Bullion Achieves Fiscal 2008 Profitability, Self-Funds EnShales R&D
Tuesday, August 19th 2008
Bullion Monarch Mining, Inc., a natural resource company owning gold, silver and oil shale mining interests in Utah and Nevada, announced the Company has elected to self-fund its 80% owned oil shale technology demonstration project. The decision was made to not dilute the Company’s shares to fund this project while maintaining profitability and remaining debt free. This was also advantageous as a tax planning strategy to better use Company revenues.
Bullion’s largest revenue source hails from Newmont Mining Corporation’s Nevada-based Leeville gold mine, which according to Newmont reached full capacity late 2007. This royalty paid revenues to Bullion of $2,662,399 for fiscal year ending April 30, 2008. The revenue more than doubled the prior 2007 period’s revenues of $1,352,801. Taxes payable of $250,059 in fiscal 2008 represented an increase in liabilities for the Company.
Mr. R. Don Morris, President of Bullion, stated, “Our progress during the last fiscal year was substantial. The Company’s ability to self-fund EnShale’s research and development while remaining profitable and debt free without diluting shareholders’ interests is a triumph. The Leeville mine’s vast increase in royalties worked mightily to benefit our overall corporate development, saving our shareholders from the potentially highly dilutive effects of outside financing to fund EnShale’s research and development of the Company’s oil shale project. We are pleased that our fiscal 2008 ended with a positive bottom line. We are working diligently to make our next year even more exciting and upward moving – in all regards.”
For a complete review of Bullion Monarch Mining’s fiscal year ending April 30, 2008, 10-KSB as filed with the Securities and Exchange Commission, please visit www.sec.gov or contact the Company for a copy of the full filing.
Bullion Monarch Mining, Inc. (www.bullionmm.com) has been involved with precious metal exploration and mining since 1948. Bullion formed EnShale, Inc. (www.enshale.com), now a majority-owned subsidiary, activating entry into oil shale mining technology and development. Subsequently, EnShale acquired certain non-exclusive patented technologies for extracting oil from shale. Building upon that technology with cooperation from Idaho National Laboratories and Emery Energy, EnShale is working to complete its demonstration model for environmentally friendly and cost-effective removal of oil from underground mined shale. Initially, Bullion plans to mine shale from lease interests acquired from the State of Utah.