Announcement

Announcement today says:

Croesus Mining NL today reported a record 2002 pre-tax profit of $15 million.

The Perth based miner said earnings per share were six cents during the 12 months to June 30, 2002.

Croesus report earnings before interest, tax, depreciation and amortisation (EBITDA) of $41 million for the 12 month period.

Croesus said $13 million of the profit was attributable to the second of the year.

"... reflecting the success of the merger with Central Norseman Gold that was completed in January," Croesus said in a statement to the Australian Stock Exchange.


"Record gold production of 195,997 ounces was achieved.

"Gold production was up by 283 per cent reflecting the contribution from the Central Norseman and Davyhurst operations that were respectively acquired and fully developed during the year."

Croesus said strong cash flows were generated during the period with net cash increasing by more than $10 million for the second successive quarter despite aggressive exploration and development programs being undertaken.

"Cash was used to repay $11 million of bank debt early and as a result the company's bank debt position fell from $20 million to $9 million at year end," the company said.

"Cash reserves at year end remained strong at $31 million."

The company's directors said they remained confident about future prospects for the company.

"Exploration and development programs will continue to be aggressively pursued, sustained by the strong cashflows generated from existing operations," they said.