Quick update: RMS has continued its stellar performance and has upped their year on year profit by 300%.
The Directors of Ramelius Resources Limited (ASX: “RMS”) are pleased to advise that the Company’s profit for the full year to 30 June 2011 is expected to be substantially higher than the previous corresponding period.
Unaudited consolidated total Profit before Income Tax for the year ended 30 June 2011 is expected to be approximately $90m, compared to a consolidated total Profit before Income Tax of $28.7m reported for the previous financial year.
The expected pre‐tax profit is based on gross gold sales revenue of $147.6m arising from gold production in excess of 100,000 ounces milled during the year from the Company’s 100% owned Wattle Dam underground gold mine located in the Eastern Goldfields of Western Australia.The increase in profitability was driven by increased production from Wattle Dam and improved A$ gold prices.
Ramelius Managing Director, Ian Gordon, said, “this exceptional result is a reflection of the quality of the Wattle Dam orebody which has not only delivered excellent grades but is also likely to be mined well into the future as we continue to delineate extensions to the resource at depth”.
Ramelius advises that the above profit guidance for the year to 30 June 2011 is only approximate, based on internal draft management accounts and is subject to completion of the 2010‐11 financial report and audit.
