Cerro Grande’s Revenue Hits US$6.5 Million in First Fiscal Quarter

Cerro Grande Mining Corp. (TSX:CEG,OTCQX:CEGMF) released the unaudited results for its first fiscal quarter, which ended December 31, 2012, noting that its revenue totaled US$6.5 million. That includes gold sales of $5.7 million and compares to revenue of $5.3 million in the year-ago quarter.

As quoted in the press release:

Services revenue of US $75,000 in the first fiscal quarter endedDecember 31, 2012 compared to nil in the comparable quarter a year ago related to service charges on the Santa Cecilia project against actual expenses of US $60,000.

Net income before income taxes for the first fiscal quarter ended December 31, 2012 was US $129,000 compared to US $42,000 in the comparable period a year ago. Net income after taxes was a loss of US $112,000 due to income and deferred taxes which totalled US $241,000 and after depreciation and amortization charges of US $662,000 and exploration expense of US $695,000. This compares to the same period a year ago when income taxes were nil, amortization and depreciation charges were US $531,000 and exploration expenses were US $402,000.

Click here to read the full Cerro Grande Mining Corp. (TSX:CEG,OTCQX:CEGMF) press release.