22 SMITH STREET, ST PETER PORT
GUERNSEY
United Kingdom,
GY1 2JQ
Phone: +44 1481 741 562
Fax: +44 1481 711 052
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Company SummaryAvnel Gold Mining Limited owns and operates the Kalana Exploitation Permit in Mali through its 80% owned Malian subsidiary, SOMIKA. Avnel completed an IPO in June 2005 and is listed on the Toronto Stock Exchange (Ticker: AVK). Avnel completed a Private Placement in November 2005 raising gross C$7.9 million.
Company NewsFriday, November 13, 2009 Avnel Gold Mining recorded net loss of $1,420,000 ($0.018 per share) for the three months ended September 30, 2009 compared to net loss of $455,000 ($0.007 per share) in the third quarter of 2008. Metal sale revenues decreased by 43% in the third quarter of 2009 compared to the third quarter of 2008 due to lower gold sales volumes, partly offset by higher gold prices which rose 6% in the quarter. Operating costs in the third quarter decreased by 32% but this was offset by higher depreciation charges. Operating costs in the nine months to September 2009 increased by 10% compared to the same period in 2008. Gold production of 4,314 ounces in the three months ending September 30, 2009 was 26% below plan and 32% lower than the production in the second quarter of 2008. The lower gold production than plan was due to lower mill throughput (23%) and lower head grade (17%). News ReleasesFriday, November 13, 2009 |
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