Belvedere Reports Financial and Operating Results for Third Quarter of 2013
30 11월 2013 - 2:58AM
Marketwired Canada
Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports financial
and operating results for the quarter ending September 30, 2013.
David Pym (CEO) comments "Due to the continued low nickel prices the Company has
decided to allow flooding to continue beyond the 420m level, with the intention
of preserving the shallower underground ores as well as the open pittable ores.
The Company will continue to focus on progressing the Kopsa gold copper deposit
and to commence the Feasibility Study for development and production through the
Hitura Mill."
As announced in a news release on July 19, 2013, the Company made the decision
to let the lower levels of the mine flood as a cost saving measure. Currently,
the water has risen to around the 420m level. The intention is to allow flooding
to continue to around the 250m level which will still allow access to the
shallower west and south ores. The Company has recorded a 50% impairment charge
(EUR4.58 m) against the carrying value of the nickel reserves and resources. The
majority of the remaining nickel reserves are open pittable, and are thus
unaffected by the flooding.
Key Q3 2013 Operational Points
-- Hitura Nickel mine remained on care and maintenance throughout Q3
-- PEA completed on Kopsa gold copper deposit for milling at Hitura mill
Key Q3 2013 Financial Points
-- Operating Loss of EUR0.27 million (CDN$ 0.37 million)(i)
-- Revenues of EURNil (CDN$ Nil)
-- Net loss of EUR4.30 million (CDN$ 5.92 million)
(i) Operating Income is calculated as sales less operating costs and excludes
depletion, depreciation and amortization.
SELECTED FINANCIAL INFORMATION
The following selected financial information in the table that follows has been
derived from the interim condensed consolidated financial statements of the
Company for the periods indicated and should be read in conjunction with such
statements and notes thereto. Those financial statements have been prepared in
accordance with International Financial Reporting Standards.
The Company generated a net loss for the quarter ended September 30, 2013 of
EUR4,295,872 or EUR0.03 per share, which compares with net income of EUR283,220
or EURnil per share reported for the same period of fiscal 2012. The principal
causes of these quarterly and annual variations are explained after the
'Financial Highlights' table following:
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Selected Financial Information Quarter Quarter
All amounts in 000's, except shares and per ended ended
share figures 30 September 30 September
2013 2012
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Revenue - 6,821
Operating Expenses 287 6,312
G&A Expenses (i) 168 251
Other (income) and expenses (43) 217
(Gain) loss on fair valuation of warrants
liability - (164)
Mineral properties impairment loss 4,576 -
Income tax recovery (692) (78)
Net income (loss) (4,296) 283
Earnings (loss) per share (basic and diluted) (0.03) -
Cash Flow (used) from operating activities (1,163) 307
Cash Flow (used) from investing activities (237) (283)
Cash Flow (used) from financing activities - (245)
Effect of foreign exchange rate changes on cash 75 (221)
Net increase (decrease) in cash (1,325) (442)
Cash at end of period 349 3,050
Total Assets 15,416 25,270
Total Liabilities 10,382 12,671
Shareholders' equity 5,034 12,967
Working Capital (ii) (207) 21
Weighted average number of shares outstanding 151,812,289 151,812,289
Dividends per Share - -
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(i) Including stock based compensation
(ii) Current assets less current liabilities
During the third quarter:
-- Cash decreased by EUR1,324,983 to EUR349,350 over the previous quarter
as a result of no cash flows being generated by Hitura operations.
-- General and administrative expenses were lower at EUR168,370 compared to
the corresponding quarter in 2012 of EUR208,410 as a consequence of an
overall reduction in overheads during the mine closure period.
-- Other Income for the quarter was EUR43,394 which compares to Other
Expense in 2012 of EUR91,567. The variance is due to lower foreign
exchange losses in the current quarter and the recognition of a loss on
the fair valuation of warrants outstanding in the same period in 2012.
The warrants expired in 2012.
-- The Company recorded an impairment charge in the quarter of
EUR4,576,309, which approximates to 50% of the carrying value of the
Hitura mineral property.
-- As a consequence of the suspension of nickel production, accounts
receivable are negligible. Inventory decreased from EUR556,467 to
EUR455,095. Prepaid expenses decreased from EUR44,884 to EUR27,556.
-- Capital assets decreased significantly to EUR12,526,080 from
EUR15,882,651 as a consequence of the impairment charge taken against
the Hitura Nickel Mine.
-- Current and long term liabilities decreased in the quarter to
EUR10,381,697 from EUR11,531,239 due mainly to a reduction in trade
payables since the suspension of operations at Hitura.
OUTLOOK
During the suspension period referred to in the section above, management will
continue to monitor the nickel price, manage costs and provide further updates
on the status of the mine in due course. Should the nickel price improve to
sustainable levels during the lay off period, the company will recall the
employees and re-commence production, although this would require funding and a
period of time to dewater the workings.
As stated in the Business Overview, the company plans to initiate a full
Feasibility Study on the Kopsa gold copper project. This will require additional
financing.
Forward Looking Statement: Some of the statements contained herein may be
forward-looking statements, which involve known and unknown risks and
uncertainties. Without limitation, statements regarding future plans and
objectives of the Company (including statements relating to possible
re-commencement of production at Hitura, and the timelines and results of
expected studies for the Kopsa gold project) are forward-looking statements that
involve various degrees of risk. It is important to note that the Company's
actual results could differ materially from those in such forward-looking
statements.
About Belvedere: Belvedere Resources Limited is a mining company incorporated in
British Columbia with a primary focus on nickel, gold, cobalt and copper in
Finland. The Company produced 2,200t of nickel in concentrate in 2012 from its
Hitura nickel mine in Central Finland. The Company has a number of advanced gold
projects in close proximity to the Hitura mine.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place,
Vancouver. BC. V6C 3E2, Canada
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
www.belvedere-resources.com
Belvedere Resources Ltd. (TSXV:BEL)
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Belvedere Resources Ltd. (TSXV:BEL)
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