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VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 30, 2012) – Belvedere Resources Limited (TSX VENTURE:BEL)(“The Company”)is pleased to report financial and operating results for the quarter ending March 31, 2012.
David Pym (CEO) comments “This quarter is the third consecutive quarter where operations have demonstrated real growth in Revenues, Cash Flow, Production and Net Income against an extremely challenging macro-economic background. Income from the Hitura nickel mine continues to grow the company’s cash position and finance exploration and development on our pipeline of gold projects”
Key Financial Points
*Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortisation.
The condensed consolidated interim financial statements, and management’s discussion and analysis have been filed with the Canadian securities regulatory authorities. Complete results will also be available on SEDAR and on the Company’s Website. All currency amounts are expressed in euros (€) unless otherwise stated.
Key 2011 Operational Points
SELECTED FINANCIAL INFORMATION
The following selected financial information in the table that follows has been derived from the condensed consolidated interim financial statements of the Company for the periods indicated and should be read in conjunction with such statements and notes thereto. Those financial statements have been prepared in accordance with International Financial Reporting Standards.
The Company generated net income for the quarter ended March 31, 2012 of €1,313,735 or €0.01 per share, which compares with net income of €1,443,732 or €0.01 per share reported for the same period of fiscal 2011. The principal causes of these quarterly and annual variations are explained after the ‘Financial Highlights’ table following:
| Selected Financial Information All amounts in €000’s, except shares and per share figures |
Quarter ended 31 March 2012 |
Quarter ended 31 March 2011 |
||
| Revenue | 8,855 | 6,965 | ||
| Operating Expenses | 7,087 | 5,929 | ||
| G&A Expenses * | 292 | 303 | ||
| Other (income) and expenses | 192 | (74 | ) | |
| (Gain) loss on fair valuation derivative liability | 42 | (459 | ) | |
| Income tax recovery | (72 | ) | (178 | ) |
| Net income (loss) | 1,314 | 1,444 | ||
| Earnings (loss) per share (basic and diluted) | 0.01 | 0.01 | ||
| Cash Flow (used) from operating activities | 2,599 | 981 | ||
| Cash Flow (used) from investing activities | (789 | ) | (741 | ) |
| Cash Flow (used) from financing activities | (53 | ) | 2,075 | |
| Net increase (decrease) in cash | 1,674 | 2,309 | ||
| Cash at end of period | 3,182 | 2,691 | ||
| Total Assets | 24,505 | 22,527 | ||
| Total Liabilities | 13,321 | 13,481 | ||
| Shareholders’ equity | 11,184 | 9,045 | ||
| Working Capital ** | (93 | ) | 2,070 | |
| Weighted average number of shares outstanding | 151,812,289 | 121,596,431 | ||
| Dividends per Share | – | – |
| *: | Including stock based compensation |
| **: | Current assets less current liabilities (excluding warrants liability) |
| During the first quarter: |
Operations Outlook
The excellent results for the first quarter of 2012 builds on a good performance from the previous quarter and meets our goal of increasing operational cash flows through reducing operating costs and increasing throughput at the Hitura nickel mine. Final studies are underway on the feasibility of restarting open pit operations at surface in conjunction with underground mining. A new reserve and resource statement has also substantially increased overall mining reserves.
Internal investment in gold and nickel projects is set to continue in 2012 with further exploration drilling campaigns on the Rantasalmi, Hirsikangas, Antikanperä and Kangaskyla gold projects. Underground exploration for near surface resources is to continue on the nickel projects. Metallurgical studies are underway on the Kopsa gold copper property to allow feasibility studies to commence to meet our vision adding gold production to our portfolio in 2014.
Forward Looking Statement: Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future cash flows and operating costs) are forward-looking statements that involve various degrees of risk. It is important to note that the Company’s actual results could differ materially from those in such forward-looking statements.
About Belvedere: Belvedere Resources Limited is a mining company incorporated in British Columbia with a primary focus on nickel, gold, cobalt and copper in Finland. The Company currently produces 2200t of nickel in concentrate/year from the Hitura nickel mine in Central Finland. The Company has a number of advanced gold projects in close proximity to the Hitura mine.
BELVEDERE RESOURCES LTD.
David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this release.
