Primero Reports Second Quarter 2011 Results; Earnings Increase on Silver Spot Sales
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/10/11 -- Primero Mining Corp. ("Primero" or the "Company") (TSX: P) -
(Please note that all dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted. Prior to the acquisition of the San Dimas mine on August 6, 2010, the Company did not have any producing mines and hence did not realize any revenue or earnings from mine operations. The discussion in this news release includes comparisons with the three months ended March 31, 2011, as results from the three months ended June 30, 2010 are not comparable.)
Primero Mining Corp. today reported financial and operational results for the second quarter ended June 30, 2011. The Company earned net income of $3.9 million ($0.04 per share) based on production of 27,600 gold equivalent ounces(1) at a total cash cost(2) of $586 per gold equivalent ounce or $190 per gold ounce on a by-product basis.
"Expanded throughput, a record realized gold price and our first silver sales at spot prices resulted in a strong second quarter despite a month-long mill worker strike in April," stated Joseph F. Conway, President and Chief Executive Officer. "We were very pleased with our net income and cash flow growth compared to the first quarter of 2011. We are also excited about the next milestone in the growth of this Company; the recent announcement of the proposed business combination with Northgate Minerals, delivering on our corporate strategy of low-risk growth."
Earnings and Cash Flow Improve
Revenue was $40.8 million in the second quarter 2011 as a result of selling 18,800 ounces of gold at an average price of $1,523 per ounce, and 1.0 million ounces of silver at an average realized price of $11.73 per ounce. Upon the acquisition of the San Dimas Mine, the Company assumed the obligation to sell silver at below market prices(5). In the second quarter 2011, the Company reached the 3.5 million ounce threshold under the silver purchase agreement, and subsequently sold 260,600 ounces of silver at an average spot price of $34.59. Revenue in the first quarter 2011 was $34.0 million from selling 20,500 ounces of gold at an average price of $1,387 per ounce and 1.4 million ounces of silver at $4.04 per ounce.
Second quarter operating cash flow before working capital changes increased to $21.5 million ($0.24 per share), up from outflows of $1.5 million ($0.02 per share), in the first quarter of 2011.
The Company earned net income of $3.9 million ($0.04 per share) in the second quarter 2011, compared with a loss of $7.9 million ($0.09 per share) in the first quarter 2011. Adjusted net income(6) for the second quarter 2011 was $0.4 million ($0.00 per share), compared to an adjusted net loss of $7.7 million ($0.09 per share) in the first quarter 2011. Adjusted net income in the second quarter was adjusted for foreign exchange gains and finance income on the VAT refund, offset by losses on derivative contracts, accretion charges and tax initiative and transaction costs. Non-cash share-based payment expense of $2.4 million ($0.03 per share), has not been excluded in calculating adjusted net earnings for the second quarter 2011.
Revenue was $74.8 million in the six months ending June 30, 2011 as a result of selling 39,300 ounces of gold at an average price of $1,452 per ounce, and 2.4 million ounces of silver at an average realized price of $7.35. As discussed above, in the second quarter 2011, the Company reached the 3.5 million ounce threshold under the silver purchase agreement, and subsequently sold 260,600 ounces of silver at an average spot price of $34.59.
Operating cash flow before working capital changes for the first six months of 2011 was $19.9 million ($0.23 per share), up from outflows of $2.4 million ($0.80 per share) in the first six months of 2010.
The Company incurred a net loss of $4.0 million ($0.05 per share) in the six months ended June 30, 2011, compared with a net loss of $2.7 million ($0.90 per share) in the same period in 2010. Adjusted net loss for the first half of 2011 was $7.3 million ($0.08 per share), compared to an adjusted net loss of $1.1 million ($0.35 per share) in the first half of 2010. Non-cash share-based payment expense of $4.6 million ($0.05 per share), has not been excluded in calculating adjusted net loss for the six months ending June 30, 2011.
Throughput Ramped Up
The Company produced 19,400 ounces of gold and 1.1 million ounces of silver, or 27,600 gold equivalent ounces in the second quarter 2011. Gold and silver production were 5% and 14%, respectively, below the first quarter 2011, mainly due to a mill workers strike, which resulted in 30 days of lost production in the second quarter and two days in the first quarter. Gold grades were 13% higher than the first quarter 2011 at 4.6 grams per tonne, the highest average quarterly grade reported since the first quarter of 2010. Second quarter total cash costs were reduced by $38 to $586 per gold equivalent ounce versus cash costs during the first quarter, or $190 per gold ounce on a by-product basis. This reduction was mainly a result of selling the first silver at spot prices, which increased gold equivalent ounces produced by 14% and by-product silver credits by 151%.
The Company continued its underground mining operations during the mill workers strike in the second quarter and stockpiled ore, which it processed after the mill workers returned to work. Since the Company had planned to operate the mill at less than its design capacity in 2011, it was able to increase throughput after the strike ended and this partially offset the impact of days lost from the strike. Throughput increased to an average of 2,240 tonnes per day, 20% higher than the first quarter throughput of 1,870 tonnes per day, as a result of processing mine production and stockpiled ore.
San Dimas produced 39,900 ounces of gold and 2.3 million ounces of silver, or 51,700 gold equivalent ounces in the first six months of 2011, compared to 45,800 ounces of gold and 2.3 million ounces of silver, or 54,100 gold equivalent ounces in the first six months of 2010. Gold production was 13% below the first half of 2010, mainly due to the mill workers strike and 14% lower grades. Total cash costs on a gold equivalent basis for the six month period were $604 per ounce versus $529 per ounce in the same 2010 period. On a by-product basis, total cash costs were $345 per ounce compared to a total cash cost of $419 per ounce in same 2010 period.
Silver Sales at Spot
During June 2011, the Company met the delivery threshold of 3.5 million ounces of silver under the silver purchase agreement, after which it started to sell 50% of the silver produced at San Dimas at spot prices for its own account. The Company sold 260,600 ounces of silver at an average spot price of $34.59 during the second quarter, significantly increasing revenue from silver which accounted for 30% of total second quarter revenue. The Company estimates that it will sell between 500,000 and 525,000 ounces of silver at spot realized prices before August 6, 2011 (silver purchase agreement anniversary). Commencing August 6, 2011, the Company will again need to meet its annual delivery threshold (3.5 million ounces) before it can commence selling 50% of its silver production at spot prices.
Primero reports that 774,000 ounces of silver were delivered to a subsidiary of Silver Wheaton Corp.(5) ("Silver Wheaton") under the silver purchase agreement during the second quarter.
Silver sales under the silver purchase agreement realize approximately $4 per ounce; however, the Company's provision for income taxes is based on sales at market prices. As part of its announced tax mitigation strategy, the Company purchased silver call options during the first quarter of 2011 to improve its leverage to silver and provide protection against the adverse tax impact of a rising silver price as a result of the silver purchase agreement. The call options were designed to cover approximately two-thirds of the monthly silver production sold under the silver purchase agreement over the period April 1, 2011 to September 30, 2011. The Company realized a net gain of $0.4 million on the sale of call option contracts during the three months ended June 30, 2011 and the unexpired contracts had an unrealized loss of $1.1 million at June 30, 2011.
The Company is considering continuing to use call options as an interim strategy to improve its leverage to silver.
Balance Sheet Remains Strong
Cash and cash equivalents were $63.6 million at June 30, 2011 compared to $65.4 million at March 31, 2011.
On July 4, 2011, the Company received a refund of $80.6 million of value added tax ("VAT") which was paid to the Mexican government as part of the San Dimas acquisition. The Company financed the VAT payment with a combination of $10.6 million in cash plus a $70 million bank loan. Interest on the refund and foreign exchange gains due to the strengthening of the Mexican peso against the US dollar since the August 2010 acquisition date increased the refund to $87.2 million. Concurrently with the receipt of the VAT, the Company repaid all outstanding principal and interest on the term credit facility amounting to $70.1 million, resulting in an increase of $17.1 million in cash resources.
On August 4, 2011, Goldcorp elected to extend the maturity date of the Company's $60 million convertible promissory note to August 6, 2012 ("Second Maturity Date"). The Company may now (1) pay the principal amount in cash immediately, or (2) convert the debt to common shares of the Company on August 6, 2012 at a price equal to the greater of 90% of the volume weighted average trading price of the Company's common shares for the five trading days ending immediately prior to August 6, 2011 and the Second Maturity Date. Goldcorp continues to be able to elect to convert the debt at Cdn$6.00 per share.
Capital expenditures during the second quarter 2011 totaled $8.9 million compared to $5.2 million in the first quarter 2011 and were spent mainly on underground development and exploration. In 2011, capital expenditures are expected to total approximately $31 million. With its cash balance and anticipated cash flows, Primero remains fully funded to meet its goal of doubling production by 2013(7).
Merger with Northgate to Create Leading Mid-Tier Gold Producer
On July 13, 2011, the Company and Northgate Minerals Corporation ("Northgate") announced that they had entered into an agreement (the "Arrangement Agreement") to combine their respective businesses and create a new leading mid-tier gold producer. The combined company will be led by Joseph F. Conway as President and Chief Executive Officer and will have an expected market capitalization of approximately Cdn$1.3 billion.
Under the terms of the Arrangement Agreement, Northgate will acquire all of the issued and outstanding common shares of the Company for 1.50 Northgate common shares per Primero Share (the "Exchange Ratio"). After the proposed transaction, each outstanding option and warrant of the Company shall, on exercise, result in the holder receiving Northgate shares based upon the Exchange Ratio and otherwise on the same terms and conditions as in the option or warrant. Upon completion of the transaction, existing Primero and Northgate shareholders will own approximately 31% and 69% of the combined company, respectively.
The proposed transaction will be carried out by way of a court-approved Plan of Arrangement and will require approval by at least 66 2/3% of the votes cast by shareholders of Primero at a special meeting of Primero shareholders. The transaction is also subject to obtaining approval by a majority of votes cast by the shareholders of Northgate at a special meeting of Northgate shareholders expected to take place the same date as the Primero meeting. In addition to the shareholder and court approvals, the transaction is subject to applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature. It is anticipated that the shareholder meetings will be held in September of 2011.
The Arrangement Agreement includes deal protection provisions, including non-solicitation of alternative transactions, right to match, dual break fees and customary fiduciary-out provisions.
Both companies' Boards of Directors have determined that the proposed business combination is in the best interests of their respective shareholders based on a number of factors, including fairness opinions received from their respective financial advisors. Each company's Board of Directors approved the terms of the proposed transaction and recommend that their respective shareholders vote in favour of the business combination. In addition, Goldcorp Inc., which holds an aggregate of approximately 35.5% of the outstanding Primero common shares, has entered into an agreement to vote in favour of the transaction.
Corporate Strategy Update
An important Primero strategy, that will survive the proposed merger with Northgate, is to mitigate its negative leverage to silver arising from the silver purchase agreement. This strategy involves tax planning, restructuring of operations and corporate agreements, and growing gold and silver production, organically and via corporate development initiatives.
As part of that initiative, the Company announced in May that it had elected to accelerate the tax depreciation of the purchase price allocated to the mineral concessions of the San Dimas mine acquisition to shelter income and provide time to develop a permanent solution. This resulted in an approximately $380 million tax pool within Mexico, which provides for a deferral rather than an overall reduction of cash taxes.
The Company may seek a ruling from the Mexican tax authorities on its accelerated tax depreciation filing as the Mexican tax law is complex and open to alternative interpretations.
The Company is making progress on other corporate restructuring strategies that, if successfully implemented, could provide a permanent solution to its negative leverage to silver as silver revenue would be recorded by the Company at the fixed price paid by Silver Wheaton.
Sinaloa Graben High-Grade Extends
The Company's exploration program in the first six months of 2011 has been successful at extending the known mineralization within the main production area (Central Block) and is expected to increase reserves and resources in the high-grade exploration area (Sinaloa Graben), two kilometres to the west.
In the first six months of 2011, the Company spent approximately $6.0 million of an expected total of $12.0 million on exploration. This included 25,000 metres of drilling using 12 rigs in 74 holes and 1,180 metres of exploration drifting. The Company is refining its exploration program with a new exploration executive, Joaquin Merino, dedicated to un-locking San Dimas exploration potential.
"San Dimas has had a short mine life based on reserves for over one hundred years," stated Joaquin Merino, Vice President, Exploration. "We are taking a renewed approach to exploration. The mine has a world-class history of reserve replacement, with a 90% resource to reserve conversion ratio over the last 30 years. We are introducing new approaches and technologies to exploration. We believe San Dimas has potential beyond what is currently understood in the market place and are committed to proving this with results in 2011."
Exploration drifting results in the Sinaloa Graben from the Elia and Aranza veins, have exceeded expectations and continue to indicate that the Sinaloa Graben contains much higher than average grade and width mineralization than reserves in the Central Block. The San Dimas average gold reserve grade reported as at December 31, 2010 is 4.7 grams per tonne with average widths of 1.5 metres(8).
The Elia vein was exposed along an exploration drift, on Level 8-285W for 221 metres, resulting in an average grade of 15.9 grams per tonne of gold and 1,491 grams per tonne of silver over a 2.8 metre true width. Another exploration drift along Elia on Level 8-359W for 69 metres resulted in an average grade of 8.1 grams per tonne of gold and 668 grams per tonne of silver over a 3.3 metre true width.
The Aranza vein was also exposed along an exploration drift on Level 7-129W for 79 metres resulting in an average grade of 5.2 grams per tonne of gold and 543 grams per tonne of silver over a 2.2 metre true width.
Drilling results indicate that the Elia vein extends beyond current drifting, hole SIN-8-04, intersected 6.6 grams per tonne of gold and 640 grams per tonne of silver over 2.49 metres.
Drilling results have also proven high-grade mineralization exists in the south-west of the Sinaloa Graben. The Rosario vein in hole ZAC-S-01B, intersected 12.8 grams per tonne of gold and 691 grams per tonne of silver over a 0.90 metre true width. This vein has never been explored in detail and has now been included into the exploration plan for the second half of 2011.
Exploration drifting in the Central Block has delineated mid-term production in both the Roberta and Robertita veins. The exploration drift in Roberta on Level 21-822E is 50 meters below the current exploitation level (395 metres elevation) while the exploration drift in Robertita on Level 21-903E is at the same level as current exploitation (355 metres), exploring the Robertita extension to the east.
The Roberta vein was exposed along an exploration drift on Level 21-822E for 167 metres resulting in an average grade of 13.8 grams per tonne of gold and 686 grams per tonne of silver over a 3.0 metre true width.
During the first half of 2011 drilling results from the Arana Hanging Wall continued to confirm the presence of mineralization but have been disparate, illustrating the complexity of this type of system. A new structural interpretation of the area based on the recent results is in progress. Further drilling in the Arana Hanging Wall has been suspended pending completion of the new model.
2011 Production Guidance
The Company has reviewed its mine plan in light of the mill workers strike and maintains its full year 2011 production guidance. As at the date of this news release, the first year of sales under the silver purchase agreement has concluded and Primero has revised its guidance on silver spot sales.
Material assumptions used to forecast 2011 production guidance include: an average gold price of $1,400 per ounce; an average silver price of $6.63 per ounce, as according to the silver purchase agreement the first 3.5 million ounces and 50% of the excess of silver are sold at $4.04 per ounce and the balance is sold at spot, which is assumed to be $24 per ounce; and foreign exchange rates of 1.05 Canadian dollars and 13 Mexican pesos to the US dollar.
Conference Call and Webcast Details
A conference call will be held on Wednesday, August 10, 2011 at 11:00 a.m. Eastern Time to discuss the second quarter operating and financial results.
Participants may join the call by dialing North America toll free 1-866-946-0484, or 1-646-216-4773 for calls outside Canada and the U.S., and entering the participant passcode 9664030#.
A recorded playback of the Q2 2011 results call will be available until August 17, 2011 by dialing North America toll free 1-866-551-4520 and entering the call back passcode 274055#.
A live and archived webcast of the conference is also available at .
This release should be read in conjunction with Primero's second quarter 2011 financial statements and MD&A report on the Company's website, , in the "Financial Reports" section under "Investors", or on the SEDAR website at .
(1) "Gold equivalent ounces" include silver ounces produced, and converted to a gold equivalent based on a ratio of the average commodity prices received for each period. The ratio for the second quarter was 130:1 based on the realized prices of $1,523 per ounce of gold and $11.73 per ounce of silver, as per the silver purchase agreement. The ratio for the 2011 outlook is 211:1 based on $1,400 per ounce of gold and an average of $6.63 per ounce of silver as per the silver purchase agreement.
(2) Total cash costs per gold equivalent ounce and total cash costs on a by-product basis are non-GAAP measures. The Company reports total cash costs on a production basis. Total cash costs per gold equivalent ounce is defined as cost of production (including refining costs) divided by the total number of gold equivalent ounces produced. Total cash costs on a by-product basis are calculated by deducting the by-product silver credits from operating costs. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. See the second quarter 2011 MD&A for a reconciliation of total cash costs to reported operating expenses (the nearest GAAP measure).
(3) Prior to the acquisition of the San Dimas Mine in August 2010, the Company did not have any producing mines and hence did not realize any revenue or earnings from mine operations. Results for the second quarter 2011 are therefore not comparable to the second quarter 2010. The discussion in this News Release therefore includes comparisons with the three months ended March 31, 2011.
(4) Operating cash flow before working capital changes and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provide a better indicator of the Company's ability to generate cash flow from its mining operations. See the second quarter 2011 MD&A for a reconciliation of operating cash flows to GAAP.
(5) According to the silver purchase agreement between the Company and Silver Wheaton Corp., until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.04 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first six million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the total threshold amount has been delivered each year.
(6) Adjusted net income/loss and adjusted net income/loss per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the second quarter 2011 MD&A for a reconciliation of adjusted net income/loss to reported net loss (the nearest GAAP measure).
(7) Information regarding the Company's three-year plan can be found in the Company's January 17, 2011 news release, available on SEDAR at . The three-year plan represents forward looking information. Information regarding the assumptions and risks associated with the three-year plan is available at the end of the January 17, 2011 news release, under the heading Cautionary Statement on Forward-Looking Information. Readers should carefully review all such assumptions and risks, and should not place undue reliance on forward looking information.
(8) See the technical report entitled "Technical Report on the Tayoltita, Santa Rita, and San Antonio Mines, Durango, Mexico for Primero Mining Corporation" dated March 11, 2011, prepared by Velasquez Spring, P. Eng. and Gordon Watts, P. Eng, of Watts, Griffis and McOuat, for information regarding the mineral reserves and mineral resources at San Dimas.
About Primero
Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero offers immediate exposure to un-hedged, low cash cost gold production with a substantial resource base in a politically stable jurisdiction. The Company intends to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.
Primero's website is .
TECHNICAL INFORMATION AND QUALIFIED PERSON/QUALITY CONTROL NOTES
The technical disclosure and mineral resource and reserve estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical information has been included herein with the consent and prior review of Mr. Joaquin Merino-Marquez, Vice President, Exploration, Primero Mining Corp., who is a "Qualified Person" for the purposes of NI 43-101. The Qualified Person has verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained herein. Drill samples are prepared by SGS de Mexico, S.A. de C.V. in Durango, Mexico.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
The information in this news release has been prepared as at August 10, 2011. This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "would", "may", "could" or "should" occur. The forward-looking statements in this press release include statements regarding the Company's forward-looking production guidance, including estimated ore grades, drilling results, metal production, life of mine horizons, recovery rates, mill throughput, projected exploration and capital expenditures, including costs and other estimates upon which such projections are based; the Company's goal to increase its mineral reserves and resources; intentions to become an intermediate gold producer; plans to double production by 2013; the ability of the Company to implement initiatives to lower its effective tax rate; and the proposed business combination of the Company and Northgate Minerals Corporation and the benefits expected to arise from this transaction. The forward-looking statements are based on reasonable assumptions, including assumptions related to there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment, natural occurrences, political changes, title issues or otherwise; that permitting, production and expansion at the Company's projects (and those of Northgate) proceeds on a basis consistent with current expectations, and that there is no change in the plans relating to such projects; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar will be approximately consistent with current levels or as set out in this news release; that prices for gold and silver will be consistent with the Company's expectations; that prices for key mining and construction supplies, including labour costs, remain consistent with Company's current expectations; that current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; the assumptions set out elsewhere in this news release; and the assumptions set out in the Company's second quarter 2011 Financial Statements and MD&A, and in respect of the Company's growth plans and the information under the heading "Strategy and Outlook Focused On Growth", under the heading "Cautionary Statement on Forward-Looking Information" in the Company's January 17, 2011 news release.
Factors that may cause actual results to vary from anticipated results include the risks such as the volatility of prices of gold and silver; uncertainty of mineral reserves, mineral resources, mineral grades and metal recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's by-product metal derivative strategies; that Primero may not find acquisition targets at attractive prices; and other risks disclosed in the Company's second quarter 2011 MD&A, available under the Company's profile on SEDAR at . Although Primero believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Primero's management on the date the statements are made. Primero undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW
Contacts:
Primero Mining Corp.
Tamara Brown
VP, Investor Relations
(416) 814 3168
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Datum: 10.08.2011 - 11:00 Uhr
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