Gold miner Catalpa Resources Ltd
(ASX:CAH) has booked a profit turnaround, recording a net profit of $5.55 million in fiscal 2010, from a loss of $6.8 million the year before.
In the twelve months to 30 June the miner achieved gold sales revenue of $22.3 million and gross profit of $3.9 million from its share of the Cracow Gold Project in Queensland.
Catalpa acquired a 30 per cent interest in the Cracow Gold Project last year as a result of a merger with Lion Selection Ltd, and became a joint venture partner with Newcrest Mining Ltd (ASX:NCM), who own the remaining 70 per cent.
The net assets of the group increased to $138.7 million from $44.6 million the year before, reflecting the merger with Lion and equity-raising during the year.
As at 30 June, total mineral resources after mining depletion are estimated at 1.66 million ounces of gold, representing a 13 per cent increase to the previous estimate.
The rise was boosted by development of its Edna May Gold Project in Western Australia and production from the Cracow Gold Project.
Catalpa Resources reported a loss of $3.68 million for the last six months of 2009.
