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Hi Bobwins
This news could benefit 5Barz
http://gadgets.ndtv.com/telecom/news/call-drops-trai-says-telcos-earning-rs-250-crores-a-day-but-not-investing-828875
apatel
Hi
I am in the same boat as you. Hoping rising Oil prices will lift this up. Geecko Research also hold this
Thanks very much SSK for you considered opinion
Really appreciate
apatel
Wade, my apologies, those were YTD EPS numbers not for the fourth qtr.
The one time expenses relating to the STEMI sNDA filing was $9.0 million as mentioned in MDA of the company.
Sorry for the confusion
apatel
Thanks Wade for your opinion. I really appreciate
When I look at the adj EPS they have added back amortization,stock based compensation and one time sNDA expenses to come up with adj EPS of about 57c.
Do you think that one time expenses should not be excluded. I have seen SSK do this on several occasions.
Thanks again for looking into this
apatel
SSK
MPH.V posted their Q4 results on March 30,2016 with a Rev of 22.1 M and EPS of 11c whereas adj EPS is about 57c according to my calculations.
I am wondering as to what you think about this results.
I would love to hear your opinion
Thanks
apatel
Thanks Mike for your opinion
I hold some
apatel
News about call drop in India.
Does anyone think this will help Barz sell more units to the Telcos in India
http://indianexpress.com/article/technology/tech-news-technology/over-17000-sites-across-india-still-have-more-than-3-per-cent-call-drop-rate/
With telcos deploying new towers for capacity and coverage enhancement, there are more than 17,200 sites across the country where the call drop rate is still over 3 per cent.
According to the weekly data submitted by operators, at the end of August 30 there were 18.86 lakh base tower stations or sites in India, out of which 35,654 were found where the call drop rate was more than 3 per cent.
The operators though have improved performance of 15,549 sites, while 17,201 stations still need to be improved. There are also 2,904 sites where the call volume was very low. Sectoral regulator TRAI measures call drop issue through two parameters — less than or equal to 2 per cent call drops and worst affected cells having more than 3 per cent traffic channel (TCH) drop.
Idea, Vodafone, Tata Teleservices (GSM) and Bharti Airtel have the most number of sites where the call drop rate was more than 3 per cent. According to sources, Telecom Minister Ravi Shankar Prasad undertook a meeting on August 26, wherein it was decided that efforts, which are being carried out to address the concerns, should continue.
Telecom Secretary Rakesh Garg has already spoken to the owners of telecom firms including Sunil Mittal of Bharti Airtel, Anil Ambani of Reliance Communications, and Kumar Mangalam Birla of Idea Cellular, besides the Director of Vodafone Group in London. Call drops have become a severe problem in the recent months and concerns have also been raised by Prime Minister Narendra Modi in this regard.
TRAI will issue final recommendations by mid-October on compensation to be paid by mobile operators to their customers in case of call drops. The telecom watchdog has already floated a draft paper on the issue and is reviewing the quality of services being offered by various operators.
Dr Airtime,
That was an April 01 joke
apatel
Thanks SSK,
Another one that you may want to keep an eye for would be PHM.V. This is also a healthcare service provider
Thanks again for your opinion on NHC.
apatel
SSK,
NHC.to had a nice 3rd quarterly results
http://finance.yahoo.com/news/northstar-healthcare-reports-record-revenues-170611750.html
I would appreciate your opinion.
Thanks
apatel
AISC=all in sustainable cost
Thanks very much, Dr Airtime
apatel
Hi Dr Airtime,
There is quite a summary on TGZ on the stockhouse BB. I am wondering what your thoughts are on this
http://www.stockhouse.com/companies/bullboard/t.tgz/teranga-gold-corporation?threadid=22522651
Thanks
apatel
Pinecrest Energy Inc. ("Pinecrest" or the "Company") announces that it has filed on SEDAR its unaudited financial statements and related Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2013. The statements will be available for review at www.sedar.com or www.pinecrestenergy.com.
THIRD QUARTER 2013 HIGHLIGHTS
The following update highlights operational matters undertaken by Pinecrest during the three months ended September 30, 2013:
Completed field operations and injection well conversions on its third (Evi Project #3) and fourth (Red Earth Project #1) operated waterflood schemes, and commenced injection on both these schemes in late July. Subsequent to September 30, the Company initiated injection on three additional waterflood schemes in the Otter area, bringing the active waterflood count to eight, comprising more than one third of total corporate production;
Drilled 3 gross (3.0 net) wells achieving a 100% success rate:
Average production of 2,804 boe per day (97% light oil & NGLs). The Company's production for the quarter was adversely affected by a major facility turnaround (required 17 days of downtime; 307 boe per day lost production over the quarter) and by the conversion of seven producing oil wells to water injection (approximately 260 boe per day lost production over the quarter);
Top quartile field netback of $60.54 per boe;
Observed a production response at its Evi Project #3 (November oil production is up approximately 60% over June's production based upon field estimates); and
Average cost to drill, complete, and equip a well of $3.4 million. Pinecrest has been continuously refining its well design and has most recently achieved a cost savings of approximately $2.3 million per well as compared to the first half of 2012.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
September 30 Three months ended Nine months ended
2013 2012 2013 2012
FINANCIAL
Petroleum and natural gas sales 25,921 21,006 89,323 71,623
Funds flow from operations, before realized derivative
financial instrument gains or losses (1) 13,574 14,068 53,069 50,307
Funds flow from operations (1) 9,582 14,975 47,336 51,116
Per share - basic $0.04 $0.07 $0.22 $0.24
Per share - diluted $0.04 $0.06 $0.21 $0.21
Net income (loss) (843) 4,578 7,069 19,602
Per share - basic $0.00 $0.02 $0.03 $0.09
Per share - diluted $0.00 $0.02 $0.03 $0.08
Capital expenditures 23,886 56,979 79,761 132,480
Net debt and working capital deficit (2) (128,617) (51,489) (128,617) (51,489)
Common Shares Outstanding
Weighted average - basic 217,375 214,289 215,730 209,197
Weighted average - diluted 217,375 239,594 228,203 237,984
OPERATING
Number of days 92 92 273 274
Production
Crude oil (bbls/d) 2,674 2,730 3,457 3,002
Natural gas (mcf/d) 463 65 433 51
NGL (bbls/d) 53 7 43 7
Barrels of oil equivalent (boe/d-6:1) 2,804 2,748 3,572 3,018
Average realized price (3)
Crude oil ($/bbl) 103.90 83.50 93.66 86.91
Natural gas ($/mcf) 2.52 1.98 2.97 1.86
NGL ($/bbl) 51.54 35.09 48.91 52.10
Netback per boe ($)(1)
Petroleum and natural gas sales 100.46 83.09 91.59 86.61
Royalties (10.86) (6.67) (7.78) (6.67)
Production and transportation expenses (29.06) (15.68) (22.74) (14.80)
Field netback 60.54 60.74 61.07 65.14
Realized gain (loss) on derivative financial instruments (15.46) 3.59 (5.88) 0.98
Operating netback 45.08 64.33 55.19 66.12
Wells drilled
Gross 3.0 13.0 15.0 23.0
Net 3.0 12.8 14.3 22.5
Success rate (%) 100 100 100 100
(1) Non-GAAP measure
(2) Net debt and working capital if defined as current assets minus current liabilities, plus outstanding debt, excluding derivative financial instruments
(3) Before the effects of derivative financial instruments
WATERFLOOD UPDATE
During 2013, the Company has continued to focus its efforts on establishing a sustainable and predictable low decline light oil production base through the implementation of seven operated waterflood projects. During the quarter, seven wells producing approximately 260 barrels per day of oil were shut in and converted to water injectors for the Otter Projects #1, #2 and #3. These three projects are more than double the size of the initial four schemes and are forecast to provide a meaningful impact to the Company's production profile. Production response on these new projects is anticipated in Q1 2014. Pinecrest currently has over one third of its production being pressure maintained by waterflooding and as reservoir pressures rise and volumes increase as projected, this production base is expected to grow to approximately fifty percent of corporate production by early Q2 2014.
The Company continues to see encouraging results from the four previously announced operated waterflood schemes, Evi Project #2 (December 2012), Loon Project #1 (March 2013), Evi Project #3 (July 2013) and Red Earth Project #1 (July 2013). Response times and production increases for these schemes are within Company expectations. Wells in areas downspaced to eight wells per section have been the first to experience the effect of re-pressurization, resulting in quicker production increases than those spaced at four wells per section. The Company anticipates further gains in production rates from these and future Pinecrest operated schemes in the Greater Red Earth area. Pinecrest's active waterflood count is now comprised of eight projects and the Company has applied for an additional four schemes for implementation in 2014.
All schemes have been on continuous injection since start-up with voidage replacement ratios (VRR) monitored and adjusted continuously as fluid production from the schemes steadily increases. Excluding the August battery turnaround, offsetting producing wells in all schemes have been on continuous production with the exception of Evi Project #2, in which a routine bottomhole pump failure occurred during breakup causing the offsetting producing well to be down for 27 days which also necessitated an injection rate reduction.
The following chart shows the shallowing impact of pressure maintenance on the Company's waterflood production profile for the period September 2012 to October 2013. Additionally, the Company anticipates this production to increase as the balance of the 2013 waterfloods respond.
OPERATIONS UPDATE
Wet weather delayed the implementation of the Company's third quarter capital program and caused an increase in unscheduled downtime due to difficult field conditions. During the third quarter, the Company drilled three wells and completed two of these wells. The average cost to drill, complete and equip the wells drilled in the quarter was $3.4 million per well, a $2.3 million per well savings as compared to the first half of 2012.
Operating costs were also negatively impacted by the operating conditions (lease repair and road maintenance). Additionally, the initial start-up phase of the waterflood schemes caused an increase in operating costs. Initially, water and power for the injection facilities is supplied via temporary means. Water is trucked to each site and power is supplied using rental generators and diesel fuel. Pinecrest has completed the field electrification at the Red Earth and Loon fields which will reduce costs. Injection water is now being delivered by pipeline to all but one of the Company's injection schemes, eliminating significant trucking costs. In addition, costs associated with emulsion trucking have been reduced as the majority of the wells have now been tied into central production facilities.
The Company expects that these initiatives and others currently being implemented will have a positive impact on lowering the Company's overall operating costs.
For the balance of 2013, Pinecrest is targeting total operating expenses (production and transportation costs) of approximately $23.00 per boe. The implementation of all of Pinecrest's operating cost initiatives will not be fully realized until Q1 2014.
Current production is approximately 2,650 boed, with approximately 350 boed shut in due to field conditions. For the balance of the year the company expects to invest minimal capital as it awaits the response of its waterfloods.
OUTLOOK - GREATER RED EARTH AREA, ALBERTA
Pinecrest commenced operations in early 2011 with a minimal production base and has organically grown the Company, almost exclusively, through the drill bit by way of an aggressive capital program focused on the large oil in place Slave Point formation in the Greater Red Earth area. As a result, the corporate decline rate has, at times, mimicked that of a horizontal Slave Point oil well. On average, a Slave Point horizontal oil well will experience a first year natural decline of approximately 65% to 70%, which is typical for all tight oil reservoirs. With the licensing and implementation of the seven operated waterfloods, the Company has now transitioned from a high decline production base dominated by newly drilled horizontal wells to a more stable, lower decline asset base. Pinecrest entered 2013 with an estimated annualized monthly decline rate of approximately 55% compared to an estimated current decline rate of 32%. It is expected that this overall decline rate will continue to abate as the full effect and benefit of the Company's waterflood initiatives occurs over the coming months.
This reduction in corporate decline rates combined with improving capital efficiencies and a focus on operating cost reductions, is projected to grow production while spending significantly less capital in the upcoming years. With the anticipated response of the remaining four operated 2013 waterfloods, the Company expects to generate cash flow in excess of capital requirements in 2014.
Orbite Updates Market on Financing Initiative
08:38 EDT Friday, October 18, 2013
MONTREAL, QUEBEC--(Marketwired - Oct. 18, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Corporation") wishes to update the market on its ongoing financing initiatives. Orbite confirms its Short Form Prospectus dated July 15, 2013 has since expired and was not renewed or extended by the Corporation. Orbite management reconfirms that it is actively focused on completing an offering within the coming weeks. The financing initiative has progressed positively since the last update of September 16, 2013.
This release does not constitute an offer for sale of securities nor a solicitation for offers to buy any securities. The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Orbite
Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that are expected
Orbite Provides Updated Capital Cost and Timeline Estimates for HPA Plant and Appoints New VP Operations
MONTREAL, QUEBEC--(Marketwired - Jun 6, 2013) - Orbite Aluminae Inc. (ORT.TO)(EORBF) ("Orbite" or the "Corporation") today reported updated capital cost and timeline estimates for completing its high-purity alumina (HPA) production plant in Cap-Chat, Quebec and announced the appointment of Mr. Denis Arguin as Vice President Operations.
Updated HPA Plant Capital Cost and Timeline Estimates
Orbite commissioned and recently received two independent capital cost and timeline estimates (the "Independent Estimates") for completing the HPA production plant in Cap-Chat, Quebec, including the installation of the new calcination system. These were subsequently reviewed and analysed by Orbite management and engineers, and were also compared to a third estimate prepared by our general contractor. The Corporation is now in a position to report updated capital cost and timeline estimates to achieve the Phase II production capacity of 3 tonnes per day.
In its Management Discussion and Analysis for the period ended December 31, 2012 (the "December MD&A"), the Corporation estimated that capital costs for the HPA plant totalling $85 million before refundable investment tax credits ("RITC") (or $55 million net of RITC) would be required to complete the plant. As at March 31, 2013, the Corporation had incurred external capital costs of $74.9 million (or $51.2 million net of RITC). Based on the Independent Estimates, the Corporation is revising its capital cost estimate, before RITC, to $105.9 million (or $75.9 million net of RITC), which represents an increase of $20.9 million to the estimate provided in the December MD&A and includes $6.7 million in contingency and critical spare parts. As a result, the projected total external capital costs required to complete the construction and commissioning of the HPA production facility, in addition to those already incurred at March 31, 2013, are as follows:
(in 1,000)
- Engineering and Project Management $2,540
- Material and Equipment, including Calcination System $15,090
- Labour $6,660
- Contingencies $4,220
- Critical Spare Parts & Specialty Tools $2,500
Total $31,010
The updated capital cost estimate represents the investment required to achieve the Phase II production capacity of 3 tonnes per day. A large portion of the HPA plant has been designed at a 5 tonnes per day capacity, and as such, the requisite engineering analysis to increase the total plant throughput to 5 tonnes per day, as well as to add a scandium and gallium separation facility, is expected to be completed during the second half of 2013 and the incremental capital cost estimate is expected to be reported during the first quarter of 2014.
Based on the Independent Estimates, which included a review of construction labor time, the Corporation is also updating the anticipated project timelines for achieving the Phase II production capacity of 3 tonnes per day to the end of the second quarter of 2014, representing a delay of approximately 6 months from the previous estimates. This is based upon a 12-month project execution timeline commencing once the Corporation has raised the necessary capital to proceed.
"Given the highly detailed effort employed by both independent engineering firms in preparing the revised estimates and by Orbite management in vetting them, we are confident in meeting both the cost and timeline targets. In addition, a large part of my personal responsibilities will be to deliver this facility on time and within budget," said Glenn Kelly, EVP and Chief Operating Officer.
In the interim, the commissioned segments of the HPA plant are expected to continue to be operated intermittently at a Phase I production capacity averaging less than one tonne per day of HPA at a purity of 99.99% (4N) or better. Customer samples of HPA will continue to be shipped as material of the appropriate purity and characteristics is produced to satisfy existing and prospective orders. The Corporation is pleased to report that initial feedback has been positive and that it has successfully produced densified and spheronized product for additional shipments to a prospective client satisfied with initial product quality.
Construction costs on expenditures related to the construction and expansion of manufacturing and processing facilities in the Gaspé region of Québec, incurred in 2012 and in 2013 and not exceeding an aggregate of $75 million, are eligible for an RITC of 40%, while amounts exceeding $75 million are eligible for an RITC of 5%, subject to approval from the tax authorities. This upper limit of RITC is presently being re-evaluated by the Québec Government. The Corporation has pledged all of its 2012 and 2013 RITCs, to an aggregate of $25 million, as security for the $25 million of convertible debentures issued in December 2012.
Cost and timeline estimates are forward looking statements and are based on information available at the time and/or the Corporation management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation's control. The Corporation continuously evaluates the cost and timeline to completion as events unfolds. In addition, the Corporation will require additional funding to complete its HPA plant. There can be no assurance that the Corporation will be able to obtain additional funding on favourable terms, if at all. These and other risks are disclosed in the section entitled "Risk Factors" and otherwise referenced in our 2013 Q1 MD&A which is available on the Corporation's website or under the Corporation's profile on www.sedar.com.
New Vice President Operations
Mr. Denis Arguin will join Orbite in the newly created position of Vice President Operations, effective June 10, and will report to Glenn Kelly, Executive Vice President and Chief Operating Officer.
"Mr. Arguin's broad and deep experience in engineering and operations further strengthens the team we are building at Orbite," said Glenn Kelly, Orbite's Chief Operating Officer. "Mr. Arguin's first and only priority will be the completion of the HPA plant in Cap-Chat."
Mr. Denis Arguin joins Orbite from his position as Vice President, Strategic and Technological Business Development at Enerkem, which is a private company headquartered in Montreal with 150 employees in Canada and the United States, with proprietary technology for waste-to-biofuels from municipal solid waste, where he joined in 2008 as Vice President, Engineering and Operations. Previously, Mr. Arguin was Director of Process Technology at Minerals Technologies Inc. (MTI) in Pennsylvania (USA), and as Director of European Operations for a division of MTI, based in Brussels. He has also held positions of Regional Manager - Operations, for the Northeast Canada and U.S. region at Mintech Canada Inc. He also gained extensive experience at petrochemical companies such as Kemtec, Union Carbide, and Gulf Oil Refinery Ltd. Mr. Arguin holds an Executive MBA in Operations Management from the University of Western Ontario, and a Bachelor's Degree (B.Science) in Chemical Engineering from Université de Sherbrooke. He has been a member of the Ordre des ingénieurs du Québec since 1984.
About Orbite
Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that is expected to produce alumina and other high-value by-products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, without generating any wastes, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. Orbite has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to begin construction of a Veolia-operated plant in 2014. The Corporation owns the intellectual property rights to nine patents and 32 pending patent applications in 10 different countries. Its intellectual property portfolio now contains 14 intellectual property families.
For more information on the Corporation or to download our corporate presentation please visit: www.orbitealuminae.com
Traderfan,
Is that your trading desk?? Wow
apatel
Woulfe Mining Clarifies and Restates Certain Disclosure
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2013) - Woulfe Mining Corp. (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) ("Woulfe" or the "Company") -
Woulfe Mining Corp. reports that as a result of a review by the British Columbia Securities Commission (BCSC), it is issuing the following news release to clarify, retract, restate and update certain of its previously issued investor relations presentations, reports and disclosures on its website www.woulfemining.com.
The Company's website, including a corporate presentation, a fact sheet and investor's guide (the "Materials"), contained the following information, none of which invalidates any portion of, or requires any amendment in relation to, the Company's feasibility study on the Sangdong property as published June 6, 2012:
•The Company's website and November 2012 Investor Guide (the "Guide") disclosed 2010 mineral resource estimates, completed as part of a scoping study (the "2010 Scoping Study"). The 2010 Scoping Study and mineral resource estimates have been superseded by a feasibility study on the Sangdong property having an effective date of June 6, 2012 and entitled "Sangdong Project Feasibility Study" (the "Feasibility Study"). The Feasibility Study was authored by TetraTech WEI Inc. and is available on the Company's SEDAR profile. It reports a Probable Reserve of 13.3 Mt @ 0.425% WO3 with a cut-off grade of 0.24% WO3. The Feasibility Study did not contain a complete mineral resource update, but converted a prior reported Indicated Resource of 16.4 Mt.@ 0.45% WO3 with a cut-off of 0.15% WO3 to the Probable Reserve reported above. The prior resource estimates on the Sangdong property, including the Indicated Resource referenced above, had an effective date of January 24, 2012 and were included in a report entitled "Sangdong Project Resource Estimate" authored by Wardrop, TetraTech WEI Inc (the "2012 Resource Report"). The 2012 Resource Report is available on the Company's SEDAR profile. The mineral resource estimates contained in the 2012 Resource Report are stated in the table below, noting that the Feasibility Study has converted the Indicated Resource to a Probable Reserve. It should be noted that the 2012 Resource Report states that the 2010 mineral resource estimates were made on a very different basis to the current (2012) estimates. The 2010 resource estimates largely relied on holes drilled underground by Korea Tungsten Mining Corporation and on a coarse geological interpretation of the mineralized zones. Because of doubts attaching to the location and sample quality control of these underground holes, and the limited geological understanding at the time, the 2010 mineral resources were classified in the Inferred category. The 2012 resource estimates rely entirely on modern drilling programmes with associated sample quality control. The modern data, however, covers only approximately the upper quarter of the known dip-length of the mineralized zones. For this reason, comparisons between the 2012 and 2010 mineral resource estimates should be treated with caution.
Table Sangdong, Skarn mineralisation Resource Estimate; reporting cutoff 0.15% WO 3 .
Resource Category Mineralized Zone Tonnes (Mt) Density WO 3 (%)* MoS 2 (%)** MTU
Indicated F2 2.298 2.98 0.63 0.04 1,448,000
Indicated F3 2.605 2.96 0.56 0.05 1,458,000
Indicated Halo 5.576 2.91 0.27 0.03 1,505,000
Indicated Main 5.952 3.25 0.50 0.03 2,976,000
Indicated** Total 16.431 3.04 0.45 0.04 7,387,000
Inferred F2 2.680 2.91 0.50 0.03 1,340,000
Inferred F3 2.712 2.90 0.49 0.03 1,329,000
Inferred Halo 6.523 2.88 0.23 0.02 1,500,000
Inferred HW 7.191 2.96 0.58 0.08 4,171,000
Inferred Main 0.259 2.92 .052 0.02 135,000
Inferred Total 19.368 2.92 0.44 0.05 8,475,000
Inferred F2 4.097 2.85 0.60 0.07 2,458,000
Inferred F3 4.315 2.85 0.57 0.06 2,460,000
Inferred Halo 5.973 2.85 0.21 0.06 1,254,000
Inferred HW 15.924 2.84 0.69 0.11 10,988,000
Inferred Main 4.208 2.85 0.60 0.03 2,525,000
Inferred Down Dip Total 34.519 2.85 0.57 0.07 19,685,000
Note: MoS2 is reported in terms of WO3 cut-off.
WO3 = Tungsten trioxide, MoS2 - Molybdenum Disulphide, MTU - metric tonne unit.
** Indicated Resources was converted to a Probable Reserve in the Feasibility Study.
The resource is split into two sections by elevation, representing the down dip potential of the deposit below current waterline.
The only current mineral resource and mineral reserve estimates that have been approved by or on behalf of the Company in relation to the Sangdong property are as stated above in the 2012 Resource Report and the Feasibility Study.
•The website and Materials contained aggregated resource numbers which added Inferred Resources to other categories of resources in respect of the Sangdong property, or which used a category of mineral resources, specifically "mineable resource", not permitted by NI 43-101 in respect of the Muguk property.
•The website and Materials discloses the results of economic analyses from the Company's feasibility study which may be misleading and/or unbalanced as the website and Material only reference pre-tax results without disclosing the comparative post-tax results. Investors are strongly encouraged to review the Feasibility Study in full.
•The Guide contained a reference to historical, non-43-101 compliant, resource estimates for the Sangdong Moly Stockwork. A non-NI 43-101 compliant historical resource estimate for molybdenum at the Sangdong property was reported by Korea Engineering Co. Ltd. in 2001 and a memo of Paul Matthews and Heywood Bates in 2008. A Qualified Person has not completed sufficient work in order to classify historical resource estimates for molybdenum on the Sangdong property as current mineral resources and the Company is not treating these historical estimates as prepared by Korea Engineering Co. Ltd. or Paul Matthews and Heywood Bates or otherwise as current mineral resources but as historical estimates. They are for informational purposes only and should not be relied upon.
•The website and Materials incorrectly references a 0.20% cut-off in relation to the 2012 resource estimates, where a 0.15% cut-off was used, as outlined above.
•The website and Materials failed to properly identify, and disclose the relationship to the Company, of the Qualified Person who approved, prepared or supervised the preparation of the technical information within. The Company has added this disclosure to its website and the Materials.
The Company retracts all non-compliant disclosures as referenced above and has amended the website and Materials to remove such disclosures, including the Guide which will be updated at a later date. The Company plans to complete a more comprehensive re-launch of the Company's website in the future.
In those instances where the Company has retracted, revised, clarified or updated previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
Patrick Roger Stephenson, P.Geo., of AMC Mining Consultants (Canada) Ltd., an independent consultant to the Company, is the Qualified Person under National Instrument 43-101 who has approved the technical content of this news release.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Brian Wesson (FAusIMM), President, CEO and Director
Silvercorp Share Repurchase Program Approved by TSX
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 29, 2013) - Silvercorp Metals Inc. (SVM.TO)(SVM) ("Silvercorp" or the "Company") is pleased to announce a Normal Course Issuer Bid to acquire up to 8.5 million common shares from February 1, 2013 to January 31, 2014, representing approximately 5% of the Company''s 170,766,058 common shares currently issued and outstanding has been approved by the TSX. The Company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp''s shares being undervalued relative to the immediate and long term value of Silvercorp''s portfolio of producing and development properties in China and Canada.
Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX and the NYSE and other alternative Canadian marketplaces in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The Company intends to hold all shares acquired under the issuer bid for cancellation.
Directors and senior officers of the Company are not aware of any previously undisclosed material changes or plans or proposals for material changes in the affairs of the Company, nor do any of them have the present intention to sell shares of the Company during the Normal Course Issuer Bid. The Company has not purchased any of its common shares in the last 12 months.
The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 25% of the average daily trading volume on the TSX based on the previous six completed calendar months excluding purchases made by Silvercorp under its Normal Course Issuer Bid, (being 222,774 common shares), for a daily total of 55,693 common shares. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the Company on the NYSE.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in early 2013. The Company''s vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.
PCP.V-New Single Current Technical Report
VANCOUVER , Jan. 17, 2013 /CNW/ - Plains Creek Phosphate Corporation ("Plains Creek", the "Company") (TSX-V: PCP) is pleased to announce the filing of a new, single current technical report for the feasibility study on the Company's Farim Phosphate Project entitled, "Feasibility of the Beneficiated Phosphate Rock Concentrate of the Farim Phosphate Project, Guinea-Bissau , An NI 43-101 Report" dated effective December 19, 2012 (the "Report").
The Report supercedes the previously filed technical reports entitled, "Feasibility of the Beneficiated Phosphate Rock Concentrate of the Farim Phosphate Project, Guinea-Bissau , An NI 43-101 Report" and the "Feasibility Study of the Direct Shipping Option of the Farim Phosphate Project, Guinea-Bissau , An NI 43-101 Report", each dated effective November 2, 2012 (the "Previous Reports"). The Report was prepared further to comments received from the British Columbia Securities Commission (the "BCSC") as described in a news release of the Company dated December 3, 2012 . In particular, the Report has made the following changes from the Previous Reports to address BCSC comments and meet the requirements of NI 43-101:
disclosure is amended to show power costs separately from the combined water and power costs, including disclosure of gross power consumption and power cost individually and in more detail, using standard industry measures, with explanations of the basis for estimation;
an after-tax economic analysis has been provided, with a detailed analysis of applicable taxes and royalties and the basis for assumption of those applicable taxes which provides reasonable grounds for certainty; and
product pricing has been clarified to a level of certainty supported by quotes, contracts, agreements or industry information.
The Report is prepared by the following qualified persons who are responsible for the entirety of the Report with respect to their respective sections of the Report: Michael Short , BE, FIMMM, CEng, Richard Elmer , CEng, MIMMM (CP), Dr. Martin Preene , CEng, Dr. Marcelo Godoy , MAusIMM (CP), Terry Kremmel , PE (MO and NC), SME (CP), Hendrik J.H. Otto, PrEng (SA) and Matthew Clark , P.E., CEng, PMP (QP). All of the foregoing qualified persons are independent from the Company pursuant to NI 43-101.
The Company is pleased to announce that considering beneficiated phosphate rock production for the Farim Phosphate Project on a stand-alone basis, the undiscounted pre-tax cash flow totals US $1.526 billion over a 25 year mine life and US $1.220 billion on a post-tax basis. Pre-tax operating cash flows averages US $67.69 million per year and US $55.42 million per year post-tax. Simple payback of the pre-production capital investment is achieved after approximately two years of operation on a pre-tax and post-tax basis. The pre-tax internal rate of return is 37.69% compared to 35.87% post-tax. At a discount rate of 15%, the net present value of the project is US $216 million compared to US $175 million post-tax. Minor refinements to the capital and operating cost estimates changes certain economic figures only slightly from the pre-tax scenario considered in the Previous Report for the beneficiated phosphate rock alternative.
There has been no change in the Report from the Previous Reports with respect to the stated mineral resources or mineral reserves estimates. However, the economic assessment has changed somewhat as the analysis has been conducted on a post-tax basis, as described above. Most significantly, the Company decided to focus on the feasibility study for beneficiated phosphate rock production rather than the direct shipping option ("DSO") of phosphate matrix mining product due to an anomaly identified in testwork for anticipated moisture levels for the dewatered matrix. The relationship between the transshipable moisture limit and the matrix moisture levels requires further evaluation of the DSO influence whether the DSO is technically feasible and, even if the DSO is technically feasible, local regulatory conditions may also inhibit the potential for the DSO. Consequently, consideration of beneficiated phosphate rock production, rather than the DSO, has been the focus of the feasibility study. In the result, the Report demonstrates that beneficiated phosphate rock production at the project is both economically attractive and technically robust.
The authors of the Report have recommended that the Company and GB Minerals AG continue to advance the project for beneficiated phosphate rock production to the engineering design and construction stages and to seek the necessary project financing and off-take agreements.
About Plains Creek Phosphate Corporation
Plains Creek Phosphate Corporation is a Canadian mining and exploration company focused on advancing the Project in Guinea- Bissau , West Africa through the company, GB Minerals AG. The Project currently comprises a phosphate deposit consisting of one continuous flat lying phosphate bed with a Mineral Resource estimate, disclosed in the Company's Feasibility Studies on the Project in accordance with National Instrument 43-101, which defines a Measured Resource of 64. 6 MT at an average grade of 29.11% P2O5, an Indicated Resource of 28.1 Mt at an average grade of 27.68 % P2O5, and an Inferred Resource of 18.3 Mt at an average grade of 28.66 % P2O5 and states total proven and probable reserves of 33.0 Mt (dry) with an average ROM P2O5 grade of 30.4%. The Measured and Indicated Resource estimates stated above are inclusive of the resources comprising the Proven and Probable Reserve estimates. The Feasibility Studies are authored by the Qualified Persons listed above, are filed on SEDAR and are publicly available under the Company's profile at www.sedar.com. A two-phased development is planned for the Project as an open pit mining operation. Phase One consists of a 1. 3 Mt per year phosphate rock product direct shipping option project or a 1.0 Mt per year beneficiated phosphate rock concentrate project and Phase Two consists of the production of 2.0 Mt per year of phosphate rock concentrate and includes a beneficiation plant and associated infrastructure, pipeline and port. As indicated above, the supporting reports are under amendment, and the Company will promptly disclose if any material changes to a mining study or mineral reserves result from amendments to its reports.
Orbite Announces Brokered Private Placement of up to $25 Million in Convertible Debentures
MONTREAL, QUEBEC--(Marketwire - Nov 30, 2012)-Orbite Aluminae Inc. (ORT.TO)(EORBF) ("Orbite" or the "Company") is pleased to announce its intention to complete a private placement of convertible debentures (the "Convertible Debentures") for an aggregate principal amount of up to $20,000,000 plus an over-allotment option of an additional $5,000,000 (the "Convertible Debentures Offering"), secured against the Company''s investment tax credits resulting from the construction of its HPA plant in Cap-Chat, Quebec. The Convertible Debentures Offering will allow the Company to monetize the refundable investment tax credits, which would otherwise remain idle on the Company''s balance sheet as an accounts receivable.
Euro Pacific Canada Inc. will be acting as lead agent and sole book-runner on the Convertible Debentures Offering for a syndicate that includes Mackie Research Capital Corporation and Roth Capital Partners LLC. The Convertible Debentures Offering is expected to close on or before December 13, 2012 (the "Closing Date"). The Company intends to use the proceeds from the Convertible Debentures Offering for general corporate purposes.
The Convertible Debentures bear interest at a rate of 8% per annum, calculated from their date of issue, to be paid quarterly in arrears, and have a maturity date of December 13, 2017 ("Maturity Date"). Furthermore, the Convertible Debentures are convertible, in whole at the option of the holder at any time prior to the Maturity Date into class "A" shares of the Company ("Common Shares") at a conversion price of $3.50 per Common Share ("Conversion Price"), being a conversion rate of approximately 286 Common Shares for each $1,000 principal amount of Debentures, subject to adjustment in accordance with the terms of the Convertible Debentures.
Completion of the Offering is subject to the satisfaction of certain conditions, including approval by the Toronto Stock Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
Thanks Dr Airtime for your extensive DD,
I bought a few today at 1.01
apatel
Hi Bobwins,
Really nice article and many happy returns of the day
apatel
Mart Resources, Inc.: Combined Test Rate From UMU-8 Well 7,661 Barrels Oil Per Day
CALGARY, ALBERTA, Oct 11, 2011 (Marketwire via COMTEX News Network) --
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and Suntrust Oil Company Limited are pleased to provide an operational update on the Umusadege field, onshore Nigeria.
UMU-8 Well Update
Extended testing on the UMU-8 well was conducted on the XIIb sand, a 26 foot oil zone, which flowed at a stabilized rate of 2,316 barrels oil per day ("bopd") of 40 API gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 120 psi. Basic sediment and water ("BS&W") was 0%. The combined test rate from zones XIIa, XIIb and XV in the UMU-8 well is 7,661 bopd.
Well testing on zones IX and XI sands completed in the 2 3/8 inch tubing did not flow oil to the surface during initial testing. Production logging will be performed to identify the possible problems that caused this result, which may include a bad cement bond on the casing, leaks in the completion packers, or near well-bore formation damage caused by drilling mud.
September 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field through the month of September 2011 averaged 7,076 bopd. Aggregate Umusadege field downtime over this period was approximately 2.38 days due primarily to shutdown of third party export pipelines.
Negotiations with the operator of the export pipeline to increase capacity are ongoing.
The UMU-9 well drilling location has been completed and the Company is preparing to move the NRG 201 rig to the site. Flow lines from the UMU-9 well head location to the manifold are nearing completion. It is anticipated that the rig will commence mobilization by mid-October.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Note: Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) concerning the timing or success of completion operations on the UMU-8 well and the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU-8 well (or any one or more of the hydrocarbon sands identified by the UMU-8 well), should all be viewed as forward-looking statements. The well log interpretation indicating hydrocarbon bearing sands are not necessarily indicative of future production.
In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward looking statements. There is no assurance that additional pipeline export volumes will be made available to the Umusadege field.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE: Mart Resources, Inc.
Mart Resources, Inc. - London, England Wade Cherwayko +44 207 351 7937 Wade@martresources.com Mart Resources, Inc. Investor Relations Toll Free: 1-888-875-7485 www.martresources.com
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Silvercorp Acquires High Grade XBG Silver-Gold-Lead-Zinc Property in Luoyang, Henan Province, China
VANCOUVER, BRITISH COLUMBIA, Aug 22, 2011 (MARKETWIRE via COMTEX News Network) --
Silvercorp Metals Inc. (TSX: SVM)(NYSE: SVM) ("Silvercorp" or the "Company") is pleased to announce that its 77.5% owned subsidiary, Henan Found Mining Co. ("Henan Found"), signed a share purchase agreement to acquire a 90% equity interest in Zhongxing Mining Co. Ltd. ("Zhongxing") and Chuanxin Mining Co. Ltd. ("Chuanxin"), two local private mining companies, with common owners, in Luoyang City, Henan Province.
Henan Found's total cash payment for the acquisition of both companies is approximately US$10.4 million, including US$4.3 million for the equity interest and US$6.1 million cash payment for outstanding debt. Henan Found has made 80% of the required total payment and has taken over control.
Zhongxing's main assets include the high grade XBG silver-gold-lead-zinc ("Ag-Au-Pb-Zn") mine with a mining permit covering 26.36 square kilometers (km2) expiring November 2022 and the adjacent NTM gold exploration permit covering 2.54 km2. Chuanxin's main assets include a 350 tonne-per-day ("t/d") floatation mill and an associated tailings management facility built in 2009 within the mining permit area, and an environmental permit to construct a 1,000 t/d floatation mill.
The XBG Mine is located about 120 km southwest of the Company's Ying Mine and is about a three hour drive from Luoyang City and the Ying Mine. Due to the close proximity, the XBG project will be managed by the Ying Mine's management team.
Geologically, the XBG project area is situated in the east extension of the Qinling Mountain Belt near the margin of the Northern China Craton in the same regional mineralization belt as the Ying Mining Camp and is one of the largest silver-gold and base metal belts and largest silver producing region in China. The XBG project area is underlain by Middle Proterozoic andesite flows interbeded with minor thinly bedded rhyolite, which have been intruded by Mesozoic granitic stocks. Mesothermal-style silver-gold-lead-zinc mineralization is hosted by NNE, NEE, and NW trending ductile shear structures which occur along a southeast margin of large granitic plutons that extends over 40 km long that are featured by extensive overlapping silver-lead-zinc-gold soil anomalies.
The XBG mine area was subjected to artisanal mining for gold and silver since the late 1980s. Exploration activities were limited to regional scale surface mapping, 1:50,000 scale stream sediment geochemical survey, and limited surface trenching. No drilling was ever performed on the property, therefore, no resource was defined.
Zhongxing has carried out exploration/mine development and small scale mining since the mining permit was issued in November 2010 by small scale tunnel mining. By the end of July 2011, a total of 4,500 meters of mine tunnels and several shallow shafts were developed in the mine area. Based on Zhongxing's records, over 20,000 tonnes of silver-lead-zinc ore were mined of which about 12,000 tonnes of ore were milled by the 350 t/d flotation mill. Metal recoveries from the test milling were reported to be over 90% for silver and lead and 80% for gold and zinc.
So far, 12 mineralized Ag-Au-Pb-Zn veins/structures and three Au veins/structures were identified by surface mapping, trenching, and tunneling. The silver-gold-lead-zinc mineralization is hosted in quartz-sericite-chlorite-carbonate-fluorite veins cross-cutting Proterozoic age andesite flows. The vein system trends NNE, NEE, and NW with a steeply (62-86 degrees) dip and extends a few hundred meters to over 2,000 meters (m) along strike and up to 210 m along the dipping direction with true width ranging from 0.2 to 3.8 m. The veins contained 14 to 856 grams per tonne (g/t) Ag, 0.10 to 63.18 g/t Au, 0.15 to 36.17% Pb, and 0.10 to 15.33% Zn.
Silvercorp's geologists visited the property three times in June and July, 2011. During the site visits, over 35 channel and bulk samples were collected from five actively mined veins and highlights of assay results are listed below.
--------------------------------------------------------------------------- TrueVein Thickness Ag Au Pb Zn# Location (m) (g/t) (g/t) (%) (%)---------------------------------------------------------------------------X1 YS Shaft, North Vein Drift 1.20 251 1.20 11.54 0.53 --------------------------------------------------------------------- YS Shaft, South Vein Drift 2.30 128 9.47 2.56 0.74 -------------------------------------- Including 0.30 856 63.18 12.78 0.41 --------------------------------------------------------------------- Ore Stockpile at YS Bulk sample 37 10.44 0.61 0.10---------------------------------------------------------------------------X2 Road Cut Outcrop 3.80 87 0.44 1.05 0.70---------------------------------------------------------------------------X8 Adit at YS Valley East Stope's 165 0.55 19.32 0.53 Bulk sample --------------------------------------------------------------------- Vein Drift at YS Valley East 0.80 84 0.88 5.99 2.66 --------------------------------------------------------------------- Vein Drift at YS Valley West 0.83 195 0.42 10.44 8.03 --------------------------------------------------------------------- Ore Stockpile at mill Bulk sample 352 0.28 65.93 4.76 (massive Galena)---------------------------------------------------------------------------X9 Vein Drift at YS Valley West 0.40 84 1.25 2.82 1.90---------------------------------------------------------------------------X12 Vein Drift at Dachunshu 0.80 151 1.31 0.77 0.81---------------------------------------------------------------------------
Once the transaction is completed, a comprehensive exploration program that includes surface and underground mapping and sampling, and surface and underground diamond drilling will be carried out to explore the existing veins and discover additional veins. The exploration program is expected to be self-funded by cash-flow generated from continuing mining activities from the existing tunnels and processed from the existing 350 t/d floatation mill.
Silvercorp's intention is to consolidate the majority of the mineralization belt of the XBG Mine area through Henan Found. It, as an effective explorer and developer, has a good brand name and has become the largest non-state controlled company and one of the top tax payers in Luoyang city, helping it gain the full support of county, city and provincial governments.
Henan Found is currently in the final process of acquiring another silver-gold-lead-zinc mine covered by a 14 km2 mining permit and equipped with a new 500 tonne-per-day flotation/CIL mill. This mine is located about 6 km to the northwest of the XBG mine. Henan Found is also negotiating acquisition opportunities with several other silver-gold-lead-zinc property owners in the XBG project area.
This acquisition marks another significant step for Silvercorp's growth in China, allowing Silvercorp to establish a fourth production base in a prominent polymetallic belt with a mixed production of precious and base metals. The acquisition fits Silvercorp's strategy of acquiring silver projects that can generate healthy cash flows before the project is fully explored and developed, so that further resource expansion and production growth can be financed from the project's own cash flows.
This acquisition is subject to approvals by necessary regulatory agents, including Chinese military clearance, as is customarily required.
Quality Control
Geologists of Henan Found collected the tunnel and surface channel samples. The samples were sealed and were directly shipped to the Analytical Lab of Henan Non-Ferrous Metals Geological and Exploitation Institute (ALHN) in Zhengzhou, located 220 km by road northeast of the XBG Mine.
Sample preparation and analysis of the samples was done by ALHN. The lab is accredited and certified by the Chinese government and is well known and respected for its analytical work in China. The sample preparation procedures consist of drying, crushing, splitting and weighing of a 200-gram sample, followed by pulverizing to 200-mesh size. The 200-mesh sample split is split again with a 100-gram split used for final assay.
ALHN utilizes a two-acid digestion and Atomic Absorption Spectrometry (AAS finish) as an assay method on a 0.5 gram sample split for analyzing silver, lead and zinc. Standard fire assay by AA finish for gold.
The lab utilizes a QA/QC system of duplicates, replicates and standards.
Myles Gao, P.Geo., is the Qualified Person on the project under NI 43-101.
http://www.stockhouse.com/pfolio.aspx?user=sh
SILVERMEX RESOURCES ACHIEVES POSITIVE CASH FLOW AND LOW COST PRODUCTION AT ITS LA GUITARRA MINE
VANCOUVER, BRITISH COLUMBIA, Aug 15, 2011 (MARKETWIRE via COMTEX News Network) --
Silvermex Resources Inc. ("Silvermex") (TSX: SLX) reported today its unaudited financial and operating results for the quarter ended June 30, 2011. The Company is currently ramping up production at its La Guitarra mine, as well as conducting extensive exploration within the district and at its other key projects.
Highlights from the quarter include:
-- Positive cash flow from operations of $400,000 was achieved.
-- Gross profits of $1.1 million were achieved on revenues of $2.8 million.
-- Positive adjusted EBITDA of $80,000 on adjusted net loss of $500,000 was
achieved.
-- Net losses decreased by 27% over the second quarter of 2010.
-- The La Guitarra mine produced 81,400 ounces of silver and 1,111 ounces
of gold.
-- Total cash costs of silver produced was US$4.45 per ounce, net of gold
credits.
-- Average realized silver price was US$39.03 per ounce and average
realized gold price was US$1,502.64.
Financial Results
The Company achieved a gross profit of $1.1 million for the three months ended June 30, 2011, on sales of gold and silver of $2.8 million, compared with a gross loss of $600,000 for the comparative 2010 period on sales of gold and silver of $200,000.
The Company incurred a net loss of $1.2 million for the three months ended June 30, 2011 compared with net loss of $1.7 million for the same period in 2010. The improvement in net loss is mainly attributable to increased production of gold and silver as well as increases in grade recoveries over the same period in 2010. Production grades for the quarter averaged 174 g Ag/t and 2.4 g Au/t. Recoveries to concentrate for the quarter averaged 90% for silver and 88.5% for gold.
At June 30, 2011, the Company had working capital of $23.8 million, cash on hand and short term investments of $20.6 million and current assets of $28.3 million. Operating activities generated cash of $400,000, compared with cash used of $2.3 million for the same period in 2010.
Production Results
Silver production for the second quarter of 2011 decreased 12.5% over the first quarter of 2011 and gold production decreased by 6%. This decrease was due, in part, to restricted cyanide deliveries to the Company's refiner as a result of the flooding of DuPont's cyanide production facility in Memphis, TN. This caused the Company to stockpile inventories to capacity and eventually interrupt production as the refinery was unable to receive and process the Company's silver and gold. During this interruption the Company took advantage of the time to perform annual routine maintenance on the plant. It is anticipated that this inventory will be shipped and processed in the third quarter. Furthermore, during the quarter, Silvermex was mining some of the available lower grade stopes due to the lack of past mine development. As the Company continues to focus on mine development and production, continued improvement in grade and production levels are anticipated for the remainder of the year.
During 2011 the Company plans significant levels of underground drilling and mine development with the goal of having sufficient reserves and working areas developed to support operating the La Guitarra mill at capacity prior to year's end. "We are confident that we will continue to meet our objectives over the remainder of the year and achieve full capacity by Q4", stated Michael Callahan, President of SIlvermex. "Even with the decrease in production due to the ongoing mine development and the cyanide shortage, which forced us to stockpile silver and gold during the quarter, we have still exceeded our internal budgets for production, and have surpassed that of the same period in 2010. We've also achieved greater grades and recoveries than our internal expectations for the quarter."
The Company's long term goal remains focused on expanding production from the La Guitarra mine and to continue to evaluate expansion opportunities to take advantage of the potential of the Temascaltepec mining district. This will require a well-managed and successful surface exploration and drilling program, the compilation of existing exploration data, improved mining practices, increased underground development and additional capital projects. Underground drilling is currently ongoing, and surface drilling is expected to commence in the third quarter of 2011.
This earnings release should be read in conjunction with Silvermex's MD&A, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com as well as on the Company's website at www.silvermexresources.com.
Company Profile
Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production at the mine to full capacity and is conducting extensive exploration to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.
ON BEHALF OF THE BOARD
Duane Nelson, CEO & Director
Revett Reports Record Earnings for Q2 2011
Revett Minerals Inc RVM 8/11/2011 8:30:09 AMSPOKANE VALLEY, WASHINGTON, Aug 11, 2011 (Marketwire via COMTEX News Network) --
Revett Minerals Inc. (TSX:RVM)(NYSE Amex:RVM) today announced record quarterly revenues of $18.8 million, a 102% increase compared to the same period last year. The Company also increased its cash and cash equivalents on hand at the end of the second quarter to $14.7 million from $8.8 million at the beginning of the year. All currency in this release is in United States dollars unless otherwise indicated.
For the three months ended June 30, 2011 the Company had net income of $7.9 million or $0.23 per share. These record results are due to higher metal prices, significantly improved metal grades, and higher metallurgical and operating efficiencies.
Revett President and Chief Executive Officer John Shanahan said, "We are delighted to announce record earnings of $0.23 cents per share for this quarter which is a wonderful reflection of the hard work, dedication, and resourcefulness of our operating team at the Troy mine. We remain committed to meeting our near term production targets as well as longer term expansion plans at Troy. Troy continues to play a vital role and increase our cash position as we work towards advancing development of our nearby significant silver/copper deposit at Rock Creek."
Highlights:
-- Silver production totaled 342,822 ounces and copper production totaled 3,028,252 pounds, representing increases of 65% for silver and 60% for copper over the same period last year.-- Net cash(1) provided from operations before capital expenditures for the second quarter of 2011 was US$7.7 million, for a total of $11.1 million for the first half of 2011.-- Cash cost for the second quarter of 2011 improved significantly on a net of by-product basis at $3.38 per ounce of silver and $0.73 per pound of copper, compared with $13.08 per ounce of silver and $2.63 per pound of copper for the same period last year.-- The Company's working capital increased to $19.8 million as of June 30, 2011, an 86% increase since December 31, 2010.The following table is a summary of key operating statistics for the Troy silver and copper mine located in northwestern Montana for the three months ended June 30, 2011 and for the comparable period ended June 30, 2010. As expected, production increased during the second quarter due to significantly higher metal grades from mining more production from the C Bed area.
www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=8272627
I bought some more today.
As per Q1 cash flow for the quarter is 0.19c,so the forward cash flow for the year could be 0.76c,say 0.80c. The price now is 10x the forward cash flow. What about the value of silver and gold in the ground????
apatel
Silvercorp Reports Net Income Up 82% to $25.6 Million or $0.15 Per Share and Cash Flow Up 46% to $33.9 Million or $0.19 Per Share for 1st Quarter of Fiscal 2012
8/3/2011 7:00:14 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Aug 3, 2011 (Marketwire via COMTEX News Network) --
Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") today reported its unaudited financial and operating results for the first quarter ended June 30, 2011 ("Q1 2012"). Record silver production, coupled with increasing silver prices, resulted in record quarterly sales. The following financial results are expressed in US dollars (US$) unless stated otherwise.
FIRST QUARTER HIGHLIGHTS
-- Record sales of $69.7 million, representing a 90% increase compared to $36.7 million in the first quarter of fiscal year 2011 ("Q1 2011");-- Record silver production of 1.6 million ounces, a 15% increase compared to 1.4 million ounces in Q1 2011; and gold production of 1,390 ounces, a 30% increase compared to Q1 2011. Silver and gold sales accounted for 71% of the total sales in the quarter;-- Net income of $25.6 million, or $0.15 per share, an 82% increase compared to $14.1 million, or $0.09 per share, in Q1 2011;-- Cash flow from operations of $33.9 million, or $0.19 per share, increased 46% from $23.2 million, or $0.14 per share, in Q1 2011;-- Silvercorp continues to maintain its low cost producer status with a cash production cost per ounce of silver of negative $6.12;-- Completed reserve and resource updates for the Ying Mining District, the BYP Mine and the Silvertip Project, reporting 24% year over year Measured & Indicated silver equivalent resource growth;-- Paid cash dividends of CAD$0.02 per share, totaling $3.6 million for the quarter; and-- Increased total cash and short term investments to $230.5 million.
FINANCIALS
In Q1 2012, net income attributable to the shareholders of the Company was $25.6 million, or $0.15 per share, an 82% increase from net income of $14.1 million, or $0.09 per share, in the same quarter last year.
The Company achieved record sales of $69.7 million, a 90% increase from $36.7 million in the same quarter last year. The increase in sales was primarily from higher metal prices, combined with an increase in the quantity of metals produced and sold. Gross profit margin improved to 80% from 72% in Q1 2011. Cost of sales was $14.1 million, a 38% increase compared to a year ago, which was mainly due to increased quantities of metals sold.
General and administrative expenses increased by $1.4 million to $6.1 million, compared to the same quarter last year, of which, $1.1 million relates to the VAT surtax, which has been levied since December 1, 2010.
The Company recorded unrealized losses on investments of $1.2 million in Q1 2012, which was related to the change of fair value of warrants.
Income tax expenses increased to $12.6 million from $3.3 million in the same quarter last year. The increase of income tax expense was mainly due to higher taxable income in the quarter and a higher tax rate compared to Q1 2011. The Chinese tax holiday, which allowed the Company's most profitable Chinese subsidiary, Henan Found Mining Co. Ltd. (Ying and TLP mines) to have a preferential 12.5% income tax rate, expired on December 31, 2010, increasing the income tax rate to 25%. The Company's another Chinese subsidiary, Henan Huawei Mining Co. Ltd. (HPG and LM mines), is currently subject to preferential tax rate of 12.5% until December 31, 2011, after which it will be 25%.
Cash flow from operations for the quarter was $33.9 million, or $0.19 per share, a 46% increase from $23.2 million in the same quarter last year. During the quarter, the Company paid $3.6 million in dividends, $10.5 million in capital expenditures, and ended the quarter with $230.5 million in cash and short term investments.
OPERATIONS
In Q1 2012, the Company achieved record silver production of 1.6 million ounces, a 15% increase compared to same quarter last year. The record production was achieved through increased production from the TLP, HPG and LM mines that continued to expand operations.
A total of 182,890 tonnes of ore were milled, a 23% increase compared to 149,189 tonnes in Q1 2011. The increased mill throughput was achieved as the second mill at the Ying Mining District continued to provide additional milling capacity. In addition, 7,964 tonnes of gold ore were milled at the BYP Mine as production commenced in this quarter.
Total cash mining costs increased to $48.66 per tonne from $40.33 per tonne in the same quarter last year. The increase in total cash mining cost was mainly due to (i) higher mining contractor costs as the Company paid approximately $1 per tonne more as compensation for increases in miners' salaries and benefits, (ii) increased materials costs of $2 per tonne as more mining preparation work was conducted during the quarter, and (iii) the impact of US dollar depreciation versus the Chinese Yuan of $2.5 per tonne.
Total cash milling costs increased slightly to $12.42 per tonne from $11.94 per tonne in the same quarter last year, mainly due to the US dollar depreciation versus the Chinese Yuan. The milling costs at the BYP mine was higher than normal as the production was only at one quarter of its normal capacity.
Including by-product credits, total production cost per ounce of silver was negative $4.63 and the cash cost per ounce of silver was negative $6.12, a cost increase of 11% and 3% compared to the total production costs and cash production costs per ounce of silver of negative $5.21 and negative $6.31, respectively, in same quarter last year. The marginal increase is due to higher production costs, partially offset by increased by-product metal prices.
Silvercorp's total operational results for the past five quarters are summarized at Table 1 below:
Table 1: Consolidated Operational Results Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 30-Jun-11 31-Mar-11 31-Dec-10 30-Sept-10 30-Jun-10Ore Mined (tonne) Direct Smelting Ore (tonne) 3,108 2,740 3,711 3,065 3,426 Stockpiled Ore (tonne) 176,011 122,951 163,502 151,380 141,556 ------------------------------------------------------- 179,119 125,691 167,213 154,445 144,982----------------------------------------------------------------------------Run of Mine Ore (tonne) Direct Smelting Ore (tonne) 3,108 2,740 3,711 3,065 3,426 Ore Milled (tonne) 179,782 132,924 157,817 147,488 145,763 ------------------------------------------------------- 182,890 135,464 161,528 150,553 149,189----------------------------------------------------------------------------Metal Sales Silver (in thousands of ounce) 1,592 1,047 1,523 1,343 1,387 Gold (in thousands of ounce) 1.4 1.1 0.8 0.3 1.1 Lead (in thousands of pound) 20,621 14,385 18,795 17,028 18,803 Zinc (in thousands of pound) 4,102 3,253 4,791 3,869 4,431----------------------------------------------------------------------------Head Grade of Run of Mine Ore Silver (gram/tonne) 303.0 290.0 330.0 312.0 326.3 Lead (%) 5.5 5.6 5.7 5.6 6.1 Zinc (%) 1.5 1.8 1.8 1.9 2.0----------------------------------------------------------------------------Recovery Rate of Run of Mine Ore Silver (%) 91.3 91.8 92.0 91.6 90.9 Lead (%) 94.7 95.6 95.3 95.1 95.2 Zinc (%) 72.8 67.8 70.1 70.1 69.5----------------------------------------------------------------------------Cash Mining Cost ($ per tonne) 48.66 45.54 48.30 40.36 40.33Total Mining Costs ($ per tonne) 60.07 56.55 58.28 49.12 48.61Cash Milling Cost ($ per tonne) 12.42 15.31 12.11 11.36 11.94Total Milling Cost ($ per tonne) 13.94 17.26 13.69 13.06 13.62----------------------------------------------------------------------------Total Production Cost per Ounce of Silver ($) (4.63) (6.06) (5.93) (5.17) (5.21)Total Cash Cost per Ounce of Silver ($) (6.12) (7.61) (7.13) (6.30) (6.31)----------------------------------------------------------------------------
The Ying Mine continued to be the primary focus and most profitable project of the Company. The operational results for the past five quarters at the Ying Mine are summarized at Table 2 below:
Table 2: Ying Mine Operational Results Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 30-Jun-11 31-Mar-11 31-Dec-10 30-Sep-10 30-Jun-10Ore Mined (tonne) Direct Smelting Ore (tonne) 3,062 2,715 3,640 3,017 3,339 Stockpiled Ore (tonne) 78,276 59,650 82,101 82,187 79,873 ------------------------------------------------------- 81,338 62,365 85,741 85,204 83,212----------------------------------------------------------------------------Run of Mine Ore (tonne) Direct Smelting Ore (tonne) 3,062 2,715 3,640 3,017 3,339 Ore Milled (tonne) 79,974 61,173 81,700 79,995 81,898 ------------------------------------------------------- 83,036 63,888 85,340 83,012 85,237----------------------------------------------------------------------------Metal Sales Silver (in thousands of ounce) 1,146 765 1,241 1,095 1,147 Lead (in thousands of pound) 15,419 10,359 14,862 13,486 14,230 Zinc (in thousands of pound) 3,594 2,536 3,954 3,275 3,605----------------------------------------------------------------------------Head Grade of Run of Mine Ore Silver (gram/tonne) 444.0 441.0 499.0 461.0 470.5 Lead (%) 8.6 8.4 8.3 7.9 8.1 Zinc (%) 2.5 2.9 2.9 2.8 2.8----------------------------------------------------------------------------Recovery Rate of Run of Mine Ore Silver (%) 92.1 93.0 92.9 92.3 91.7 Lead (%) 96.1 97.0 96.6 96.3 96.4 Zinc (%) 74.9 67.7 70.1 71.5 69.2----------------------------------------------------------------------------Cash Mining Cost ($ per tonne) 48.27 48.35 49.85 42.66 43.83Total Mining Costs ($ per tonne) 63.27 63.56 64.12 54.79 55.10Cash Milling Cost ($ per tonne) 11.74 15.43 12.22 11.51 12.03Total Milling Cost ($ per tonne) 13.31 17.39 13.89 13.36 13.66----------------------------------------------------------------------------Total Production Cost per Ounce of Silver ($) (7.81) (8.88) (7.67) (6.94) (5.83)Total Cash Cost per Ounce of Silver ($) (9.05) (10.25) (8.76) (7.99) (6.80)----------------------------------------------------------------------------
EXPLORATION AND PROJECT DEVELOPMENT IN THE QUARTER
Ying Mining District, Henan Province, China
The Company is continuing a 40,000 metre tunnelling and 171,000 metre underground drilling program at the Ying Mining District during fiscal year 2012 to further expand resources.
During the quarter a total of 20,452 metres of exploration tunnelling, 48,565 metres of diamond drilling and 243 metres of shafts and declines development were completed. The program incurred expenditures of $5.5 million.
Through extensive exploration program, the Company has successfully maintained 10 years of mine life at the Ying Mining District after 5 year mine operation. According to recently filed NI 43-101 technical updated reports on four mines at the Ying District, the Measured and Indicated in situ metal silver resource has increased at Ying Mining District by 11% to 76.5 million ounces compared to the prior year technical reports, which are currently large enough to support profitable operations for a decade or more.
GC Project, Guangdong Province, China
In December 2010, the GC Project received its mining permit. Since then, the Company has been moving forward with project development. In the quarter, the Company focused on acquisition of land usage rights, construction of the access road and power line, site preparation, negotiating and finalizing mine and mill construction contracts, and completion of a review of safety production measures by Guangdong Provincial Safety Production Bureau. During the quarter, the surface drilling program with three drill rigs continued to perform step-out drilling.
BYP Mine, Hunan Province, China
During the quarter, the Company refurbished and upgraded the existing 400 tonne per day ("t/d") mill to 500 t/d. Production at the BYP Mine commenced in May 2011 with 7,964 tonnes of ore from existing development tunnels being processed, yielding 590 ounces of gold. Mill operation was temporarily halted in June while the Company installed a liner in the tailing pond. Mill production will be resumed in August.
The Company intends to utilize the existing 500 t/d floatation mill to mine and process gold mineralization with an initial focus on higher grade mineralization areas. Concurrently, the Company's engineers are working with a qualified Chinese engineering firm to complete a detailed and staged mining and development plan to fulfill the Company's production goal of expanding the mining and milling capacity to 1,000 t/d gold mineralization for fiscal 2013 and to 2,000 t/d (1,000 t/d gold mineralization and 1,000 t/d lead-zinc mineralization) by fiscal 2014.
Silvertip Project, British Columbia, Canada
During the quarter, the Company continued its effort in completing a Small Mine Permit application. At the same time, the Company initiated the 2011 exploration program to test the DM zone, a new zone of silver-lead-zinc mineralization approximately eight kilometres to the south of Silvertip Mountain.
Reserve and Resource Update
In July 2011, the Company completed its 2011 reserve and resource update on three of its existing projects: the Ying Mining District mines in Henan Province China, the BYP Mine in Hunan Province China, and the Silvertip Project in British Columbia, Canada. The Company reported the total in situ Measured and Indicated silver-equivalent metal resources have increased 24%, from 123 million ounces in the prior year to 153 million ounces based on updated results of NI 43-101 technical reports.
Outlook for the Fiscal Year 2012
Production in China
In Q1 2012, from the four mines at the Ying Mining District, a record 1.6 million ounces of silver were produced and sold, well on track for the fiscal year 2012 Production Guidance, which is to process 600,000 tonnes of ore at grades of 325g/t silver, 0.4g/t gold, 6% lead and 1.9% zinc, yielding 5.6 million ounces of silver, 4,000 ounces of gold, and 90 million pounds of lead and zinc. Total production cost is estimated at approximately $75 per tonne of ore. Guidance remains unchanged.
The fiscal year 2012 Production Guidance for the BYP Mine has been revised down from 26,000 ounces of gold as a result of the delay in the first quarter when the mill was temporarily shut down to allow for improvements to the tailing pond. For fiscal 2012, the BYP Mine is now expected to mine and mill 95,000 tonnes of ore at a grade of 6 g/t gold, yielding approximately 17,000 ounces of gold at an estimated total production cost of $28 per tonne of ore.
Budgets for mill construction, mine development and exploration of three projects in China
The total capital expenditures estimate for the three projects in China remains unchanged at $67 million for fiscal 2012, which includes capital expenditures of $53 million for mine development, mill construction, and other capital items (e.g. surface facilities, roads, land usage rights, and reporting) and exploration expenditures of $14 million to complete a 241,000 metre surface and underground drilling program. The budget estimate is based on the contracts on hand, designs by qualified Chinese engineering firms, and the Company's past operation experience in China. The details for each project are as follows:
The Ying Mining District
-- The capital expenditures for the Ying, TLP, LM and HPG mines and central mill are budgeted at $18.5 million which includes several vertical shafts, declines and raises totaling 7,000 metres ($5.6 million), 40,000 metres of horizontal tunnels for development and mining exploration ($7 million), 1,500 metres of ramps ($1.2 million), a new tailing facility ($2 million), and equipment as well as surface facilities ($2.7 million).-- The exploration expenditure for a 171,000 metre underground drilling program at the four mines of the Ying Mining District is estimated to be $8.5 million.
The GC Project
-- The capital expenditures for fiscal 2012 are budgeted at $22.5 million, which includes a 1,500 tonne per day mill and tailing dam ($12 million), land-usage rights ($5 million), a 1,500 metre ramp ($1.2 million), a 500 metre shaft ($1.5 million) and surface facilities ($2.8 million). By the end of fiscal 2012, it is expected that the GC project will achieve a 700 tonne per day mining capacity and a 1,500 tonne per day milling capacity. In order to bring the project into full mining production of 1,500 tonnes per day, further capital expenditures will be required for fiscal 2013 which are expected to be partially financed through cash flow generated from the GC project.-- The Company is carrying out a 20,000 metre surface diamond drilling program, budgeted at $2.5 million.
The BYP Mine
-- The capital expenditures for fiscal 2012 are budgeted at $12 million, including upgrading the existing 400 tonne per day floatation mill ($1.5 million), build a cement back-filling facility ($1.5 million), complete 7,000 metres of mine development tunnels ($1.5 million), acquire land usage rights and build surface facilities including roads, an office, accommodations and a laboratory ($2.5 million), for a total of $7 million of capital expenditures. In addition, to achieve a production capacity of 1,000 tonnes per day starting in fiscal 2013, the Company will spend $5 million to expand the 500 tonne per day mill to a 1,000 tonnes per day capacity ($3.0 million) and develop 1,500 metres of ramp and access tunnels ($2 million) to allow mechanized mining in the future.-- The exploration expenditures for a 50,000 metre underground and surface drilling program are estimated to cost $3 million.
Silvertip project in Canada
The Company has budgeted $2 million to complete the ongoing environmental assessment study, to prepare and submit an application for a Small Mine Permit, and to complete a feasibility study for the project. Surface drilling of 3,000 metres is budgeted at approximately $1 million.
In addition to the aggressive exploration program carried out by the Company to grow the resources and reserves in its operating projects, Silvercorp continually seeks acquisition opportunities in China and other jurisdictions.
Myles Gao, P.Geo., President of Silvercorp, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to this press release.
Aurcana Reports Record Silver Prod-Q2
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/21/11) - Aurcana Corporation (TSX VENTURE:AUN - News)(OTCQX:AUNFF) ("Aurcana" or the "Company") is pleased to report record silver production for Q2 of 2011 of 257,508 contained silver ounces. This is a 7% increase over the 240,275 silver ounces produced in Q1 of 2011, and a 41% increase over Q2 of 2010.
Total mill feed of 133,700 tonnes increased 31% compared to 94,201 tonnes for Q2 of 2010. Daily throughput averaged 1,504 tonnes per day for 89 mill days, an increase of 7 operating days over Q2 of 2010.
This is the third consecutive quarter that the mill average daily throughput has exceeded the 1,500 tonnes per day design capacity of the plant, confirming the success of the 2010 expansion.
Of 133,700 mill feed tonnes, 14% (19,196 tonnes) were from NI 43-101 Measured and Indicated Resources and 86% (115,504 tonnes) were from new discoveries or non-compliant resources. La Negra is now applying 43-101 standards in developing new mineralized zones to make more resources compliant. New ore zone development is initially focusing on the Northwest Trend.
La Negra
-- 31% increase in tonnes milled to 133,700 compared to 94,201 for Q2 of
2010
-- 143% increase in zinc concentrate produced to 2,731 tonnes compared to
1,124 tonnes for Q2 of 2010
-- 41% increase in silver produced to 257,508 ounces
-- 34% reduction in tonnes of copper concentrate produced to 1,882 compared
to 2,852 tonnes for Q2 of 2010 (The addition of a Lead Concentrate
Circuit significantly improved the Copper concentrate quality by
removing 778 tonnes of Lead concentrate that would previously have been
reported with the Copper and incurred a Smelter penalty.)
Shafter
-- Aurcana Corporation continued construction of the 100% owned Shafter
Silver Mine Project. The Shafter Feasibility Study shows an estimated
pay back of 1 year at $21 per ounce of Silver. Construction started in
December 2010 and is on track to be completed by May 2012.
-- Key construction milestones include:
-- Decline portal steel sets and concrete structure completed in July
2011
-- Crushing and screening plant to be delivered in July 2011
-- Ball Mill foundations to be complete in August 2011
-- Ball Mill to be delivered in August 2011
-- Fine ore reclaim tunnel to be completed in August 2011
-- Six leach tank foundations complete, and leach tanks to be delivered
in August 2011
-- Evaporation pond civil work to be completed in July 2011 and pond
liner to be installed in August 2011
-- MSHA Quarterly Inspections commenced in July 2011
-- Modification to existing permits continues on schedule
Summary
During Q2 of 2011 Aurcana made further improvements at its La Negra Mine, with higher production, improved copper concentrate quality and the addition of a lead circuit. The Company advanced the permitting process at Shafter and continued construction of the Shafter mine on schedule. Aurcana continues to focus on its future growth.
Corporate
On April 19, 2011, Aurcana commenced trading on the OTCQX International. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
The Company trades in the United States on OTCQX under the symbol "AUNFF".
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start production within 9 months and will produce 3.8 million ounces silver in the first year of operation. It has an NI 43-101 Measured and Indicated Resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an Inferred Resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine has produced 1 million ounces of contained Silver over the last 4 quarters.
The reader should be cautioned that the Company has not completed a feasibility study to confirm the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
For further information, visit the website at www.aurcana.com.
Revett Provides Q2 2011 Operations and Rock Creek Litigation Update
SPOKANE VALLEY, WASHINGTON, Jul 18, 2011 (MARKETWIRE via COMTEX News Network) --
Revett Minerals Inc. (TSX:RVM) (NYSE Amex:RVM) today announced second quarter 2011 production from its Troy Mine in northwestern Montana of 342,822 ounces of silver and over 3.03 million pounds of copper production, a 65% increase in silver and 60% increase in copper production over the same period last year and 40% increase in silver and 51% increase in copper from the first quarter of 2011. Silver and Copper grades along with metal recoveries also improved, primarily from an increased production from the C Bed area.
John Shanahan, President and Chief Executive Officer, said "We have seen significant improvements in ore production in the second quarter as we're able to take advantage of our fully developed C Bed area, we are poised for continued production at planned levels in the third quarter of 2011. We also remain focused on our exploration and engineering efforts to add value, expand the mine life and realize the longer term potential of the Troy Mine."
Highlights:
-- Net cash(1) provided from operations before capital expenditures for the second quarter of 2011 totaled US$7.5 million, a 900% increase from the same period a year ago. Direct production cost per ton of ore increased due primarily to the re-start of a production royalty, higher refining costs and higher mining taxes due to higher revenues resulting from higher metal prices. Labor and consumable costs were also slightly higher.-- Cash costs per ounce of silver and per pound of copper improved significantly with the improved metal production. Cash costs (2) for the second quarter of 2011, calculated on a net of by-product basis, were $2.10 per ounce silver and $0.69 per pound copper.-- Exploration efforts continued in and around the Troy Mine with additional reserves and resources added in the C Bed area as previously announced. We are waiting for results of ongoing drilling in the I Bed area and a portion of the field work has been completed on a geophysical survey south of the Troy Mine. 2nd 2ndTroy Production Quarter Quarter Summary(3) April May June 2011 2010Mill Production------------------- Mill Feed (st) 110,942 126,259 115,617 352,818 354,359 Mill Feed Rate (stpd) 3,826 4,209 3,854 3,964 3,982Silver------------------- Feed Grade - opt 1.02 1.19 1.20 1.14 0.70 Mill Recovery 83.34% 85.22% 86.22% 85.04% 83.92% Recovered Ounces 94,587 128,513 119,722 342,822 207,948Copper------------------- Feed Grade - % 0.46% 0.54% 0.56% 0.52% 0.33% Mill Recovery 80.13% 82.37% 84.09% 82.36% 80.74% Recovered Pounds 817,973 1,112,243 1,098,036 3,028,252 1,888,935Cash Cost(2)------------------- Direct Operating Cost Per Ton (US$) $ 29.79 $ 30.21 $ 27.70 $ 29.25 $ 23.50 By-Product Basis (payable) - Silver (US$/oz) $ 10.94 $ 1.61 ($4.25) $ 2.10 $ 13.08 - Copper (US$/lb) $ 1.33 $ 0.63 $ 0.26 $ 0.69 $ 2.63 Co-Product Basis (payable) - Silver (US$/oz) $ 18.59 $ 14.97 $ 12.87 $ 15.14 $ 16.40 - Copper (US$/lb) $ 2.13 $ 1.90 $ 1.68 $ 1.89 $ 2.841. Net cash before capital expenditures is a non GAAP measure. The Company believes that net cash provided from operations is a benchmark for performance and is well understood and widely reported in the mining industry.2. All cash costs include direct mine site costs and smelting, refining and transport costs. Average commodity prices used to off-set (by-product credit basis) or allocate (co-product basis) cash costs are the monthly weighted average realized prices based on invoiced shipments. Cash costs per payable ounce of silver or payable pound of copper is a non GAAP measure. The Company believes that, in addition to cost of sales, cash costs per ounce and per pound are a useful and complementary benchmark for performance and is well understood and widely reported in the mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by Canadian GAAP. Investors are cautioned that cash costs per ounce or per pound should not be construed as an alternative to cost of sales determined in accordance with Canadian GAAP as an indicator of performance. The Company's method of calculating cash costs per ounce or per pound may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce or per pound may not be comparable to similarly titled measures used by other entities.3. Production statistics are on a 100% basis.
Rock Creek Litigation Update
Oral arguments were held in the U.S. Court of Appeals for the Ninth Circuit in Portland, Oregon on July 14th in litigation regarding Rock Creek Alliance, et al versus the U. S. Fish & Wildlife Service (USFWS). The USFWS and Revett prevailed in the Federal District Court on the issues related to the Endangered Species Act (ESA) in May of 2010 and the environmental groups have subsequently appealed that part of the District Courts ruling to the Ninth Circuit.
A recording of the oral arguments is available at the Ninth Circuit ' s website http://www.ca9.uscourts.gov/media/view_subpage.php?pk_id=0000007810
About Revett
Revett Minerals, through its subsidiaries, owns and operates the Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. These projects host significant copper and silver mineral reserves and resources and form the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, CEO & President
Mart Announces Financial and Operating Results for the Three Months Ended March 31, 2011, Operations Update and Webcast Details for Annual General Meeting on 29th June 2011
CALGARY, ALBERTA--(Marketwire - June 29, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce its interim financial and operating results for the three months ended March 31 2011 ("Q111") (all amounts in Canadian dollars unless noted) and the following operational update on the UMU-8 well and production:
HIGHLIGHTS: QUARTER ENDED MARCH 31, 2011
$9.8 million total comprehensive income for the period Q111 compared to $4.2 million in the first quarter 2010 ("Q110").
29% Increase in total revenue of $27.0 million Q111 compared to $21.0 million in Q110.
61% Increase in cash flow from operating activities, $8.8 million in Q111 compared to $5.6 million in Q110.
Funds flow from production operations of $23.9 million in Q111 compared to $6.7 million in Q410 and $17.7 million in Q110 (please see Note (1) below).
Total bank indebtedness reduced to $4.1 million on March 31, 2011 compared to $10.4 million on March 31, 2010.
Mart's share of Umusadege field oil production for Q111 was 332,890 barrels ("bbls") compared to 277,052 bbls in Q110.
The average price received for Umusadege oil in Q111 was USD $95.94 per barrel (approximately CDN $94.62 per barrel) compared to USD $76.50 (CDN $79.06) for Q110.
The deficit oil liability at December 31, 2010 was fully repaid during Q111.
Mart commenced drilling operations on the UMU-7 well in February 2011, reached total depth in mid-March 2011, and placed well on production in early May 2011.
During Q111, the Umusadege field was shut-in for a total of 17.7 days, with 7.7 days being required to allow rig skidding and completion operations necessary for the ongoing drilling program and the balance of 10 days due to disruptions in the export pipeline.
FINANCIAL AND OPERATING RESULTS:
The following table provides a summary of Mart's selected financial and operating results for the three months ended March 31, 2011 and 2010, and the twelve months ended December 31, 2010:
(CDN$) 3 months ended
Mar. 31, 2011 3 months ended
Mar. 31, 2010 12 months ended
Dec. 31, 2010
Mart's share of the Umusadege Field
Barrels of oil produced 332,890 277,052 732,101
Average sales price per barrel $94.62 79.06 84.10
Mart's percentage share of total Umusadege oil produced during the period 61% 80% 66%
Mart's share of petroleum sales after royalties $27,257,908 20,250,230 56,524,797
Funds flow from production operations (1) $23,948,318 17,770,651 48,235,615
Funds flow from production operations per share
Basic $0.072 0.053 0.144
Diluted $0.070 0.053 0.142
Total comprehensive income $9,805,556 4,176,814 14,046,437
Per share - basic $0.033 0.012 0.042
Per share - diluted $0.032 0.012 0.041
Total assets $131,020,971 78,608,573 128,849,113
Total bank debt $4,139,935 10,358,712 5,627,778
Shares outstanding - end of period
Basic 336,048,202 335,548,201 335,548,201
Diluted 344,059,761 335,548,201 340,232,766
Note:
(1) Indicates non- IFRS measures. Non- IFRS measures are informative measures commonly used in and gas industry. Such measures do not conform to IFRS and may not be comparable to those reported by other companies nor should they be viewed as an alternative to other measures of financial performance calculated in accordance with IFRS. For the purposes of this table, the Company defines "Funds flow from production operations" as net petroleum sales less royalties, community development costs and production costs. Funds flow from production operations is intended to give a comparative indication of the Company's net petroleum sales less production costs as shown in the following table:
(CDN$) 3 months ended
Mar. 31, 2011 3 months ended
Mar. 31, 2010 12 months ended
Dec. 31, 2010
Petroleum sales 30,139,109 21,903,139 61,549,645
Less: Royalties and community
development costs 3,160,089 1,652,909 5,024,848
Net petroleum sales 26,979,020 20,250,230 56,524,797
Less: Production costs 3,030,702 3,032,551 8,289,182
Funds flow from production operations 23,948,318 17,770,651 48,235,615
OUTLOOK AND OPERATIONS UPDATE:
The Company is continuing to develop oil reserves from the Umusadege field. As at December 31, 2010 the Umusadege field had proved and probable reserves of 23.6 million bbls, of which Mart's gross share is 12.9 million bbls. These reserves, and the recent successful drilling of UMU-7 well, justify further development drilling on the Umusadege field, the cost of which is expected to be funded with cash flows generated from the Umusadege field and, to the extent necessary, debt facilities.
The UMU-8 well commenced drilling operations on June 9, 2011 and is currently drilling ahead at approximately 5,000 feet. The UMU-8 well is being directionally drilled from the same three-slot drilling pad as the recently drilled and completed UMU-6 and UMU-7 wells.
Umusadege field deliveries in May 2011 averaged 10,525 bopd, however the operator of the export pipeline recently restricted deliveries pending finalization of contractual terms for transportation of production. The Umusadege field delivered an average of 8,275 bopd for the period June 1 - 28, 2011. Mart's management anticipates that once the contractual terms for transportation of production are finalized, the Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the existing UMU-1, UMU-5, UMU-6 wells and the UMU-7 well. Increases in export production capacity are also anticipated to accommodate future production from the UMU-8 well. Pipeline capacity may be apportioned among the shippers and therefore the Umusadege field rate of production may be subject to periodic adjustment.
Mart's share of petroleum production varies from time to time depending upon whether Mart is in a cost recovery period or a post-cost recovery period. Mart moves in and out of cost recovery periods depending upon the level of activity underway at any given time. During a cost recovery period, Mart is restricted to a maximum of 82.5% of production revenues and, once Mart has recovered all of its capital costs, all production revenues remaining after deduction of royalties, income taxes, community development contributions, operating costs and abandonment obligations are shared 50% to Mart and 50% to its co-venturers. As a result of the Company moving in and out of capital cost recovery during the quarter, Mart's share of revenue was an average of 61% for Q111 compared to an average of 80% in Q110 and 76% in Q410.
During the months of April and May 2011, the Umusadege field was shut down for 4.3 aggregate days for rig skidding to the UMU-8 location and testing and production facility modifications in relation to the UMU-7 well and other maintenance requirements. During the period June 1 – 28, 2011 the Umusadege field experienced one day of production shut down due to UMU-8 operational activities with no shut down of exports during this period.
To mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new pipeline and export options to provide an alternative for future production capacity. The upgrade of the central production facility at the Umusadege field to a design capacity of approximately 30,000 bopd is approximately 50% completed.
A second three-slot drilling pad was constructed and is located south east of the UMU-6, 7, 8 drilling pad. It is anticipated that the NRG Rig 201 will move to this second pad after drilling and testing of the UMU-8 well is completed and drilling operations will commence on the UMU-9 well. Two additional wells may be drilled from the UMU-9 pad.
CHAIRMAN'S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart Resources, Inc. said, "With $27 million in revenue after royalties from three producing wells during the first quarter of 2011, the Umusadege field continues to demonstrate its production capacity. The fourth producing well, UMU-7, went on production in May 2011. With the UMU-8 well close to reaching target depth, Mart is well placed to see further increases in production and in cash flow in the near term."
ANNUAL GENERAL MEETING WEBCAST:
Mart's Annual General Meeting ("AGM") will be webcast from Calgary, Alberta, Canada at 2:00 pm (MST) on the 29th June 2011 for shareholders and others who are unable to attend the meeting. To listen to the AGM and view the presentation to be provided at the meeting, please visit the Company's website at www.martresources.com and connect using the link under Corporate Presentations on the Home Page. The webcast will also be available on the Company's website for a period of time following the AGM.
Revett Provides Q1 2011 Financial Results
Revett Minerals Inc RVM 5/12/2011 5:02:17 PMSPOKANE VALLEY, WASHINGTON, May 12, 2011 (MARKETWIRE via COMTEX News Network) --
Revett Minerals Inc. (TSX: RVM) (NYSE Amex: RVM) today reported first quarter 2011 revenue of $12.8 million, a 5% increase compared to the same period last year. The Company increased its cash and cash equivalents on hand to $10.1 million at the end of the first quarter compared to $3.7 million a year ago.
Due to non-cash charges of $4.4 million taken in the first quarter under U.S. GAAP, Revett reported a net loss of $2.8 million, or $0.09 per share, compared to net income after taxes of $0.8 million, or $0.03 per share, in the first quarter of 2010. Prior to the non-cash charges, net income would have been approximately $1.6 million, or $0.05 per share, for the first quarter of 2011. The non-cash items included a $3.4 million non-cash charge for issuance of stock options to corporate staff and to all of the 192 employees at the Troy Mine. The remaining non-cash expense of $1.0 million was required to adjust the fair value of the warrant derivative in order to comply with U.S. GAAP requirements relating to some of the Company's outstanding warrants.
Revett President and Chief Executive Officer John Shanahan said, "Because of our non-cash charges, our results this quarter are not indicative of what we expect to see going forward. I'm looking for improvement in that area as we move beyond this quarter and take advantage of full production in the newly developed, higher-grade C Bed area. Our goal is also to improve our metallurgical recoveries in order to realize the most return possible from this higher-grade area."
Highlights:
-- A 173% increase in cash and cash equivalents on hand to $10.1 million compared to $3.7 million at March 31, 2010.-- Acquired the 2% net smelter royalty interest right on Rock Creek previously owned by Kennecott for 275,000 shares of common stock with a fair market value of $1.2 million.-- Commenced trading on NYSE Amex under the symbol 'RVM' on Monday, May 9th, 2011.-- Silver production of 245,068 ounces and 2.0 million pounds of copper. Cash costs (1) of $11.99 per ounce silver and $2.05 per pound copper, net of by-products.-- Silver ore grades improved by 18% and copper ore grades improved by 16% as production increased from C bed area.Troy Mine
The following table is a summary of key operating statistics for the Troy silver and copper mine located in northwestern Montana for the three months ended March 31, 2011 and for the comparable period ended March 31, 2010. As expected, production was lower and costs were higher in the first quarter than in the same period a year ago, primarily due to transitioning much of the mining to the C Bed area. (Please see additional detailed information on Troy Mine operational results in the news release dated May 6, 2011.)
---------------------------------------------------------------------------- Three Months Ended Three Months Ended March 31, 2011 March 31, 2010----------------------------------------------------------------------------Tons milled 291,690 379,592----------------------------------------------------------------------------Tons milled per day 3,277 4,265----------------------------------------------------------------------------Copper grade (%) 0.44 0.38----------------------------------------------------------------------------Silver grade (opt) 1.02 0.86----------------------------------------------------------------------------Copper recovery (%) 78.0 85.1----------------------------------------------------------------------------Silver recovery (%) 82.2 87.5----------------------------------------------------------------------------Copper produced (lbs) 1,998,410 2,456,190----------------------------------------------------------------------------Silver produced (ozs) 245,068 287,259----------------------------------------------------------------------------Quarterly Financial Results Conference Call
Revett will hold its quarterly conference call on Tuesday, May 17, 2011 at 11:00 a.m. Eastern Time. To join the conference call dial 1-877-974-0445 or (416) 644-3425 internationally.
The full First Quarter 2011 consolidated financial statements and Management's Discussion and Analysis (MD&A) can be viewed on www.sedar.com or the Company's web site at www.revettminerals.com.
About Revett
Revett Minerals, through its subsidiaries, owns and operates the currently producing Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, President and Chief Executive Officer
Aun year end financial statement and MD & A for the year ended dec 31, 2010 filed on Sedar.
apatel
Mart's NRG 101 Service Rig Damaged on Third Party Well
CALGARY, ALBERTA, Apr 27, 2011 (Marketwire via COMTEX News Network) --
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") advises that its NRG 101 service rig suffered significant damage by a fire while performing work-over operations in Nigeria on an unrelated third party well. The rig is owned by a Mart subsidiary. Mart has been advised that there were no fatalities associated with the incident, however some workers suffered first and second degree burns. Mart is doing its utmost to ensure the injured workers receive the appropriate medical attention. The Company is currently assessing the incident and the damage to the NRG 101 service rig and associated equipment and installations. The insurer has been notified of the incident.
The incident on the NRG 101 service rig does not in any way impact ongoing testing of the UMU-7 well or operations on the Umusadege field. Testing operations on the UMU-7 well are being conducted by Mart's NRG 201 rig. Additional testing results from the UMU-7 well are expected to be announced shortly.
ABOUT MART RESOURCES:
Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Nigeria, West Africa. The Company is currently producing and developing the Umusadege field along with Midwestern Oil and Gas Co. Plc (the Operator of the field) and SunTrust Oil Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.
Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.