|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.
SYS-CON Events announced today that Impiger Technologies will exhibit in Booth #109 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. Impiger Technologies is a world-class, enterprise software product engineering company specializing in Mobile Application Development, Cloud Applications, Microsoft Technology Solutions, Web Technology and Telecom Services. Impiger Technologies helps enterprises improve busi...
Oct. 27, 2016 08:45 PM EDT Reads: 276
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
Oct. 27, 2016 08:00 PM EDT Reads: 501
SYS-CON Events announced today that Enzu 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. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 27, 2016 07:45 PM EDT Reads: 1,461
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 27, 2016 07:45 PM EDT Reads: 647
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Oct. 27, 2016 07:15 PM EDT Reads: 282
The Open Connectivity Foundation (OCF), sponsor of the IoTivity open source project, and AllSeen Alliance, which provides the AllJoyn® open source IoT framework, today announced that the two organizations’ boards have approved a merger under the OCF name and bylaws. This merger will advance interoperability between connected devices from both groups, enabling the full operating potential of IoT and representing a significant step towards a connected ecosystem.
Oct. 27, 2016 06:15 PM EDT Reads: 1,327
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Oct. 27, 2016 06:00 PM EDT Reads: 2,987
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 27, 2016 05:45 PM EDT Reads: 1,186
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Oct. 27, 2016 05:30 PM EDT Reads: 608
SYS-CON Events announced today that Embotics, the cloud automation company, 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. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 27, 2016 05:00 PM EDT Reads: 1,062
SYS-CON Events announced today that Cloudbric, a leading website security provider, 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. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 27, 2016 04:30 PM EDT Reads: 1,340
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Oct. 27, 2016 04:15 PM EDT Reads: 3,279
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 27, 2016 04:15 PM EDT Reads: 1,553
In his session at 19th Cloud Expo, Nick Son, Vice President of Cyber Risk & Public Sector at Coalfire, will discuss the latest information on the FedRAMP Program. Topics will cover: FedRAMP Readiness Assessment Report (RAR). This new process is designed to streamline and accelerate the FedRAMP process from the traditional timeline by initially focusing on technical capability instead of documentation preparedness. FedRAMP for High-impact level systems. Early in 2016 FedRAMP officially publishe...
Oct. 27, 2016 04:00 PM EDT Reads: 620
Qosmos, the market leader for IP traffic classification and network intelligence technology, has announced that it will launch the Launch L7 Viewer at CloudExpo | @ThingsExpo Silicon Valley, being held November 1 – 3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The L7 Viewer is a traffic analysis tool that provides complete visibility of all network traffic that crosses a virtualized infrastructure, up to Layer 7. It facilitates and accelerates common IT tasks such as VM migra...
Oct. 27, 2016 03:15 PM EDT Reads: 570