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Thursday, 2nd April 2009 (2516 views)

Sales at Genco Resources increased by six per cent last year, the company has confirmed.

It announced that sales rose to $6.6 million (£4.5 million) for the 12 months up to December 31st 2008.

The company said the boost was helped by the rising price of commodities - with gold jumping to a level of over $900 per ounce during the year.

Genco also revealed that it spent $11.2 million in the last 12 months on exploration, new equipment and new mine development.

Overall the company made a gross loss of $708,115 for the fiscal year, which it stated was due to costs relating to the ongoing feasibility study for mine expansion at La Guitarra as well as other expenditures and delays.

In February Genco announced that it will be retaining the services of Salman Partners as financial advisers as it looks at the potential for acquisitions and mergers.

"We continue to explore opportunities to add value for Genco's shareholders during this period of market turbulence and uncertainty for many mining companies," acting chief executive of the firm Robert Gardner said.

 

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