Oracle Mining Submits First Quarter Financial Results
21.05.2012/31/2012 Vancouver, British Columbia - Oracle Mining Corp. (“Oracle Mining” or the “Company”) (TSX: OMN, OTCQX: OMCCF, FRANKFURT: OMC) announces that it has submitted its financial results for the quarter ended March 31, 2012. This press release should be used in conjunction with the unaudited, condensed, consolidated interim report and notes for the quarter ended March 31, 2012 and Management's Discussion & Analysis ("MD&A") for the quarter ended March XNUMX, XNUMX. The quarter ended March XNUMX should be read. Both documents are available on SEDAR at www.sedar.com.
In the three months on 31. March 2012 ended, the company recorded in comparison to a net loss of 3,9 million US $ in the three months on 31. March 2011 ended, a net loss of 4,9 million US $. The increased loss compared to the previous period is primarily attributable to an increase in exploration and valuation expenses, in particular for drilling and underground development work, as well as increased operating and administrative expenses attributable to increased consultant and expert costs, investor relations and listing and filing costs.
During the first quarter, the Company completed a private placement of 7.800.000 common stock of the Company at a subscription price of 1,25 C $ per share. Gross income was raised from 9,75 million C $. There were no significant financing activities in the same period in 2011.
To the 31. March 2012's cash position compared to the 7,9 million US $ to 31. December 2011 on 12,5 million US $. Working capital amounted to 31. March 2012 against a working capital of 6,0 million US $ to 31. December 2011 10,6 million US $.
While at the 31. In March 2012 closed the quarter, the company invested approximately $ 0,2 million in equipment and equipment compared to $ 2011 million in the comparable period in 0,3. Most of the spending was on equipment for the Oracle Ridge Copper Mine project in southern Arizona (USA).
All financial information for the quarter, the 31. March 2012 ended, were prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in US dollars unless otherwise stated. This includes this press release. Please refer to Note 2 and Note 21 of the audited financial statements of 31. December 2011 and 2010 for more information.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX: OMN, OTCQX: OMCCF, FRANKFURT: OMC) is a Vancouver (Canada) based company that owns and operates Oracle Ridge Mining LLC and associated copper mine 24 miles north of Tucson, Arizona. Oracle Mining has little long-term debt and is managed by an experienced team of mining professionals with extensive operational and financial experience. The aim of the company is to find promising projects whose value has not yet been realized, and thus to achieve excellent returns for its shareholders.
For further information please contact:
Mr. Carlos Escribano, Chief Financial Officer
T: + 1-604-689-9282
Royalty FreeNorth America: + 1-855-689-9282
or
Jason Mercier, VP Corporate Secretary
Tel: 604-689-9261
E: [email protected]
www.oracleminingcorp.com
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Disclaimer with respect to forward-looking statements
This document may contain "forward-looking statements" within the meaning of Canadian securities laws. These forward-looking statements are effective as of the date of this document and are believed to be Oracle Mining Corp. (referred to herein as the "Company") has no intention and is under no obligation to update these forward-looking statements. Forward-looking statements relate to events or performance in the future and reflect management's expectations or opinions about future events. These include statements on the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits required for the development and operation of the project, the timing and quantity of estimated future production, production and investment costs, project financing, successful mining operation, commodity prices, environmental risks, unexpected reorganization expenditure, disputes relating to ownership or Liability claims and limited insurance coverage. In certain cases, forward-looking statements may involve the use of terms such as "plan," "expects," "does not expect," "anticipates," "budgeted," "estimates," "forecasts," "intends," "does not intend," or "believes" to recognize or to modifications of such words and phrases or to statements according to which certain actions, events or results "might", "become" or "become" their negative form or comparable terms. Forward-looking statements are typically subject to known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from the future results, performance or achievements identified or implied by the forward-looking statements , Such factors include, but are not limited to, the actual results of current exploration activities; Changes in project parameters due to ongoing planning; future resource prices; possible changes in ore reserves, content or recovery rates; Accidents, labor disputes and other risks of the mining industry; Delays in obtaining regulatory approvals or financing or in the execution of development or construction work; as well as those factors from time to time in the company's annual report for the 31. December 2011 ending fiscal year and published on SEDAR at www.sedar.com. The Company has endeavored to identify important factors that could cause actual events or results to differ materially from those contained in the forward-looking statements. However, other factors may cause the events or results to not be as expected, estimated or intended. There can be no assurance that any forward-looking statements will prove to be accurate. Actual results and future events may differ materially from such statements.
