Amerigo Announces Q1-2012 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/07/12 -- Amerigo Resources Ltd. (TSX: ARG) -
Amerigo Resources Ltd. ("Amerigo" or the "Company") reported today results for the quarter ended March 31, 2012.
Amerigo's President and CEO, Dr. Klaus Zeitler, stated, "We are pleased to report that the Company set first quarter production records for both copper and molybdenum, with copper production being the highest for any quarter in the Company's history. Despite persistently high power costs due to drought conditions in Chile for the past two years, our results included operating cash flow of $7.1 million and net earnings of $2.3 million. The Company remains in a strong financial position, with close to $20 million in cash after more than $8.6 million in capital expenditures during the quarter which were mainly targeted toward expansion projects that set the stage for future production increases."
Dr. Zeitler continued, "With this excellent start to the year we remain confident that Amerigo will meet or exceed our 2012 targets of 50 million pounds of copper and close to one million pounds of molybdenum. We also look forward to January 2013 when our power contract changes from a variable to a fixed rate, which will substantially reduce power costs and improve the Company's profitability over the remaining five years of the contract."
In Q1-2012 the Company reached a new quarterly copper production record, producing 6,294 tonnes of copper. Molybdenum production was the highest in any first quarter in Amerigo's history. Despite these significant production achievements, financial results were adversely affected by lower metal prices compared to Q1-2011. In Q1-2012 the Company:
Financial results
Production
Revenue
Costs
Cash and Financing Activities
Investments
Outlook
Dividend Declared
The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for the quarter ended March 31, 2012 and the Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2011, which will be available at the Company's website at and at .
Amerigo Resources Ltd. is a Canadian junior company producing copper and molybdenum from its MVC operations near Santiago, Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: Listing: ARG:TSX.
Statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the TSX and on SEDAR. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
Amerigo Resources Ltd.
Dr. Klaus Zeitler
President and CEO
(604) 218-7013
Amerigo Resources Ltd.
(604) 697-6201
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Unternehmensinformation / Kurzprofil:
Datum: 07.05.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 143191
Anzahl Zeichen: 6878
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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