Genco Resources Ltd. Reports Financial Results for Third Quarter
16.11.2010 | Marketwire
VANCOUVER, 11/15/10 - Genco Resources Ltd. (TSX: GGC) announces results for the financial period September 30, 2010. The full version of the financial statements and the management discussion and analysis are available on SEDAR at www.sedar.com and on Genco's website at www.gencoresources.com.Genco recorded a net loss of $354,849 for the three months and $3,401,681 for the nine months ended September 30, 2010. Expenses for the quarter consisted mainly of general administrative costs in Canada and Mexico, and costs associated with mining operations at the Company's La Guitarra Mine in Mexico. On September 30, 2010 Genco had total assets of $38,370,026 including $1,782,618 in cash and accounts receivable.
During the quarter ended September 30, 2010, 16,568 tonnes of ore with an average grade of 132 grams per tonne ('g/t') silver and 1.23 g/t gold were mined and processed at Genco's La Guitarra Mine. An estimated 63,768 ounces of silver and 557 ounces of gold were recovered from ore mined and milled during the quarter and 9,540 ounces of silver and 49 ounces of gold were sold.
About Genco Resources Ltd.
Genco Resources Ltd. is a publicly traded mining company focused on developing its core asset, the producing La Guitarra silver-gold property located in the Temascaltepec Mining District of Mexico. La Guitarra Mine presently consists of two underground operation centres and a flotation mill with a proven capacity of 320 tonnes per day. In 2009, Genco completed a Feasibility Study, which evaluated an expansion of existing mining operations at La Guitarra.
This news release may contain certain forward-looking statements that involve risks and uncertainties such as statements of the Company's plans, objectives, strategies, expectations, and intentions. The words 'may', 'would', 'could', 'will', 'intend', 'plan', 'believe', 'estimate', 'expect' and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including those factors discussed below and in filings made with the Canadian securities regulatory authorities. Should one or more of these risk factors or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation to update these forward-looking statements.
The Toronto Stock Exchange has not reviewed the contents of this release and does not accept responsibility for the accuracy of the contents of this release.
Contacts:
Genco Resources Ltd.
Mr. Wayne Moorhouse, Chief Financial Officer
(604) 682-2205 ext. 225
(604) 682-2235 (FAX)
wmoorhouse@gencoresources.com
www.gencoresources.com