VANCOUVER, BC, Mar 31, 2015 (Marketwired via COMTEX) -- Oracle Mining Corp. ("Oracle Mining" or the "supplier") (OMN) (frankfurt:OMC) pronounces its fiscal consequences for the 12 months ended December 31, 2014. This news release may still be study at the side of the audited monetary statements and notes thereto for the years ended December 31, 2014 and 2013, and the related administration's dialogue & analysis ("MD&A"), both available on SEDAR at www.sedar.com.
2014 fiscal abstract
-- For the yr ended December 31, 2014, the corporation had a web lack of $6.6 million compared to net loss of $13.2 million for the year ended December 31, 2013. The lessen in internet loss in comparison to the prior period is basically as a result of a decrease of $6.0 million in exploration and contrast expenses and a decrease of $2.6 million in typical and administrative charges, offset by a rise in pastime expense of $2.4 million; -- net working capital as at December 31, 2014 was a deficiency of $four.eight million compared with a deficiency of $5.0 million on December 31, 2013; and -- money and money equivalents at December 31, 2014 totaled $three.2 million compared to $0.3 million on December 31, 2013.All monetary information for the yr ended December 31, 2014 is ready based on foreign monetary Reporting necessities ("IFRS") and stated in u.s. bucks unless in any other case referred to, including this news free up. Please seek advice from word 2 of the audited consolidated economic statements for the years ended December 31, 2014 and 2013 for extra tips.
Oracle Mining additionally wishes to announce that Kevin Drover, Chief govt Officer and Director, has resigned from the organisation and its subsidiaries, valuable March 31, 2015. Mr. Drover additionally served on the service provider's Disclosure Committee and Environmental, fitness and defense Committee. The Board of directors would like to thank Mr. Drover for his functions to the organization and wish him success in his future endeavors. Mr. Drover will continue to provide advisory capabilities to management and the Board of Oracle.
Mr. Christophe Bernard, a director of the enterprise, has been appointed intervening time CEO while the Board reports candidates.
Oracle Mining is additionally blissful to announce that Mr. Michael Sheldon has been appointed a director via the board of administrators.
Mr. Sheldon is Co-President of Vincere resource neighborhood LLC. Mr. Sheldon has spent the past 25 years in deepest equity, executive management and investment banking. he is an skilled global deal maker and operator, having been CEO, president or board member of 17 businesses. Michael turned into in the past Managing Director of the overseas inner most fairness enterprise for have faith enterprise of the West, accountable for a mixed portfolio cost of approximately $600 million, US President of the european know-how Fund, and an investment banker with Merrill Lynch and First Boston. Michael holds an engineering/laptop science diploma from Northwestern institution and an MBA from the Amos Tuck faculty at Dartmouth.
About Oracle Mining Corp.
Oracle Mining Corp. (OMN) (frankfurt:OMC) is a Vancouver, Canada-primarily based agency it truly is the only proprietor and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project observed 24 km northeast of Tucson, Arizona. Oracle Mining is managed through an skilled crew of mining gurus with huge working and financial event.
For additional suggestions, contact: Mr. Carlos Escribano, Chief fiscal Officer T: 604-682-0990 E: data@oracleminingcorp.com www.oracleminingcorp.comsource: Oracle Mining Corp.
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