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IBDvalueinvestin (99.66)

MFN a gold stock under the radars.

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July 08, 2009 – Comments (0) | RELATED TICKERS: MIEFF.DL

This little known GEM operating over the border is quietly doubling revenues and profits should soar now.

Gold revenue alone should be up to $900/oz gold x 23,336 = $21M vs. $13M last qtr.

Despite a four day federally mandated shut down due to the swine flu outbreak in Mexico, gold production increased to approximately 23,336 ounces in the second quarter of 2009, up 65% from 14,169 ounces in the first quarter of 2009. Silver production was approximately 419,946 ounces in the second quarter of 2009, up 49% from 282,429 ounces in the first quarter. Metal production is expected to continue to increase through the third and fourth quarters of 2009 as the volume of ore and time under leach increases.

Second quarter sales proceeds were $26.0 million compared with $16.1 million in the first quarter of 2009. Second quarter sales volume totaled 22,108 ounces of gold at an average realized price of $937 per ounce and 369,532 ounces of silver at an average realized price of $14.19 per ounce. Minefinders sold 13,313 ounces of gold in the first quarter of 2009 at a realized price of $939 per ounce and 273,381 ounces of silver at a realized price of $13.18 per ounce.

 

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