Feb 28, 2011, Vancouver, British Columbia - Canaf Group Inc. (TSXV: CAF) ("Canaf") the Canada-registered mining group, today released its Financial Statements and Management Discussion and Analysis for the 12 months ended October 31, 2010.
For the year ended October 31, 2010 consolidated Sales increased 158% to $11.8 million (2009, $4.6 million) and Profit Before Tax and Non-Recurring items increased to $1.38 million (2009, a loss of $0.59 million). In the year under review the Company's wholly owned subsidiary, Quantum Screening and Crushing (Pty) Ltd., ("Quantum") recorded its highest Sales and Profits since starting operations.
At October 31, 2010, the group had cash of $956,894. During the fourth quarter the diamond mining operations in Sierra Leone were closed at a one-off cost of $377,636. Consolidated Net Profit After Tax was $551,552 (2009, a loss of $574,327).
The Company is focusing on increasing capacity and margins of the Quantum business as well as reviewing other resource related opportunities in Africa.
The Financial Statements and Management Discussion and Analysis can be viewed on www.sedar.com or the Company's website, www.canafgroup.com. All reference to dollars herein are to US dollars.
Canaf Group Inc. is a junior mining group based in Vancouver, Canada, and with subsidiary offices in the United Kingdom. Canaf owns 100% of Quantum Screening and Crushing (Pty) Ltd., a carbon producing company based in South Africa.
Quantum Screening and Crushing (Pty) Ltd's is one of South Africa's largest producers of calcined anthracite, a product used as a replacement to coke in the manufacturing process of steel and manganese. The company's two largest clients are Mittal Steel and BHP Billiton, world leaders in steel and manganese production respectively. Quantum has a plant in Newcastle, KwaZulu Natal, where its two kilns operate around the clock devolatising the raw material anthracite. The majority of Quantum's feedstock anthracite is supplied by Springlake Colliery, which has reserves in excess of 30 years and is located in the nearby town of Dundee.
Certain information regarding Canaf contained herein may constitute forward looking statements. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Canaf believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. Canaf is under no obligation to update or alter any forward looking statement. These risks include operational, political, currency and geological risks and the ability of Canaf to raise or obtain funds for its operations. Canaf's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
For further information on Canaf Group, visit www.canafgroup.com or see contacts below.
Canaf Group Inc.
Phone: +44 1273 492100
Fax: +44 1273 492175
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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