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Friday, 27th February 2009 (1528 views)

Louvem Mines has revealed that its gold sales rose by 27 per cent in 2008, compared with the previous year.

The Canadian company stated that its net earnings for the year were $3,182,904(£1,761,000), while profit margins from mining operations increased towards the end of 2008.

Revenues for the fourth quarter of 2008 rose by 184 per cent to $4,004,653 from a total for the same period of 2007 of $1,407,996 as a result of higher gold prices.

Louvem sold a total of 4,101 ounces of gold over the three months to December 31st and its operating costs were $2,462,086, down from $740,056 in the fourth quarter of 2007.

According to the firm, production at its Beaufor mine is expected to reach 25,000 to 30,000 ounces of gold in 2009, with more than 45,000m of drilling planned this year.

Based in Montreal, Quebec, Louvem Mines owns a 50 per cent stake in the Beaufor mine and holds a number of gold exploration properties close to Val-d'Or, north-western Quebec.

 

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