News Releases

 March 31, 2011
Elgin Mining Reports 2010 Results
 TORONTO, ON, March 31, 2011 - Elgin Mining Inc. (TSX-V: ELG) ("Elgin" or the "Company") reported its financial results for the year ended December 31, 2010. The consolidated financial statements for the year ended December 31, 2010 and notes thereto, along with Management's Discussion and Analysis are available at www.sedar.com and www.elginmining.com. Unless otherwise noted, all financial information is expressed in U.S. dollars.

2010 Highlights
  • For the three months ended December 31 2010, the Company generated net income of approximately $2.1 million, or $0.04 per fully diluted share, primarily the result of gains on the sale of marketable securities and unrealized gains on foreign exchange and marketable securities.

  • For the year ended December 31, 2010, the Company generated net income of approximately $6.4 million, or $0.12 per fully diluted share, which includes a gain on the sale of assets and marketable securities and unrealized gains on foreign exchange and marketable securities.

  • At December 31, 2010, the Company had $47.0 million in cash and cash equivalents. The Company also had restricted cash, cash equivalents and certificates of deposit as collateral for letters of credit for reclamation bonding and escrowed funds from the sale of its surface mining operations of $3.6 million.
On March 31, 2011, the Company announced that it had entered into an option agreement with Lincoln Mining Corporation ("Lincoln"), which would grant Elgin the exclusive right and option to acquire up to a 60% undivided interest in each of Lincoln's Oro Curz and La Bufa properties, by funding expenditures totaling $10.0 million over a maximum four year period.

For additional details on the agreement with Lincoln please refer to the Company's press release dated March 31, 2011 available on www.sedar.com and www.elginmining.com.

About Elgin Mining Inc.
Elgin Mining Inc. is located in Toronto, Ontario. Mr. Robert Buchan, President and CEO of Elgin, has over 35 years of experience in the North American mining sector. For additional information, visit www.elginmining.com


FORWARD-LOOKING STATEMENTS

Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include the expected timing of the commencement of trading of Elgin's shares and warrants on a consolidated basis and management's assessment of Elgin's future plans and operations and are based on Elgin's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Elgin's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


For further Information, please contact:
Brian Morales
Elgin Mining Inc.
(416) 640-1930
bmorales@elginmining.com
 
 

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