Aurus Yields Immediate Returns From the Krong Acquisition and Projects Revenues to Reach USD $700 Million Annually Within Three Years
By Market Wire Last Update: 10/11/2006 12:17:10 PM Data provided by
NEW YORK, NY, Oct 11, 2006 (MARKET WIRE via COMTEX) -- Aurus Corporation (PINKSHEETS: AURC) announced today that the acquisition of Krong Ltd enables the Company to yield immediate results and benefits from both the reserves as well as further synergies in terms of production, process and technologies. ''The process and technologies acquired with the Krong reserves will enable our company to maximize the production and immediately increase revenues and profits," said Gerald Parkin, president of Aurus Corporation.
The Company reports that it expects annual revenues of USD 300 million from its three properties by end of fiscal 2007 and when consolidated with the companies other reserves annual revenues are estimated to reach $700 million by fiscal 2009. In addition, the low production costs in the federation of Russia permits profit margins which exceed the world standard, whereby the company estimates earnings per share to reach $2.00 by the same period.
The Company also announced the departure of Viatcheslav Makarov, who has resigned from his position as vice-president following the nominations to the Board of two specialists in the industry, namely Fedor Fedorovich Dovgan and Samuel Vladimirovich Chobonian, who are key to the growth objectives.
About Aurus Corporation
Aurus Corporation is a publicly traded mining holding company with several precious metal properties with over 5 million ounces in gold reserves, trading under the ticker symbol AURC on the US Pinksheets market. Aurus seeks to continue to acquire proven gold and other precious metal reserves in Russia and other emerging counties and operate its mines through joint ventures and or partnerships.
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