Belvedere Reports Financial and Operating Results for Third Quarter of 2013
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/29/13 -- 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
Key Q3 2013 Financial Points
(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:
During the third quarter:
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.
Contacts:
Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
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Datum: 29.11.2013 - 18:58 Uhr
Sprache: Deutsch
News-ID 321343
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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