www.bullionmm.com
Bullion Monarch Mining Inc. is a natural resource company that acquires mining properties to explore and develop. Bullion’s goal is to see the properties produce through joint ventures, leases, or sales. Bullion Monarch has recently undergone a reorganization and is now known as Bullion Monarch Mining, Inc. The company’s new trading symbol is BULM. Bullion believes it has excellent mining properties in Northern Nevada and throughout the Western United States. Newmont’s new, large Leeville underground mine and he East Ore Body Mine are currently producing royalty payments to Bullion. The company also acquired a 60% interest in EnShale, Inc. in 2005 (now 80%) in order to profit from the growing demand for oil by mining and processing oil shale into oil products. The Company currently has under lease 4,650 acres of oil shale property in the mahogany zone.
Bullion Monarch achieves record revenues in FY2010
Bullion Monarch Mining (OTC:BULM) told investors that the 2010 fiscal year (FY2010) was a record year in revenue terms, with US$5.2m generated, up US$1.4m from FY09. The company said the record-breaking performance was driven by increased production and increased average gold prices.
“An advantage of Bullion Monarch's royalty portfolio is that it requires relatively limited capital and incurs only minor direct operating costs”. Bullion Monarch Mining is a resource royalty company, whose core assets are located in the North-eastern Nevada Carlin trend.
Bullion Monarch receives a 1% GSR (gross smelter royalty) from Newmont Mining's (NYSE:NEM) Leeville mine on the Carlin trend. The company highlighted that Newmont has increased its annual gold production target at Leeville to 500,000oz, and royalty payments are expected to continue for at least 10 years - based on Newmont’s estimates.
Bullion Monarch said that the record revenue performance enabled it to accelerate exploration payments on its properties in Brazil, spending US$1.5m of its US$2m total commitment. The company also noted that it has a right to convert its 33.33% interest to a 4.5% NSR royalty.
During the fiscal year ended April 30, 2010, the company’s total assets grew to just over US$5m, up from US$3.9m in the preceding fiscal year.
Net comprehensive income reached just over US$1m in FY2010 (ended April 30 2010) compared to US$1.7m in FY09. Bullion Monarch recorded net income per share of $0.02 for the 2010 period, compared to US$0.04 for the 2009 period.
In relation to the decline Bullion Monarch stated that: “Net income decreased during the year largely due to a US$500,000 buy-down relating to capping attorney contingency pay on the Newmont and Barrick area of interest litigation and an increase in legal and accounting expense relating to a one-time succession accounting revision.”
