Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
Bullion Monarch Mining, Inc. (OTCQB: BULM) announced on Monday, as evidenced in their recently filed 10-K report, net income of $0.05 per share for their Fiscal Year ended April 30, 2011 period. This compares to $0.02 per share for the previous fiscal year.
Bullion Monarch President James A. Morris states, “We continue to deliver positive financial results and asset growth for our investors. Our uniquely profitable business model allows for a tight capital structure, while exploiting the potential of world-class exploration projects.”
Net income in the fiscal year ended April 30, 2011, totaled US $1,962,404, an increase of one hundred forty-two percent (142%) over the fiscal year ended April 30, 2010, when net income of $811,393 was posted.
Operating income of $2,960,069 for the fiscal year ended April 30, 2011, compared to operating income of $2,389,144 for the fiscal year ended April 30, 2010, represents a year over year increase of twenty-four (24%) percent.
During the fiscal year ended April 30, 2011, our total assets increased to $10,873,540 compared to $5,033,169 at April 30, 2010. The increase in total assets was primarily a result of our acquisition of the Brazilian gold mining and exploration company, Dourave.
Bullion Monarch Mining has previously announced that it posted another annual revenue record in FY2011, with revenue of US $6,289,315. This is an increase of over twenty percent (20.6%). The increase in revenue of $1,074,712 was primarily due to increased gold prices, coupled with sustained production from Newmont mines operating on our Carlin Trend Royalty claim block. Royalty income in FY2011 was generated based on an average gold price of $1,318 per ounce. Currently gold is trading over $1,600 per ounce. The price of gold has a direct impact on Bullion Monarch’s royalty revenue.
About Bullion Monarch Mining
Bullion Monarch Mining Inc. is a publicly traded (OTCQB: BULM (FRA: BMJ)) gold-focused exploration royalty company with additional interests in bauxite and oil-shale technology. The Company is engaged in a continual review of mining opportunities to create growth for shareholders. The majority of current royalty revenues are derived from a high-quality claim block located in Northeastern Nevada’s Carlin Trend. Bullion Monarch’s portfolio provides for direct leverage to commodity prices as well as the exploration potential of world-class ore deposits. Visit the Company website at www.bullionmm.com for more information.
