SOURCE: Oracle Mining Corp.

Oracle Mining Corp.

August 14, 2015 19:03 ET

Oracle Mining Files Second Quarter Financial Results

VANCOUVER, BC--(Marketwired - August 14, 2015) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX VENTURE: OMN) (FRANKFURT: OMC) announces its financial results for the quarter ended June 30, 2015. This news release should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto for the three and six months ended June 30, 2015 and 2014, and the related management's discussion & analysis ("MD&A"), both available on SEDAR at www.sedar.com.

Second Quarter 2015 financial summary

  • Net loss for the quarter was $1.3 million compared to a net loss of $1.5 million for the three months ended June 30, 2014, which included a decrease of $0.3 million in general and administrative costs and a decrease in foreign exchange loss of $0.1 million that was offset by an decrease of $0.1 million in the unrealized gain on derivative liability and a $0.1 million increase in interest expense;
  • Net working capital as at June 30, 2015 was a deficiency of $7.8 million compared with a deficiency of $4.8 million on December 31, 2014; and
  • Cash and cash equivalents at June 30, 2015 totaled $0.9 million compared to $3.2 million on December 31, 2014.

All financial information for the quarter ended June 30, 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 VENTURE: 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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