Bullion Monarch Mining, Inc. is a domestic natural resource company with interests in gold and oil shale. The company has mining properties in Nevada and elsewhere in the western United States. The company also has an 80% interest in EnShale, an oil shale company with properties in Utah, Wyoming and Colorado.
Bullion Monarch Mining continues its impressive growth with revenues for fiscal year 2009 increasing approximately 40% from 2008, earning approximately $0.04 per share. Net income for the company increased by 210% to $1,679,292, as compared to $541,485 in 2008.
Bullion Monarch’s largest revenue source continues to be from a 1% royalty from gold mining giant, Newmont Mining. Newmont’s new, large Leeville underground mine and the East Ore body mine are currently producing these royalty payments to Bullion Monarch. Both of these mines are located in northern Nevada’s legendary Carlin Trend. Bullion Monarch had been the first company to construct and operate gold extraction plants in the Carlin Trend and sold Newmont some of their first properties in the area.
Bullion Monarch also decreased liabilities approximately 29% in fiscal 2009. Total expenses for fiscal 2009 also decreased due in part to 34% less R&D expenses associated with the company’s EnShale subsidiary. This was accomplished by moving from the process and development stage to the plant construction phase.
President and CEO of the company, R. Don Morris, said, â€œI am incredibly proud that we increased our net income while acquiring new property positions and self-financing the construction of EnShale’s oil shale production pilot plant. Bullion Monarch Mining has also achieved 12 consecutive quarters of profitability while continuing to be virtually debt free, which must give our shareholders a real sense of security in this volatile financial climate.â€