Belvedere Reports Third Quarter 2014 Financial and Operating Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/28/14 -- Belvedere Resources Limited (TSX VENTURE: BEL) ("The Company") reports Third Quarter financial and operating results for the period ending September 30, 2014.
Key Operational Points
Key Financial Points
(i) Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortization.
SELECTED FINANCIAL INFORMATION
The following selected annual 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 IAS 34 Interim Financial Reporting.
The Company incurred a net loss for the quarter ended September 30, 2014 of EUR852,095 or EUR0.03 per share, which compares with a net loss of EUR4,295,872 or EUR0.25 per share for the same period in fiscal 2013. The principal causes of these quarterly and annual variations are explained after the 'Financial Highlights' table following.
(i): Current assets less current liabilities
During the third quarter:
OUTLOOK
Following the positive results of the PEA, work continues on permitting and completing the Final Feasibility study for the Kopsa gold copper project.The Company will require additional financing through debt or equity issuances, or other available means in order to initiate and complete the Feasibility Study on the Kopsa gold property and for general working capital purposes.
The Company continues to monitor nickel markets, and the Euro/US dollar exchange rates. The Company is investigating various options including a low-cost restart of operations through starting a new cut-back on the old open-pit. This is contingent upon receipt of positive metallurgical results, sustained improvement in nickel prices, completion of further internal economic studies and raising of further capital.
Any restart of underground operations would require substantial capital investment to put in place new underground development and would require at least 18 months lead time before production could recommence. This option is not currently being contemplated by the Company.and complete the Feasibility Study on the Kopsa gold property and for general working capital purposes.
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 which was put into care and maintenance in June 2013. The Company has a number of advanced gold projects in close proximity to the Hitura mine. The Company is focused on completing the feasibility study for its Kopsa gold copper project.
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:
Belvedere Resources Limited
David Pym
CEO
+1-604-844-2838
Belvedere Resources Limited
Steven Cuthill
CFO
+1-604-513-0007
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Unternehmensinformation / Kurzprofil:
Datum: 28.11.2014 - 20:25 Uhr
Sprache: Deutsch
News-ID 355978
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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