Western Goldfields has good profit

Western Goldfields Inc has realized net income of 50 cents per share during its first nine months of operations. For the period, the Nevada gold producer earned $3.4 million.

Operations at the Hog Ranch project, an open pit heap leach mine, generated revenues of $14.3 million. Exploration work has increased gold reserves to 462,000 oz.

Western has also acquired a 6.6% interest in Delaware Resources, a company with a portfolio of exploration plays in Canada. The company has also agreed to purchase one million Delaware units comprised of one million common shares and one million share purchase warrants at a price of $5.50 per unit. The deal will increase Western’s interest in Delaware to 18.6%.