Welcome!

News Feed Item

Scorpio Gold Reports Record Fourth Quarter and Provides Year-End Financial Results for 2012

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.

PERFORMANCE HIGHLIGHTS:


----------------------------------------------------------------------------
                                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."

2012 HIGHLIGHTS


--  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.                                                   

NON-IFRS MEASURES

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.

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
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...