|By Marketwired .||
|April 3, 2014 04:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/03/14 -- IMPACT Silver Corp. (TSX VENTURE:IPT) ("IMPACT" or the "Company") announces its audited financial and production results for the three months and year ended December 31, 2013. Overall, silver production and grade increased, but revenues decreased in 2013 relative to 2012 mainly due to the dramatic drop in silver prices. The Company had a net loss of $8.5 million for the year, most of which was due to non-cash items totaling $9.0 million, resulting in a positive cash contribution of approximately $0.5 million.
The information in this news release should be read in conjunction with the Company's audited Consolidated Financial Statements and Management's Discussion and Analysis, available on the Company website and on SEDAR.
-- Revenues of $14.1 million for the year 2013, compared to $15.9 million in 2012, despite a 37% drop in silver prices. -- Net loss of $8.5 million for the year, of which non-cash items total $9.0 million resulting in a positive cash contribution of approximately $0.5 million. Non-cash items comprise $2.3 million in depreciation and amortization; $1.5 million in share based payments; $3.7 million in write-downs required under IFRS; and, an adjustment to deferred taxes of $1.6 million ($1.5 million of this reflects the impact of the new Mexican mining taxes). -- Mine operating earnings before amortization and depreciation were $2.7 million, compared to $5.6 million in the prior year. The last half of 2013 reflected the dramatic downturn in silver prices, generating only $0.6 million of cash flow from mine operations. -- Capital expenditures during the year primarily related to the Capire milling facility of $3.6 million and mineral property expenditures of $8.4 million, part of which included the 2013 drill program of 34,000 meters, drew down cash to $3.5 million. However, the programs were completed without incurring any debt financing.
-- Silver production increased 3% to 153,512 ounces for the fourth quarter of 2013 from 148,333 ounces in the same period of 2012. For the year, silver production increased 10% to 682,526 ounces in 2013 from 620,515 ounces in 2012. -- Average mill feed grade for silver increased in the fourth quarter of 2013 to 151 grams per tonne (g/t) from 131 g/t in the fourth quarter of 2012, which was reflected in the higher production for the comparative periods. Average mill feed grade for the year was up 14% to 158 g/t in 2013 from 138 g/t in 2012. -- Total tonnes milled during the fourth quarter of 2013 decreased to 36,655 from 42,870 in the fourth quarter of 2012 and 38,520 tonnes from the third quarter of 2013. -- Testing of the Capire pilot plant using mill feed from the Capire open pit was completed and the plant entered into commercial production in December 2013. The plant is now being reconfigured to test higher value gold and copper mineralization from the Carlos Pacheco/San Juan area. -- The Cuchara-Oscar mine was put into production in February 2013 and contributed 32% of mill feed for Q4 2013 and 23% of total mill feed for the year.
As the Company reported in March 2013, mine production in 2012 was impacted by lower silver grades, particularly from the Chivo Mine, where silver grades decreasing with depth resulted in lower overall production. Further, Chivo also supplied higher grades of lead and zinc and therefore, the phasing down of Chivo also contributed to reduced overall lead and zinc production. To offset these production losses, the Company fast tracked the higher grade Cuchara-Oscar Mine into production. Commencement of production at Cuchara-Oscar was announced in late February of 2013.
Within the fourth quarter of 2013, Cuchara-Oscar provided 32% of all mill feed. As the Company developed Cuchara-Oscar to make it Guadalupe's principal producer, lower grade development muck was being processed through the mill. This resulted in lower grade ore in the fourth quarter with average head grade at 151 g/t compared to the third quarter at 171 g/t. Grades are still much higher than 2012, with year-to-date grade at 158 g/t for the current year compared with 138 g/t for the same period in 2012. With production materials being drawn from several mines with different feed grades, mine production can vary from quarter to quarter.
The Capire plant commenced commercial production in December 2013. As a result, there was a small contribution of production from this mill with 4,096 tonnes produced and silver sales of 3,275 ounces. As the Capire plant is reconfigured to process other sources of material including gold-copper mineralization, the Company anticipates a higher contribution to sales and production in 2014.
Average silver metal prices based upon the LME PM fix have decreased by 31% from the first quarter to the fourth quarter of 2013. Additionally, average silver prices have decreased 36% in the fourth quarter of 2013 from the same period in 2012. Silver sales were 165,139 ounces in the fourth quarter of 2013, an increase over the 130,857 ounces sold in the same period of 2012. Silver sales also increased year-to-date for 2013 to 717,334 ounces compared with 563,258 ounces sold year-to-date in 2012. The decrease in silver price contributed to the decrease in revenue from the fourth quarter of 2013 compared to the same period in 2012 even though the Company had increased silver sales in the fourth quarter.
The Company's lower revenues in the fourth quarter of 2013 of $80.81 per tonne, a decrease from $86.41 per tonne from the same period in 2012, are a result of lower realized metal prices and slightly higher smelting and refining charges. The lower silver price also affected the year-to-date revenue per tonne as it decreased to $87.92 per tonne for the year compared with $94.32 per tonne for same period in 2012.
The Company's financial position at December 31, 2013 remained sound with $3.5 million in cash and net working capital of $6.9 million. The Company had cash flows from operations before changes in non-cash working capital of $0.6 million for the year ended December 31, 2013. This compares to cash flow generated from operations before changes in non-cash working capital of $3.3 million in the same period of 2012.
IMPACT Silver Corp. operates two processing plants within its 100% owned 623-square-kilometer land package in south-central Mexico: the Guadalupe Production Centre and the Capire Production Centre. At Guadalupe, three underground silver mines feed the central 500 tonnes per day processing plant located within the historic Royal Mines of Zacualpan Silver District. At Capire, the processing plant is potentially available to supplement the processing of gold and copper mineralization from the Carlos Pacheco/San Juan Project. Additional information can be found on the Company website at www.IMPACTSilver.com.
A recorded conference call reviewing the financial and production results of the year ended December 31, 2013, will be available on the Company's website on Friday, April 4, 2014.
On behalf of the Directors of IMPACT Silver Corp.,
Frederick W. Davidson, President & CEO
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.
This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 23, 2017 04:45 PM EST Reads: 3,781
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 23, 2017 03:45 PM EST Reads: 2,678
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jan. 23, 2017 03:45 PM EST Reads: 5,092
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 23, 2017 03:15 PM EST Reads: 1,253
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 23, 2017 02:45 PM EST Reads: 780
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 23, 2017 02:30 PM EST Reads: 6,462
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 23, 2017 02:15 PM EST Reads: 5,871
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 23, 2017 02:15 PM EST Reads: 5,326
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Jan. 23, 2017 01:30 PM EST Reads: 1,812
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
Jan. 23, 2017 01:15 PM EST Reads: 4,422
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 23, 2017 12:30 PM EST Reads: 5,896
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 23, 2017 12:15 PM EST Reads: 3,689
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 23, 2017 12:15 PM EST Reads: 1,882
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Jan. 23, 2017 12:00 PM EST Reads: 6,492
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jan. 23, 2017 11:45 AM EST Reads: 4,958