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 makes progress on acquisition of Brazil exploration assets
Gold-focused royalty company Bullion Monarch Mining (OTC:BULM) saw an 8% drop in its second quarter profit as the company's revenues declined.
Bullion, which collects royalties from its interests in gold mines as a primary source of revenue, posted net income of 604,639, or $0.01 per share, for the quarter ending October 31, 2010. This is down from 655,423, or $0.02 per share, in the year-earlier period.
Revenue also declined to $1.41 million from $1.45 million in the second quarter of 2009. This was due to a slight decrease in production at Newmont's (NYSE:NEM) Leevill/East Ore mine, its largest source of revenue from which it collects a 1% royalty.
The company said it is continuing to invest in mineral properties to expand its portfolio of interests. During the quarter, Bullion began exploration at the recently acquired La Reyna property in Chihuahua, Mexico.
"Bullion Monarch remains profitable, debt free and continues to grow the assets of the company by investing in exciting gold exploration projects from cash flow," said CEO R. Don Morris.
Progress is also being made with the company's planned acquisition of Dourave, a private Canadian company with properties in Brazil. Exploration plans to identify new targets for the properties will be released once agreements are finalized, it said.
At quarter-end, the company had $656,542 in cash and equivalents. Bullion currently has interests in properties in Utah and Nevada, as well as in Brazil and Mexico. The company also has three mines producing royalties in the Carlin Trend, Nevada.
