       2       49        
        24       28       4       69      

Breccia and
grey/white quartz vein
including       24       26       2       77      
        52       54       2       81        
        60       68       8       84        
including       60       62       2       118.5        
T-ANC-20       50       56       6       80        
including       54       56       2       95        
T-ANC-23       4       16       12       450        
including       8       14       6       550      

And 7.8 gr/t Ag
including 12-14m
@17gr/t Ag
T-ANC-25       0       2       2       73        
T-ANC-27       6       14       8       45        
T-ANC-22       22       23       1               1980ppm Cu
        36       38       2               1950ppm Cu
        36       37       1               2500ppm Cu
T-AN-SE-09       20       22       2       51.5        
        62       64       2       47        

Anillo is the higher part of an epithermal, advanced argillic alteration zone, and buried high grade Au mineralized structures are being targeted. The area is located to the NE of el Peñon Mine and SW of the Veta Victoria project, both owned by Yamana Gold Inc. A total of 11 km of CSAMT (6 lines) and 2.500 m of RCD drilling is planned for the first half of 2013.

Other Chile

Surface mapping and sampling at Talca has defined a number of new target areas during the half and confirmed the potential for the project to host additional economic mineralisation. A CSAMT survey is planned to follow-up these target areas during 2013.

Field work to define new targets is expected to commence in January 2013. No additional drilling is planned for the current fiscal year.

ENDS

For further information, please contact:
Orosur Mining Inc
David Fowler
CEO
or
Ignacio Salazar, + 562 9246800
CFO
info@orosur.ca
or
Canaccord Genuity Limited (Nominated Adviser & Joint Broker)
Rob Collins / Andrew Chubb, +44 (0) 20 7523 8000
or
Seymour Pierce (Joint Broker)
Stewart Dickson / Jeremy Stephenson, +44 (0) 20 7107 8000
or
Blythe Weigh Communications (Public Relations and Investor Relations)
Paul Weigh, +44 (0) 7989 129658
or
Robert Kellner, +44 (0) 7800 554377

About Orosur Mining Inc.

Orosur Mining Inc. is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. The Company operates the only producing gold mine in Uruguay (San Gregorio), and has assembled an exploration portfolio of high quality assets in Uruguay and Chile. The Company is quoted in Canada (TSX: OMI) and London (AIM: OMI).

Qualified Person's Statement

The information presented in this press release has been reviewed by Eric Roth, Director of OMI and Francisco Castillo, Manager of OMI both of whom are considered to be in compliance with NI 43-101 reporting guidelines. Dr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the AusIMM, and has had over 20 years of experience in international minerals exploration and property evaluation. Mr. Castillo is a mining engineer from the Universidad de Santiago de Chile, he is certified by the Comisión Minera de Chile and has 12 years of experience.

Forward Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future financial or operating performance of the Company, constitute "forward-looking statements" within the meaning of certain securities laws,

including the "safe harbour" provisions of the Securities Act (Ontario) and the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. There can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements include, without limitation success of exploration activities; permitting time lines; the failure of plant; equipment or processes to operate as anticipated; accidents; labour disputes; requirements for additional capital title disputes or claims and limitations on insurance coverage. The Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.

- Financial Statements follow -

 
Orosur Mining Inc.

Condensed Interim Consolidated Statement of Financial Position

Thousands of United States Dollars, except where indicated

 
        Note Ref.      

As at November 30,
2012 ($)

     

As at May 31,
2012 ($)
                 
Assets
 
Cash and cash equivalents 3,745 11,461
Accounts receivables and other assets 3 4,823 4,734
Inventories 4 18,371       17,110
Total current assets 26,939 35,305
 
Property plant and equipment and development costs 5 63,180 58,737
Exploration and evaluation costs 6 31,652 26,872
Deferred income tax assets 11 5,225 3,642
Restricted cash 231       231
Total non-current assets 100,288 89,482
         
Total Assets 127,227       122,787
 
                         
 
Liabilities and Shareholders’ Equity
 
Trade payables and other accrued liabilities 3 16,290 18,868
Financial debt 16 5,559 3,418
Derivative financial instruments 13 0       41
Total current liabilities 21,849 22,327
 
Financial debt 4,159 2,805
Environmental rehabilitation provisions 7 5,025       5,091
Total non-current liabilities 9,184 7,896
         
Total liabilities 31,033       30,223
 
Capital stock 8 55,153 55,074
Warrants 276 276
Contributed surplus 5,474 5,424
Retained earnings 35,291       31,790
Total shareholders’ equity 96,194       92,564
 
Total liabilities and shareholders’ equity 127,227       122,787
 

Approved on behalf of the Board of Directors

“David Fowler”       CEO       “Ignacio Salazar”      

CFO

Orosur Mining Inc.
Condensed Interim Consolidated Statements of Income and Comprehensive income

Thousands of United States Dollars, except for earnings per share amounts

 
     

Note Ref.

     

Three months ended
November 30,

     

Six months ended
November 30,

               

2012 ($)

      2011 ($)       2012 ($)       2011 ($)
           
Sales 24,168 20,985 50,502 42,011
Cost of sales 18 (22,067)       (15,745)       (43,803)       (30,707)
Gross profit 2,101 5,240 6,699 11,304
 
Corporate and administrative expense (1,304) (1,296) (2,600) (2,477)
Exploration expenses (87) (223) (416) (659)
Other income 358 576 391 632
Finance cost 17 (166) (65) (247) (90)
Finance income 17 4 8 7 17
Derivative gain 13 472 0 41 0
Net foreign exchange (loss) gain (343)       95       (338)       138
Profit before income tax 1,035 4,335 3,537 8,865
 
Recovery (provision) for income taxes 11 175       (1,770)       (36)       (1,888)
Total income and comprehensive income for the period 1,210       2,565      

3,501

     

6,977

 
 
Earnings per common share
Basic 15 0.02 0.03 0.05 0.09
Diluted 15 0.02 0.03 0.05 0.09
 
Orosur Mining Inc.
Condensed Interim Consolidated Statements of Cash Flows

Thousands of United States Dollars, except where indicated

 

 

     

Three months ended
November 30,

     

Six months ended
November 30,

      2012 ($)       2011 ($)       2012 ($)       2011 ($)

Net inflow (outflow) of cash related to the following activities

 

Cash flow from Operating activities

           
Net income for the period 1,210 2,565 3,501 6,977
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation 4,133 1,990 7,063 3,990
Fair value of derivatives (472) 0 (41) 0
Accretion of asset retirement obligation 19 13 38 26
Deferred income tax assets (938) 597 (1,583) (377)
Stock based compensation 22 90 59 216
Gain on sale of property, plant and equipment (481) (562) (514) (562)
Others (8)       (42)       0       (47)
Subtotal 3,485 4,651 8,523 10,223
Changes in operating assets and liabilities
Accounts receivables and other assets (236) (402) (989) 304
Inventories (1,557) (368) (1,261) (146)
Trade payables and other accrued liabilities (335)       5,444       (2,578)       3,070
Net cash generated from operating activities 1,357       9,325       3,695       13,451
 
Cash flow from financing activities
Proceeds from the issue of share options 54 4 70 20
Proceeds from the issue of shares in a private placement 0 0 0 12,360
Loans received 2,834 1,235 3,573 5,080
Loans payment (10)       (15)       (21)       (27)
Net cash from financing activities 2,878       1,224       3,622       17,433
 
Cash flow from investing activities
Purchase of property, plant and equipment and development costs (7,040) (10,632)

(11,752)

(19,543)
Loans collected (granted) 900 0 900 (1,000)
Proceeds from the sale of fixed assets 909 1,366 942 1,366
Exploration and evaluation expenditure assets (2,451)       (4,515)       (5,123)       (8,831)
Net cash used in investing activities (7,682)       (13,781)       (15,033)       (28,008)
 

Increase (Decrease) in cash and cash equivalents

(3,447)

(3,232)

(7,716)

2,876

 
Cash and cash equivalents at the beginning of period 7,192       20,286       11,461       14,178
 
Cash and cash equivalents at the end of period 3,745       17,054       3,745       17,054
 
Orosur Mining Inc.
Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

Thousands of United States Dollars, except where indicated

 
     

Three months ended
November 30,

     

Six months ended
November 30,

       

2012 ($)

     

2011 ($)

     

2012 ($)

     

2011 ($)

Capital stock

           
Balance at beginning of period 55,099 55,068 55,074 42,692
Private placement net of share issuance costs 0 (276) 0 12,085
Finder’s fee for Talca acquisition 0 250 0 250
Exercise of stock options 54 6 70 21
Transfer from contributed surplus 0       0       9       0
Balance at end of period 55,153       55,048       55,153       55,048
 
Broker Warrants
Balance at beginning of period 276 0 276 0
Commission on private placement 0       276       0       276
Balance at end of period 276       276       276       276
 

Contributed surplus

Balance at beginning of period 5,452 5,264 5,424 5,138
Transfer to capital stock 0 (2) (9) (2)
Employee stock based compensation recognized 22       90       59       216
Balance at end of period 5,474       5,352       5,474       5,352
 

Retained earnings

Balance at beginning of period 34,081 35,005 31,790 30,593
Net income for the period 1,210       2,565       3,537       6,977
Balance at end of period 35, 291       37,570       35,291       37,570
 
Shareholders’ equity at end of period 96,194       98,246       96,194       98,246

Companies

Orosur Mining Inc (OMI)
UK 100
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