SOURCE: Oracle Mining Corp.

Oracle Mining Corp.

May 15, 2015 22:52 ET

Oracle Mining Files First Quarter Financial Results

VANCOUVER, BC--(Marketwired - May 15, 2015) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN) (FRANKFURT: OMC) announces its financial results for the quarter ended March 31, 2015. This news release should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto for the three months ended March 31, 2015 and 2014, and the related management's discussion & analysis ("MD&A"), both available on SEDAR at www.sedar.com.

First Quarter 2015 financial summary

  • Net loss for the quarter was $2.2 million compared to a net loss of $2.2 million for the three months ended March 31, 2014, which included a decrease of $0.4 million in general and administrative costs that was offset by an increase of $0.3 million in foreign exchange loss and a $0.1 million increase in interest expense;
  • Net working capital as at March 31, 2015 was a deficiency of $6.5 million compared with a deficiency of $4.8 million on December 31, 2014; and
  • Cash and cash equivalents at March 31, 2015 totaled $1.7 million compared to $3.2 million on December 31, 2014.

All financial information for the quarter ended March 31, 2015 is prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in United States dollars unless otherwise noted, including this news release. Please refer to Note 2 of the audited consolidated financial statements for the years ended December 31, 2014 and 2013 for more information.

About Oracle Mining Corp.

Oracle Mining Corp. (TSX: OMN) (FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.

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