Monday, February 13, 2006

Glamis Gold NYSE:GLG

Glamis rides gold rush to higher profits
Last Updated Mon, 13 Feb 2006 16:16:28 EST
CBC News
Glamis Gold reported sharply higher revenues and profit in the fourth quarter, driven by higher gold prices and a big increase in production.

Glamis (TSX:GLG) said its net income more than doubled to $15.1 million US (12 cents a share) in Q4, compared to $6.1 million US (5 cents a share) in the same period a year earlier.

Nevada-based Glamis reports in U.S. dollars. The stock lists on both the New York and Toronto Stock Exchanges.

Production in the quarter rose 67 per cent to a record 140,377 ounces at a total cash cost of $181 per ounce.

Revenues in the final quarter of 2005 more than doubled to $70.7 million.

"Contrary to the prevailing gold industry trend, our cost profile is expected to decline significantly in the year ahead, while our gold production is projected to increase by more than 50 per cent over the same period," Glamis Gold CEO Kevin McArthur said in a release.

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Glamis Gold  NYSE:GLG



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