|By Marketwired .||
|April 12, 2013 01:08 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/12/13 -- Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce its financial results for the fourth quarter ("Q4") and year ended December 31, 2012. This press release should be read in conjunction with the Company's Management Discussion & Analysis and the consolidated financial statements for the year ended December 31, 2012, available on the Company's website at www.scorpiogold.com and under the Company's name on SEDAR at www.sedar.com. All monetary amounts are expressed in US dollars unless otherwise specified.
---------------------------------------------------------------------------- Q4 2012 Q3 2012 2012 2011 ---------------------------------------------------------------------------- $ $ $ $ Revenue 15,498,250 11,725,116 52,615,315 - Mine operating earnings 4,424,334 2,574,962 14,837,526 - Net earnings (loss) 3,516,181 2,828,277 11,511,056 (6,568,377) Earnings (loss) per share (Basic) 0.03 0.02 0.06 (0.06) Earnings (loss) per share (Diluted) 0.03 0.02 0.06 (0.06) Total cash cost per ounce of gold sold(1) 855 989 948 - Gold ounces produced 10,812 6,663 32,066 - ----------------------------------------------------------------------------
Peter Hawley, CEO comments, "Despite numerous challenges in our first year of commercial production at Mineral Ridge, the Scorpio Gold team rose to each challenge and met the Company's 2012 production guidance. Operations in Q4 continued to improve on cost performance while increasing overall gold production. Total earnings for the year were $0.06 per share, with half of that coming from Q4 earnings. Scorpio Gold is focused on creating value for its shareholders and we are proud to have met our goals set for 2012 and look forward to further successes in 2013."
-- Operating revenue of $52.6 million. -- Total cash cost per ounce(1) of gold sold of $948. -- Mine operating earnings of $14.8 million. -- Net earnings of $11.5 million. -- Earnings per share of $0.06. -- Adjusted cash flows from operating activities(1) of $22.5 million. -- Adjusted net earnings(1) of $12.1 million. -- Adjusted EBITDA(1) of $22.9 million. -- 32,066 ounces of gold produced(1). -- In December 2012 the Company completed the acquisition of Goldwedge and Pinon, two advanced exploration-stage properties located in Nevada.
FOURTH QUARTER HIGHLIGHTS
-- Revenue of $15.5 million compared to $11.7 million in the third quarter of 2012 ("Q3"). This increase is mostly due to the sale of approximately 1,878 ounces of gold as part of the sale of loaded carbon to Waterton during Q4. -- Total cash cost per ounce(1) of gold sold of $855 compared to $989 in Q3. This decrease is mostly attributable to higher production during Q4 compared to Q3 along with a lower strip ratio and higher head grade. -- Mine operating earnings of $4.4 million compared to $2.6 million in Q3. -- Net earnings of $3.5 million compared to $2.8 million in Q3. -- Earnings per share of $0.03 compared to $0.02 in Q3. -- Adjusted cash flow from operating activities(1) of $5.7 million compared to $3.8 million in Q3. -- Adjusted net earnings(1) of $3.8 million compared to $2.0 million in Q3. -- Adjusted EBITDA(1) of $7.1 million compared to $5.7 million in Q3. -- 10,812 ounces of gold produced compared to 6,663 ounces in Q3. (1) This is a non-IFRS measure; refer to Non-IFRS Performance Measures section of this press release and the Company's Management Discussion & Analysis for a complete definition and reconciliation to the Company's financial statements.
The discussion of financial results in this press release includes reference to EBITDA, Adjusted EBITDA, Cash Cost per Ounce, Adjusted Cash Flow from Operating Activities and Adjusted Net Earnings, which are non-IFRS measures. The Company provides these measures as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the year ended December 31, 2012 for definitions of these terms and a reconciliation of these measures to reported IFRS results.
About Scorpio Gold Corporation
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The property is host to multiple gold-bearing structures, veins and bodies at exploration, development and production stages. Scorpio Gold recently acquired the Goldwedge advanced exploration-stage property and processing facility in Manhattan, Nevada, and the Pinon advanced exploration-stage gold property near Carlin, Nevada. The Company is assessing its exploration plans for these properties as well as the potential for toll milling at the 500 ton per day Goldwedge plant.
Scorpio Gold's CEO, Peter J. Hawley, P.Geo., is a Qualified Person for the Mineral Ridge project and has reviewed and approved the content of this release. For additional information, please see the Company's website at www.scorpiogold.com.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration and development of its Mineral Ridge project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks such as delays related to completion of economic studies and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
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.
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 9, 2016 08:45 AM EST Reads: 424
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Feb. 9, 2016 08:15 AM EST Reads: 223
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 9, 2016 08:00 AM EST Reads: 360
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
Feb. 9, 2016 08:00 AM EST Reads: 335
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 9, 2016 07:45 AM EST
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 9, 2016 07:15 AM EST Reads: 215
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 9, 2016 07:00 AM EST Reads: 181
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 9, 2016 06:45 AM EST Reads: 290
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 9, 2016 06:45 AM EST Reads: 166
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 9, 2016 06:30 AM EST Reads: 352
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 9, 2016 06:15 AM EST Reads: 175
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 9, 2016 06:00 AM EST Reads: 251
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 9, 2016 05:30 AM EST Reads: 126
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 9, 2016 05:30 AM EST Reads: 156
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 9, 2016 05:15 AM EST Reads: 223