CanAm Reports Coal Sales of $7.5 million for Q2

CanAm Coal Corp. (TSXV:COE,OTC:COECF) announced increased coal sales along with financial results for second quarter 2011.

The press release is quoted as saying:

Coal sales were 81,453 tons in the second quarter of fiscal 2012 as compared to 12,314 tons in Q2 of fiscal 2011 or an increase of 69,139 tons. The significant increase is mainly the result of the first time contribution of 59,069 tons of coal sales from BCC’s three operating mines; Bear Creek, Old Union and Gooden Creek.

CanAm’s CFO, Jos De Smedt said:

“All of our key metrics; production, revenue and EBITDA from mining operations; saw a minimum five-fold increase as compared to prior year’s second quarter. We delivered $7.5 million of revenue, $1.9 million of EBITDA from mining and generated $2.6 million of cash flow from operations during the quarter. Our cash position significantly improved with cash on hand of $5.7 million, including $1.6 million of restricted cash, at July 31, 2011.”

Click here to read the entire news release.