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Cours Or & Argent
Silvermet Announces 2011 Q1 Results
Published : June 27, 2011
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Mots clés associés :   Canada | Zinc |

TORONTO, ONTARIO--(Marketwire - June 27, 2011) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Silvermet Inc. ("Silvermet" or the "Company") (News - Market indicators) is pleased to announce the release of its financial and operating results for 2011 Q1.

Highlights
  • Operations are cash flow positive and profitable in 2001 Q1
  • Production increased by 43% to 3,144 DMT (Dry Metric Tonnes zinc concentrate containing 68% zinc on average) from 2,195 DMT in Q1 2010 despite a 15 day planned shutdown in March for maintenance.
  • Sales volumes increased by 6% to 3,626 DMT in Q1 2011 from 3,434 DMT in Q1 2010. (Q1 2010 sales included 1,581 DMT that had been shipped to port in Q3 2009 but were not accounted for as sales until Q1 2010.)
  • Revenues increased by 14% to $5.0 million (at 100%) in Q1 2011 (Silvermet's share - $2.4 million) from $4.3 million in Q1 2010.
  • Monthly production increased by 43% from 731 DMT per month in Q1 2010 to 1,048 DMT per month in Q1 2011.
  • Repaid the C $500,000 convertible debenture financing in February 2011.
     For the three months ended March 31,           
    2011   2011       2010  
    100%   proportional       100%  
Gross sales revenues $ 4,963,404 $ 2,432,068     $ 4,345,210  
   
Direct operating costs   2,311,754   1,084,387       2,512,673  
Treatment & transportation   1,366,470   669,570       1,522,362  
General and administration   137,671   137,671       212,303  
                   
EBITDA(1) $ 1,147,508 $ 540,440     $ 97,872  
Interest and financing       38,403       15,797  
Amortization - Turkey       65,063       110,287  
Amortization - Canada       991       2,370  
Investment & other (gain) loss       (72,081 )     (3,241 )
Foreign exchange loss       11,859       50,982  
Stock option expense       27,357       14,687  
Accretion of liabilities       135,715       65,672  
Income tax       120,772       -  
Future income tax expense (recovery)       (31,340 )     -  
Non-controlling interest in net income of consolidated affiliates       -       92,054  
                   
Net income (loss) available to common shareholders     $ 243,701     $ (250,736 )
  (1) EBITDA is a non-GAAP measure, does not have a standardized meaning prescribed by GAAP and may not be comparable to similar terms and measures presented by other issuers. EBITDA comprises net income (loss) before income taxes, interest and financing expense (including accretion of liabilities), amortization expense, gain on dilution, non-controlling interest and stock option expense. The Company believes it is appropriate to exclude stock option expense, gain on dilution and non- controlling interest from EBITDA as a measure of operating performance that excludes non-recurring items.

"Results of the first quarter reflect a continuation of the production stability that was achieved at the Turkish operation, beginning in Q3 2010. Our engineers continue to improve throughput and efficiency of the Waelz kiln, with a view of achieving a higher grade zinc content and increased throughput." said Stephen G. Roman, Silvermet's Chairman, President and CEO. "We are now aggressively seeking a suitable location for construction of a new state of the art facility to address the EAFD processing capacity deficiency in Turkey."

About Silvermet:

Silvermet's principal business activity is the recycling of electric arc furnace dust ("EAFD") obtained from steel companies through a Waelz kiln to recover zinc concentrates that are then sold to zinc smelters throughout the world. The Company owns 49% of a joint venture, Befesa Silvermet Turkey S.L. ("BST"), which operates a Waelz kiln facility located in Iskenderun, Turkey.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Silvermet Inc.
Stephen G. Roman
Chairman, President & CEO
(416) 203-8336
www.silvermet.ca
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

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CODE : SYI.V
ISIN : CA8284251086
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Silvermet est une société d’exploration minière de zinc et d'argent basée au Canada.

Silvermet détient divers projets d'exploration au Canada et en Turquie.

Ses principaux projets en exploration sont MUSKOX et LUMBY LAKE au Canada et WAELZ KILN en Turquie.

Silvermet est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 5,7 millions (4,5 millions US$, 3,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 13 avril 2007 à 0,63 , et son plus bas niveau récent le 09 octobre 2015 à 0,02 .

Silvermet possède 47 442 200 actions en circulation.

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