🕐16.11.10 - 05:27 Uhr
Genco Reports Financial Results for Third Quarter
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News Release - Monday, November 15, 2010
Genco Reports Financial Results for Third Quarter
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November 15, 2010 - Vancouver, BC - 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 Gencos 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
Companys 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 Gencos 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.
For further information, please contact:
Mr.
Wayne Moorhouse
Chief Financial Officer
Telephone: (604) 682-2205 ext.
225
This news release may contain certain forward-looking statements that
involve risks and uncertainties such as statements of the Companys
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 Companys
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.
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Copyright (c) 2010 GENCO RESOURCES LTD.
(GGC) All rights reserved.
For more information visit our website at
http://www.gencoresources.com/ or send mailto:
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