Vancouver, British Columbia – November 16, 2016 – War Eagle Mining Company Inc. (TSXV – WAR) (“War Eagle” or the “Company”) has released its financial results for the six month period ended September 30, 2016.
The Company recorded net income of $2.3 million or $0.11 per basic and diluted share, for the six months ended September 30, 2016, compared to a loss of $267,000 or ($0.01) per share, in the six months ended September 30, 2015. For the three months ended September 30, 2016, the Company recorded net income of $2.1 million, which compares to a loss of $111,000 in the fiscal second quarter of 2016.
The Company recognized a US$1.7 million ($2.4 million) gain on the sale of its subsidiary, Tres Marias, a zinc-lead-germanium project in Chihuahua, Mexico to Contratista y Operaciones Mineras SA de CV (“COMSA”). The Company received a US$200,000 payment in September, 2016, and derecognized the remaining US$1,500,000 previously impaired receivable due from COMSA.