UPDATE: ROCA Reports Year End Results; Dips Close to 20%
Roca Mines Inc. (ROK.V) is down 18.75% late morning, to touch 6.5 cents.
The company released its financial results for the year ended August 31, 2011. It recorded production revenues of $1.77 million and a net loss of $23.66 million compared to revenues of $17.65 million and a net loss of $14.24 million for fiscal 2010. In the current year, the company milled less than 15% of 2010 throughput and wrote off $1.52 million (2010 - $11.58 million) in future income tax assets. Management considered the property, plant and equipment associated with the MAX Molybdenum mine to be impaired and wrote-off a total of $17.4 million in associated costs down to the plant and equipment's estimated net recoverable amount as at August 31, 2011.
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