Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX
VENTURE:OMN)(OTCQX:OMCCF)(PINK SHEETS:OMCCF) announces that the
Corporation has filed its financial results for the quarter ended
September 30, 2011. This media release should be read in
conjunction with the unaudited condensed consolidated interim
financial statements and notes thereto for the quarter ended
September 30, 2011, and the management's discussion & analysis
("MD&A") for the quarter ended September 30, 2011, both
available on SEDAR at www.sedar.com.
All financial information for the quarter ended September 30,
2011 is prepared in accordance with International Financial
Reporting Standards ("IFRS") and reported in United States dollars
unless otherwise noted, including this media release. Please refer
to Note 2 and Note 16 of the September 30, 2011 unaudited condensed
consolidated interim financial statements for information.
During the quarter ended September 30, 2011, there were several
significant advancements made at the Oracle Ridge Copper Mine
project, where the Corporation is simultaneously drilling,
permitting and designing a processing plant and tailings
impoundment to return the mine into production.
During the quarter, the Corporation completed a name change from
Gold Hawk Resources Inc. to Oracle Mining Corp. and commenced
trading on the OTCQX trading platform in the United States. In
addition, Oracle Mining issued additional assay results from the
drilling program underway ("Oracle Mining intercepts more
high-grade copper at Oracle Ridge", October 19, 2011) that included
extensions to existing mineralization zones and discovery of new
mineralization zones. Offset drilling to further delineate
mineralization continued with a validation drilling program during
the quarter. More detail on the progress made on these programs
during the third quarter is available in the MD&A.
For the quarter ended September 30, 2011, the Corporation had a
net loss of $3.2 million compared to net income of $1.7 million in
the 2010 comparative period. Net income in the comparative period
was primarily driven by gains of $2.6 million arising from the sale
of investments. Net loss in the current period is primarily due to
exploration and evaluation expenditures at the Oracle Ridge copper
project. The current loss for the quarter ended September 30, 2011
consisted of general and administrative expenses of $1.3 million
(2010 - $0.6 million) and $2.3 million in exploration and
evaluation expenditures (2010 - $Nil).
As at September 30, 2011, total assets were $35.8 million
compared to $46.5 million as at December 31, 2010. The difference
resulted from increased expenditures relating to the ongoing
development of the Oracle Ridge copper project, including the
exploration program, technical studies and permitting
activities.
As at September 30, 2011, total liabilities were $4.8 million
compared to $5.6 million as at December 31, 2010. They primarily
consist of liabilities assumed on the acquisition of the Oracle
Ridge copper project, which includes promissory notes payable of
approximately $3.3 million. In January 2011, the Corporation
settled the total liability outstanding for the purchase of land
adjacent to the Oracle Ridge copper property for $0.6 million.
Subsequent to the quarter end, in October 2011 the Corporation
settled $0.5 million owing on its promissory notes payable.
At September 30, 2011, the Corporation had cash and cash
equivalents of $13.1 million, working capital of $11.9 million, and
long-term debt of $2.6 million.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX VENTURE:OMN)(OTCQX:OMCCF)(PINK
SHEETS:OMCCF) is a Vancouver, Canada-based corporation with a focus
on uncovering overlooked deep-value projects to achieve superior
shareholder returns. The Corporation is the sole owner and operator
of Oracle Ridge Mining LLC and copper mine located 24 km northeast
of Tucson, Arizona. Oracle Mining has cash on hand of approximately
$10 million, minimal long-term debt and is managed by an
experienced team of mining professionals with extensive operating
and financial experience.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation. These
forward-looking statements are made as of the date of this document
and Oracle Mining Corp. (hereinafter referred to as the
"Corporation") does not intend, and does not assume any obligation,
to update these forward-looking statements. Forward-looking
statements relate to future events or future performance and
reflect management of the Corporation's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, commodity
prices, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage.
In certain cases, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved" or the
negative of these terms or comparable terminology. By their very
nature forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Corporation's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Corporation has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
This media release does not constitute an offer to sell or
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to a
U.S. Person unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Oracle Mining Corp. Mr. Carlos Escribano Chief
Financial Officer 604-689-9282 or Toll-Free: +1-855-689-9282 Oracle
Mining Corp. Mr. Jason Mercier Corporate Secretary
604-689-9261info@oracleminingcorp.comwww.oracleminingcorp.com
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