Louvem Mines Inc. (TSX VENTURE: LOV)
- Net earnings of $336,844 for the first quarter of 2009,
compared with net earnings of $906,426 for the same period in
2008;
- $6,521,315 in cash and cash equivalents with no long term debt
at March 31, 2009;
- 3,000 ounces of gold were sold at an average price of US$902
(CAN$1,124) in the first quarter of 2009, compared with 4,001
ounces of gold sold at an average price of US$896 (CAN$955) for the
same period in 2008.
Louvem Mines Inc. announces its financial results for the first
quarter, which ended March 31, 2009. Financial results are based on
Canadian GAAP and dollars are reported in Canadian currency, unless
otherwise noted.
Revenues were $3,393,656 for the first quarter of 2009, compared
with $3,840,314 during the same period in 2008. In all 3,000 ounces
of gold were sold at an average price of US$902 (CAN$1,124) in the
first quarter of 2009, compared with 4,001 ounces of gold sold at
an average price of US$896 (CAN$955) for the same period in 2008.
The decrease in revenues is mainly attributable to the decrease in
quantity of ounces sold but was offset by the increase in the
average price per ounce of gold sold.
The Company posted net earnings of $336,844, or $0.01 per share
for the first quarter of 2009, compared with net earnings of
$906,426, or $0.03 per share for the same period in the previous
year. Cash flow from operations was $322,958 for the first quarter
of 2009, as for the same period in the prior year $1,394,285 had
been generated.
Total expenses for the first quarter of 2009 were $2,869,725,
compared with $2,629,164 incurred in the same period in 2008.
Operating costs for the first quarter of 2009 were $2,290,095,
compared with $2,114,226 in the same period in 2008. First quarter
2009 expenses for exploration were $278,850 compared with $160,771
in the same period the prior year due to the costs associated to
the on going exploration program. Depreciation and depletion
decreased from $160,052 in 2008 to $75,013 in 2009, reflecting a
lower depreciation and depletion rate per ounce of gold sold which
is calculated based on the proven and probable reserves which were
similar at the Beaufor Mine as at December 31, 2008 when compared
with December 31, 2007.
Beaufor Mine
During the first quarter of 2009, 29,463 tonnes of ore from the
Beaufor Mine were processed at an average recovered grade of 6.34
g/t, and 6,001 ounces of gold were sold at an average price of
US$902 (CAN$1,124) per ounce Louvem's share was 3,000 ounces. In
the same quarter the prior year, 30,697 tonnes of ore were
processed at an average recovered grade of 8.11 g/t, and 8,003
ounces of gold were sold at an average price of US$896 (CAN$955)
per ounce Louvem's share was 4,001 ounces. The cash cost of
production in the first quarter of 2009 was US$613 (CAN$763) per
ounce sold, up from US$495 (CAN$528) in the first quarter of 2008,
due to increased definition drilling, higher mining costs and a 22%
lower recovered grade compared with the same period in 2008.
The Beaufor Mine is intensifying its efforts to reduce the
operating costs while maintaining a significant exploration program
of approximately 45,000 metres of drilling for 2009.
Annual General Meeting
Louvem's Annual General Meeting will be held on Wednesday, May
20, 2009, at 161, avenue Principale, Rouyn-Noranda, Quebec, at 9:00
a.m.
Martin Rivard
President and Chief Executive Officer
About Louvem Mine Inc.
The Company has a 50% interest in the Beaufor Mine and owns
other exploration properties located near Val-d'Or, in
North-western Quebec, Canada.
More information on Louvem Mines can be found on its website at:
www.louvem.com.
KEY FINANCIAL DATA
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Three-month period
ended March 31
2009 2008
------------------------------------------------------------------
Results ($)
Revenues 3,393,656 3,840,314
Net earnings 336,844 906,426
Cash flow from operations 322,958 1,394,285
Results per share ($)
Net earnings basic 0.01 0.03
Weighted average number of common
shares outstanding 25,929,689 25,929,689
------------------------------------------------------------------
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March 31, December 31,
2009 2008
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Financial position ($)
Total assets 9,310,534 9,281,325
Working capital 5,761,855 5,468,777
Long term debt - -
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SALES AND PRODUCTION DATA
------------------------------------------------------------------
Beaufor Mine - 50 % Three-month period
ended March 31
2009 2008
------------------------------------------------------------------
Gold sales (ounces) 3,000 4,001
Production of gold (ounces) 2,425 5,192
Cash cost (per ounce sold) (US$) 613 495
Cash cost (per ounce sold) (CAN$) 763 528
Average selling price (per ounce of gold)
(US$) 902 896
Average selling price (per ounce of gold)
(CAN$) 1,124 955
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Average exchange rate used for 2008: US$1 equals CAN$1.0660
2009 estimated exchange rate: US$1 equals CAN$1.2456
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 819-797-3023 819-797-0166 (FAX)
www.louvem.com
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