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qmx gold corp (QMXGF) Snapshot

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08/29/13 - $0.13
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qmx gold corp (QMXGF) Details

QMX Gold Corporation, a junior gold-producing company, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada. It primarily focuses on operating the Lac Herbin mine in the Val D'Or mining district. The company was formerly known as Alexis Minerals Corporation and changed its name to QMX Gold Corporation in June 2012. QMX Gold Corporation was incorporated in 1988 and is headquartered in Toronto, Canada.

131 Employees
Last Reported Date: 03/31/14
Founded in 1988

qmx gold corp (QMXGF) Top Compensated Officers

Chief Financial Officer
Total Annual Compensation: C$120.0K
Compensation as of Fiscal Year 2012.

qmx gold corp (QMXGF) Key Developments

QMX Gold Corporation Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Production Guidance for the Year 2014; Announces Impairment Charge against Lac Herbin Property for the Fourth Quarter of 2013

QMX Gold Corporation announced earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company’s revenue from mining was CAD 8.73 million, generated from the sale of 7,260 ounce of gold. The comprehensive net loss for the quarter was CAD 0.10 million. Net cash flow used in operating activities for the quarter was CAD 111,000 compared to CAD 1,657,000 a year ago. The company generated CAD 30.62 million in revenue from the sale of 22,209 ounces of gold and through its custom milling agreements. The comprehensive net loss for the year end was CAD 42.37 million or CAD 1.32 per share. Net cash flow from operating activities was CAD 5,459,000 compared to net cash flow used in operating activities of CAD 2,890,000 a year ago. The Lac Herbin mine continues to operate under cost reduction measures. Production guidance for 2014 has been estimated at 16,500 to 17,500 ounces of gold. For the fourth quarter, the company’s comprehensive net loss included a CAD 1.55 million reversal of an impairment charge against the Lac Herbin property.

QMX Gold Seeks Acquisitions

QMX Gold Corporation (TSXV:QMX) is looking for acquisitions. Brett New, President and Chief Executive Officer of QMX said "With 2014 underway, QMX is continuing to pursue the sale of the Snow Lake property which will eliminate the bridge loan and allow the Company to focus on its Quebec operations by investigating other acquisition opportunities in the area and to uncover other custom milling contracts to generate cash flow in short term."

QMX Gold Corporation Auditor Raises 'Going Concern' Doubt

QMX Gold Corporation filed its Annual on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, McGovern, Hurley, Cunningham, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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