VANCOUVER, Dec. 1, 2015 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased
to announce financial results for the three and nine months ended
September 30, 2015 and business
highlights to date, including advancements at Red Eagle Mining's
San Ramon Gold Mine in Antioquia, Colombia. Highlights
include:
- Placed all process and infrastructure equipment orders
necessary to complete the construction of the San Ramon Gold Mine
within budget for delivery in Q1 2016 (news release dated
November 16, 2015);
- Fulfilled all conditions precedents to draw down the previously
announce credit facility and drew US $10,000,000 (news release dated November 5, 2015);
- Acquired controlling interest in CB Gold through a share
exchange takeover bid (news release dated, October 5, 2015);
- Completed approximately $19,350,000 private placement of common shares
(news release dated August 21,
2015);
- Awarded the earthworks contract to Consorcio San Ramon Proyecto
Civil and commenced construction (news release dated August 18, 2015);
- Awarded the mine construction and operations contract for the
San Ramon Gold Mine to STRACON GyM (news release dated July 17, 2015);
- Appointed Mr. Chui Wong,
Chartered Accountant, as Chief Financial Officer (news release
dated May 25, 2015);
- Red Eagle Mining's common shares were dual-listed on the
Santiago Stock Exchange Venture, allowing improved access to Latin
American capital pools, while strengthening its visibility in the
region (news release dated April 27,
2015);
- Completed US $65,000,000
construction financing with Orion Mine Finance, including a secured
US $60,000,000 credit facility and a
US $5,000,000 private placement of
common shares (news release dated April 2,
2015);
- Awarded the engineering, procurement, and construction
management contract for the San Ramon Gold Mine to Lycopodium
Minerals Canada Ltd. (news release dated March 17, 2015);
- Corantioquia (Department of Antioquia Environmental Agency)
granted an Environmental License in full, without conditions, in
Resolution 160TH-1503-11577 dated March
9, 2015. This was the final permit required for
construction and mining of the San Ramon Gold Mine for the life of
the mine (news release dated March 10,
2015); and
- Recognized by the TSX Venture Exchange as one of the TSX
Venture 50, a ranking of the top performing companies listed on the
TSXV during 2014 (news release dated February 12, 2015).
Selected financial data:
The following selected financial data is derived from our
unaudited interim condensed consolidated financial statements for
the three and nine months ended September
30, 2015, as prepared in accordance with International
Financial Reporting Standards (all amounts in CA$).
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For the
three months ended
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For the nine
months ended
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September
30,
2015
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September
30, 2014
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September
30,
2015
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September
30,
2014
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Net loss
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$
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646,079
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$
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2,135,629
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$
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4,032,487
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$
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6,376,591
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Comprehensive
loss
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978,149
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2,172,457
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4,464,244
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6,407,343
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Basic and diluted
loss per share
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0.01
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0.03
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0.04
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0.09
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As
at
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September
30, 2015
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December
31, 2014
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Cash and cash
equivalents
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$
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10,234,096
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$
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427,290
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Property, plant and
equipment
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7,857,537
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679,876
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Total
assets
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31,305,015
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1,484,794
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Total
liabilities
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6,443,634
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2,253,096
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Shareholders'
equity
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24,861,381
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(768,302)
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For the three and nine months ended September 30, 2015, Red Eagle Mining reported a
net loss of $0.6 million (2014:
$2.1 million) and $4.0 million (2014: $6.4
million), respectively. The net loss was reduced
compared to the 2014 periods as Red Eagle Mining commenced
capitalization of direct costs associated with the development of
the San Ramon Gold Mine, which also results in the increased values
of Property, Plant and Equipment, Total Assets and Shareholders'
Equity.
This press release should be read in conjunction with the
unaudited interim condensed consolidated financial statements and
Management's Discussion and Analysis for the three and nine months
ended September 30, 2015. These
documents can be found on Red Eagle Mining's website or profile at
www.sedar.com.
The technical information contained in this news release has
been reviewed and approved by Red Eagle Mining's Vice President of
Exploration, Jeff Toohey P.Eng., who
is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining is developing
the 100 square kilometre historic Santa Rosa Gold Project located
in the Antioquia Batholith. Construction is underway at the
fully permitted and fully financed San Ramon Gold Mine with
production expected to commence during the second half of 2016.
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. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions. There can be
no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. We do not assume any obligation to update
any forward-looking statements. This news release does not
constitute an offer to sell or a solicitation of an offer to sell
any 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 U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Red Eagle Mining Corporation