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April 27, 2015 11:40 AM ET

Metals and Mining

Company Overview of Elgin Mining Inc.

Company Overview

Elgin Mining Inc. is engaged in the mining, exploration, and development of gold properties in Europe and Canada. It primarily holds interest in the Bjorkdal Gold Mine located in northern Sweden, Europe. The company also holds interest in gold projects located in the Territory of Nunavut, Canada. Elgin Mining Inc. is headquartered in Vancouver, Canada. As of September 10, 2014, Elgin Mining Inc. operates as a subsidiary of Mandalay Resources Corp.

700 West Pender

Suite 1204

Vancouver, BC V6C 1G8

Canada

129 Employees

Phone:

604-682-3366

Fax:

604-682-3363

Key Executives for Elgin Mining Inc.

Chief Financial Officer, Corporate Secretary and Member of Disclosure Committee
Chief Geologist and Honduras Country Manager
Manager of Corporate and Administration
Vice-President of Legal
Compensation as of Fiscal Year 2014.

Elgin Mining Inc. Key Developments

Elgin Mining Inc. Announces Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Reaffirms Production Guidance for the Year 2014

Elgin Mining Inc. announced earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenues of CAD 15,257,878 compared with CAD 13,989,813 a year ago. Income from mining operations was CAD 2,208,543 compared with loss from mining operations of CAD 2,915,413 a year ago. Net loss was CAD 71,056 or CAD 0.00 per diluted share compared with net loss of CAD 10,353,917 or CAD 0.07 per diluted share a year ago. Cash flow provided by operating activities was CAD 3,368,874 compared with CAD 1,828,034 a year ago. Capital expenditures were CAD 1,738,489 against CAD 8,975,881 a year ago. For the six months, the company reported revenues of CAD 30,141,973 compared with CAD 30,591,472 a year ago. Income from mining operations was CAD 3,265,252 compared with loss from mining operations of CAD 1,963,928 a year ago. Net loss was CAD 8,486,750 or CAD 0.05 per basic and diluted share compared with net loss of CAD 13,923,762 or CAD 0.09 per basic and diluted share a year ago. Cash flow from operating activities was CAD 5,375,041 compared with cash used in operating activities of CAD 944,360 a year ago. Capital expenditures were CAD 3,547,399 against CAD 11,755,824 a year ago. For the quarter, the company reported gold ounces production was 12,098 compared with 12,343 a year ago. Gold ounces sold of 12,027 compared with 11,945 a year ago. For the six months, the company reported gold ounces production was 22,910 compared with 22,377 a year ago. Gold ounces sold of 23,163 compared with 22,589 a year ago. The company reaffirmed production guidance for the full year of 2014. The company expects gold production of between 44,000 to 49,000 gold ounces.

Elgin Mining Reaches Settlement with the Federal Government

A settlement has been signed by a Elgin Mining with the federal government over Clean Water Act violations at several former mining sites in Western Kentucky. Under the settlement, the company will pay over USD 3 million in fines. The US Army Corps of Engineers issued Elgin Mining 4 permits between 2005 and 2009, to dump dirt and other fill materials into streams near surface mining sites. The permit even needed the company to alleviate its footprint by restoring or developing additional streams or wetlands. The federal complaint filed in the Western District court alleges Elgin didn't t do that on its mines in Muhlenberg and Crittenden County. Elgin has to pay fine to a Kentucky Department of Fish and Wildlife program that works to mitigate the effects of mining on the commonwealth s wetlands.

Elgin Mining Reaches Settlement with the Federal Government

A settlement has been signed by Elgin Mining with the federal government over Clean Water Act violations at several former mining sites in Western Kentucky. Under the settlement, the company will pay over USD 3 million in fines. The US Army Corps of Engineers issued Elgin Mining 4 permits between 2005 and 2009, to dump dirt and other fill materials into streams near surface mining sites. However, the permit even needed the company to alleviate its footprint by restoring or developing additional streams or wetlands. The federal complaint filed in the Western District court alleges Elgin didn't do that on its mines in Muhlenberg and Crittenden County. Elgin has to pay fine to a Kentucky Department of Fish and Wildlife program that works to mitigate the effects of mining on the commonwealths wetlands.

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Date
Target
Merger/Acquisition
June 4, 2014
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