Oracle Mining Files Second Quarter Financial Results

14.08.2014  |  Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 13, 2014) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(FRANKFURT:OMC) announces its financial results for the period ended June 30, 2014. This news release should be read in conjunction with the unaudited condensed consolidated interim financial statements and notes thereto for the six months ended June 30, 2014 and 2013, and the related management's discussion & analysis ("MD&A"), both available on SEDAR at www.sedar.com.

Second Quarter 2014 financial summary

• For the three months ended June 30, 2014, the Corporation had a net loss of $1.5 million compared to net loss of $3.0 million for the three months ended June 30, 2013. The decrease in net loss compared to the prior period is primarily due to a decrease of $1.4 million in exploration and evaluation expenditures and a decrease of $0.8 million in general and administrative costs, offset by an increase in interest expense of $0.6 million;
  
  
• Net working capital as at June 30, 2014 was a deficiency of $8.4 million compared with a deficiency of $5.0 million on December 31, 2013; and
  
  
• Cash and cash equivalents at June 30, 2014 totaled $0.3 million compared to $0.3 million on December 31, 2013.
  
  

All financial information for the quarter ended June 30, 2014 is prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in United States dollars unless otherwise noted, including this news release. Please refer to Note 2 of the audited consolidated financial statements for the years ended December 31, 2013 and 2012 for more information.

About Oracle Mining Corp.

Oracle Mining Corp. (TSX:OMN)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.