Amerigo Announces Q2-2011 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/11/11 -- Amerigo Resources Ltd. (TSX: ARG) -
Amerigo Resources Ltd. ("Amerigo" or the "Company") reported today results for the quarter ended June 30, 2011.
Dr. Klaus Zeitler, Amerigo's President and CEO, commented as follows: "Despite high power costs due to prolonged drought conditions in Chile, and the adverse impact on copper production resulting from strike action by workers for El Teniente's contractors, we are pleased to report that the Company generated more than $38 million in revenues and $6.6 million in cash adjusted operating profit in Q2-2011, and finished the quarter with more than $35 million in cash and cash equivalents. The strike has now been settled but will have an impact on Q3-2011 copper production. Power costs should be lower in the upcoming quarter as weather conditions improve in Chile and the Company's second generator becomes operational. MVC's pilot oxide plant is now in production and meeting expectations. Although MVC will make all efforts to recover some of the production lost due to the strike, we anticipate that 2011 full year production may be lower than the original guidance of 50 million pounds of copper and one million pounds of molybdenum."
Despite losing close to 2,400 tonnes of copper production in June and through mid-July due to the interruption of the flow of fresh tailings to MVC resulting from a strike by workers for El Teniente's subcontractors, the Company:
We note that the Company's financial statements are reported under International Financial Reporting Standards ("IFRS") starting in January 2011. The effects of the Company's conversion from Canadian Generally Accepted Accounting Principles ("Canadian GAAP") to IFRS have been identified in Notes 19 of the Company's March 31, 2011 unaudited condensed consolidated interim financial statements and Note 18 of the Company's June 30, 2011 unaudited condensed consolidated interim financial statements.
Reference is made in this news release to various measures such as cash-adjusted operating profit (operating profit before the effect of non-cash items such as depreciation, amortization and share-based compensation expense), and cash cost and total cost (both of which do not have a standardized meaning but are widely used in the mining industry as performance indicators).
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 Discussion and Analysis for the quarter ended June 30, 2011 and the Audited Consolidated Financial Statements and Management Discussion and Analysis for the year ended December 31, 2010, 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: (TSX: ARG).
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: 11.08.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 45191
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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