Click here to close now.

Welcome!

News Feed Item

International Minerals Reports Production Results From Pallancata Mine for Quarter Ended December 31, 2012 and Full Calendar Year 2012

SCOTTSDALE, AZ -- (Marketwire) -- 01/29/13 -- International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company" or "IMZ") announces production results from its 40%-owned Pallancata silver mine in Peru (Hochschild 60%-owned and operator) for its fiscal 2013 second quarter ended December 31, 2012 ("Current Quarter") and for the calendar 12-month period ended December 31, 2012 ("Calendar Year 2012").

In the Current Quarter, the Pallancata Mine produced (on a 100% basis) approximately 1.9 million ounces of silver (2011: 2.3 million ounces) and 7,402 ounces of gold (2011: 8,304 ounces). The Company's 40% share of production for the Current Quarter was approximately 0.8 million ounces of silver (2011: 0.9 million ounces) and 2,961 ounces of gold (2011: 3,322 ounces).

For Calendar Year 2012, the Pallancata Mine produced (on a 100% basis) approximately 7.4 million ounces of silver (8.8 million ounces in Calendar Year 2011) and 26,231 ounces of gold (33,881 ounces in Calendar Year 2011). The Company's 40% share of production for Calendar 2012 was approximately 3.0 million ounces of silver (3.5 million ounces in 2011) and 10,492 ounces of gold (13,553 ounces in 2011).

The decreases in gold and silver production for both the Current Quarter and Calendar Year 2012 compared to the respective previous periods are due primarily to a decrease in the grades of both silver and gold processed because (a) the mine experienced an increase in mining dilution due to the narrower veins being mined, and (b) the mine encountered production scheduling constraints which restricted mine development and backfill placement. These issues are currently being addressed by the mine operator.

IMZ anticipates that production from the Pallancata Mine for Calendar Year 2013 will be similar to 2012 at approximately 7.4 million ounces of silver and 26,000 ounces of gold, with approximately 3.0 million ounces of silver and 10,400 ounces of gold representing IMZ's 40% share of anticipated 2013 production.

Operating Statistics for the Pallancata Mine (100% basis and IMZ 40% basis).

The Table below reports key production statistics for the Pallancata Mine for the Current Quarter (ended December 31, 2012) and Calendar Year 2012 (12 months ended December 31, 2012), together with the respective previous periods.


----------------------------------------------------------------------------
                                  Quarter    Quarter      Year       Year
                                    Ended      Ended      Ended      Ended
                                 12/31/2012 12/31/2011 12/31/2012 12/31/2011
----------------------------------------------------------------------------
                                 100 % Basis
----------------------------------------------------------------------------
Ore mined (tonnes)                  301,894    291,607  1,059,329  1,039,674
----------------------------------------------------------------------------
Ore processed (tonnes)              288,858    293,060  1,094,250  1,070,466
----------------------------------------------------------------------------
Head grade- Silver (grams/tonne)        255        293        256        301
----------------------------------------------------------------------------
Head grade- Gold (grams/tonne)          1.1        1.3        1.1        1.3
----------------------------------------------------------------------------
Silver production (ounces)        1,941,821  2,288,930  7,440,604  8,767,394
----------------------------------------------------------------------------
Gold production (ounces)              7,402      8,304     26,231     33,881
----------------------------------------------------------------------------
                                IMZ 40% Basis
----------------------------------------------------------------------------
Silver production (ounces)          776,728    915,572  2,976,242  3,506,958
----------------------------------------------------------------------------
Gold production (ounces)              2,961      3,322     10,492     13,553
----------------------------------------------------------------------------

Note:
1. The reported head grades for silver and gold are based on the overall metallurgical balance for the process plant.

Production costs for both the Current Quarter and Calendar Year 2012 will be provided in a Company news release to be issued after the close of markets on February 14, 2013, together with disclosure of the financial results for the Current Quarter.

With respect to the financial results for the Current Quarter, as a result of lower income from Pallancata and a further write-down of approximately US$14.5 million in the carrying value of the Ecuador assets (see the Company's November 21, 2012 news release), the Company expects to report a net loss for the Current Quarter. This loss remains to be fully quantified but at this time it is anticipated to be in the US$9 million to $10 million range, compared to net income after tax of US$11.1 million for the quarter ended December 31, 2011. Net income after tax for the fiscal 6-month period ended December 31, 2012 is expected to be close to break-even compared to net income after tax of US$26.3 million for the fiscal 6-month period ended December 31, 2011.

Ecuador Update

IMZ has entered into preliminary agreements for the sale of the properties in Ecuador. Both IMZ and the respective buyers are working closely with the Government of Ecuador to obtain the required government approvals in order to finalize these transactions. Further details will be provided when the required approvals are obtained.

Inmaculada Project Update

At the Company's 40%-owned Inmaculada gold-silver project in Peru (Hochschild 60%-owned and operator), a loan arrangement on favorable terms with a syndicate of Peruvian banks is currently being negotiated by Minera Suyamarca S.A.C. (the company jointly owned by the Company and Hochschild) to finance part of the capital costs for Inmaculada. The amount and terms of this loan are expected to be finalized with the banks by the end of March 2013 and will be announced to the market at that time. It is anticipated that Inmaculada will commence production in the second half of 2014 (See IMZ new release dated November 26, 2012 for more details).

The technical disclosure in this news release has been reviewed by IMZ's Qualified Person, Nick Appleyard, VP Corporate Development.

Hochschild Mining plc does not accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

Cautionary Statement:

Forward-looking statements in this release include statements regarding risks related to: mine production expectations; timing of construction and production of projects; financing of capital projects; estimates of financial results; and completion of the sale of the Rio Blanco and Gaby properties. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: mining, production and processing risks; risks relating to obtaining construction and mining permits; risks related to financing capital projects; risks associated with estimating financial results; for the Rio Blanco and Gaby properties in Ecuador - risks of obtaining government approvals and the uncertainty in estimating and then receiving their fair market value; and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2012, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For additional information, contact:

In North America:
Paul Durham
VP Corporate Relations
Tel: +1 480 483 9932

In Europe:
Oliver Holzer
Marketing Consultant
+41 44 853 00 47

Renmark Financial Communications:
Christine Stewart
+1-416-644-2020
or
Robert Thaemitz
Tel +1-514-939-3989

Or send an email to: Email Contact
Internet Site: http://www.intlminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
"The idea of polyglot persistence is you have to apply the right database for the job - you always have to have many different databases in play. We offer that whole system as a service," explained Raj Singh, Developer Advocate for IBM Cloud Data Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.