Louvem Mines Inc. (TSX VENTURE: LOV) is pleased to announce its
financial results for the third quarter ended September 30, 2009.
Financial results are based on Canadian GAAP and dollar amounts are
reported in Canadian currency, unless otherwise noted.
Revenues were $3,092,866 for the third quarter of 2009, compared
with $3,791,438 during the same period in 2008. In all, 2,926
ounces of gold were sold at an average price of US$901 (CAN$1,054)
per ounce in the third quarter of 2009, compared with 4,001 ounces
of gold sold at an average price of US$881 (CAN$939) per ounce for
the same period in 2008. While the number of ounces of gold sold
fell 27% year-over-year in the third quarter of 2009, this level
represented a 24% increase over Q2 2009 levels.
Total expenses for the third quarter of 2009 were $2,873,128,
compared with $2,463,743 incurred in the same period in 2008. Total
operating costs for the third quarter of 2009 were $2,281,957,
compared with $1,838,833 for the same period in 2008. The cash cost
per ounce of gold sold increased year-over-year, from US$432
(CAN$460) in the third quarter of 2008 to US$667 (CAN$780) for this
quarter, mainly due to an important drop in the recovered grade at
the Beaufor Mine.
Exploration spending in the third quarter of 2009 was $225,225,
compared with $284,543 in the same period in 2008, reflecting
sustained efforts in exploration. Depreciation and depletion
increased from $164,032 in 2008 to $166,766 in 2009, reflecting
lower gold sales, offset by a higher depreciation and depletion
rate per ounce of gold sold, which is calculated based on the
proven and probable reserves at the Beaufor Mine.
The Company posted net earnings of $63,061, or nil per share,
for the third quarter of 2009, compared with net earnings of
$878,640, or $0.03 per share, for the same period in 2008. Cash
flow from operations was $519,470 for Q3 2009, compared with
$1,529,203 in Q3 2008.
Beaufor Mine
During the quarter ended September 30, 2009, a total of 26,912
tonnes of ore were processed, up 5% over 2008 levels. However, cash
cost per ounce sold increased a substantial 54% year-over-year to
US$667 (CAN$780), from US$432 (CAN$460) in 2008, driven by 31% drop
in the recovered grade to 6.76 g/t (from 9.73 g/t in 2008), which
was primarily attributable to lower than expected results from
room-and-pillar stopes. Higher production costs were partly offset
by the higher average selling price, as the quarterly average price
for ounces sold increased 12% over Q3 2008 levels to CAN$1,054
(US$901).
Nine-Month Review
For the nine-month period ended September 30, 2009, revenues
stood at $9,044,279, down 22% relative to revenues of $11,633,026
for the same period in 2008, reflecting the lower number of gold
ounces sold. During the first nine months of 2009, 8,277 ounces of
gold were sold at an average price of US$930 (CAN$1,088) per ounce,
compared with 12,353 ounces of gold sold at an average price of
US$878 (CAN$936) per ounce for the same period in 2008.
Operating costs for the first nine months of 2009 were
$6,655,281, up 11% year-over-year, primarily due to higher mining
costs and increased definition drilling at the Beaufor Mine, which
increased from 6,740 metres in 2008 to 18,955 metres in 2009.
Exploration costs for the first nine months of 2009 were
$1,015,570, compared with $1,031,771 for the same period last
year.
For the nine-month period ended September 30, 2009, the Company
posted net earnings of $31,143, or nil per share, compared with net
earnings of $2,760,293, or $0.11 per share, for the nine-month
period ended September 30, 2008. Lower net earnings in 2009 are due
to lower gold sales and higher production costs relative to
2008.
Beaufor Mine
Year-to-date, Beaufor Mine has processed a total of 79,181
tonnes of ore, 7% below 2008 levels. Cash cost per ounce of gold
produced rose 51% to US$687 (CAN$804), again reflecting a
substantially lower recovered grade of 6.50 g/t (versus 9.01 g/t in
2008), driven by less favourable results from room-and-pillar
stopes, most notably in the second and third quarters of 2009. A
total of 16,554 ounces of gold, with Louvem's share of 8,277
ounces, were sold in the first nine months of 2009, down 33% from
2008 levels, however this was partially offset by a 16%
year-over-year increase in the average selling price to CAN$1,088
(US$930) per ounce.
Exploration at the Beaufor Mine
The 7,100 metres of exploration drill testing completed in the
third quarter of 2009 mainly focused on the east and west
extensions of the Q Zone, the depth extension of the C Zone, and
the area proximal to the Perron Fault. While results have not led
to any significant increase in inferred resources in the zones at
depth from year-end 2008, Louvem expects to complete the detailed
analysis of these drilling results by the end of this year, at
which point management will evaluate all possible alternatives for
the mine. Definition drilling in the zones accessible from the
current infrastructure increased substantially in 2009 to 10,174
metres in the quarter versus 2,190 metres in Q3 of last year.
Results from this drilling will be compiled for the Company's
year-end reserve calculations.
Outlook
Louvem Mines is maintaining its exploration efforts at the
Beaufor Mine and is working to lower its production costs. The
Company has no long-term debt and has $5.5 million in working
capital as at September 30, 2009.
Martin Rivard, President and Chief Executive Officer
About Louvem Mines Inc.
The Company has a 50% interest in the Beaufor Mine and owns
other exploration properties located near Val-d'Or, in northwestern
Quebec, Canada.
More information on Louvem Mines can be found on its website at:
www.louvem.com.
KEY FINANCIAL DATA
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Three-month period Nine-month period
ended September 30, ended September 30,
2009 2008 2009 2008
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Results ($)
Revenues 3,092,866 3,791,438 9,044,279 11,633,026
Net earnings 63,061 878,640 31,143 2,760,293
Cash flow from
(used in) operations 519,470 1,529,203 (256,760) 4,275,202
Results per share ($)
Net earnings basic - 0.03 - 0.11
Weighted average number
of common shares 25,929,689 25,929,689 25,959,689 25,929,689
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September 30, 2009 December 31, 2008
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Financial position ($)
Total assets 8,249,887 9,281,325
Working capital 5,465,557 5,468,777
Long term debt - -
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SALES AND PRODUCTION DATA
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Beaufor Mine - 50% Three-month period ended September 30,
2009 2008
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Gold sales (ounces) 2,926 4,001
Production of gold (ounces) 2,842 3,163
US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 667 780 432 460
Average selling price (per ounce of gold) 901 1,054 881 939
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Beaufor Mine - 50% Nine-month period ended September 30,
2009 2008
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Gold sales (ounces) 8,277 12,353
Production of gold (ounces) 7,467 13,362
US$ CAN$ US$ CAN$
Cash cost (per ounce sold) 687 804 454 484
Average selling price (per ounce of gold) 930 1,088 878 936
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Average exchange rated used for 2008: US$1 equals CAN$1.0660
2009 estimated exchange rate: US$1 equals CAN$1.1701
Neither 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: Louvem Mines Inc. Martin Rivard President and Chief
Executive Officer 514-397-1448 514-397-8620 (FAX)
www.louvem.com
Louvem Mines Inc. (TSXV:LOV)
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