Great result from CRS should herald the start of a new uptrending share price.
"*CRS:Record interim pre tax profit of $7.1 mln, spectacular grades at Norseman
Croesus Mining NL announced a record first half performance with a pre tax profit of $7.1 million on the back of half year gold production of 123,632 ozs at a cash cost of $361 per oz.
Net profit after tax was $5 million vs $4.4 million for the previous corresponding period (pcp) on revenue worth $76 million vs $79 million for the pcp.
Group cash costs were reduced $12 per oz compared with the previous corresponding period.
Croesus also announced spectacular results from its Norseman operations at the new O'Brien Vein and HVI East discoveries. Results included 0.45m at 163.9 gpt gold, 0.1m at 100.9 gpt gold from O'Brien's and 1.65m at 253.9 gpt gold from HV1 East.
Ore reserves were increased at Norseman to 410,000 ozs, up 33 per cent net of production since Croesus acquired the Norseman project two years ago. The total resource at Norseman increased to 1.7 million ozs.
The Davyhurst mine produced a near record 29,080 ozs.
From the Callion project high grade results included 5m at 71.1 gpt gold, 6m at 9.5 gpt gold and 2m at 22.8 gpt gold.
The company's cash reserves were re-built to $21 million following the $4.7 million dividend paid in October. Croesus investment portfolio was valued at approximately $6 million including an 18 per cent stake in recently listed Nickel Australia Ltd."
CRS Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
