In the same category

Skye Resources Inc.

Published : November 14th, 2007

Announces Third Quarter Results and Updates Fenix Project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Skye Resources announces third quarter results and updates Fenix Project
    TSX Symbol: SKR

    VANCOUVER, Nov. 13  - Skye Resources Inc. ("Skye" or "the Company")
(TSX:SKR) today released its unaudited consolidated interim financial
statements for the three months and nine months ended September 30, 2007. The
Company is reporting for the three and nine months ended September 30, 2007 a
loss of $7,656,000 and $19,275,000 (all amounts are in U.S. dollars unless
otherwise indicated) respectively (basic and diluted loss per share of $0.17
and $0.45) compared to the 2006 comparative periods losses of $8,673,000 and
$21,526,000 (basic and diluted loss per share of $0.29 and $0.76) for the
three and nine months ended September 30, 2006.
The loss for the quarter is
principally related to exploration and indirect development costs (the costs
of Skye's 98.2% owned Guatemalan subsidiary, Compania Guatemalteca de Niquel,
S.A. ("CGN"), for Skye's Fenix nickel laterite project in Guatemala and
general and administrative costs and non-cash stock-based compensation
expense. In the quarter the Company capitalized $8,609,000 of Fenix Project
direct development costs (engineering, project management team and other
direct costs) bringing the total of capitalized expenditures for the nine
months period to $22,994,000.
  
   During the third quarter, Skye filed a technical report (the "Updated
Technical Report") which provides an update of the results of the feasibility
study previously announced on September 25th, 2006. The Updated Technical
Report incorporates a revised power supply strategy, all-road transportation
and updated capital and operating costs reflecting the completion of basic
engineering. The basic engineering for the Fenix ferro-nickel project has been
completed by Hatch Ltd ("Hatch") and with the receipt of the construction
permit in the third quarter, Skye has received all major permits required for
the development of the Fenix ferro-nickel project.
   
   As part of the 2007 exploration program, drilling has been completed on
Area 216, which lies between Areas 215 and 217, both of which contain deposits
included in mineral reserves. The Company expects to receive resource
calculations for Area 216 in November which will increase mineral resources of
the Fenix project. The Company is also conducting exploration on the Montufar
exploration licence and has submitted a request for a two years extension of
the licence, which extension will be received automatically as the submission
was made before the December 2007 expiration date.
   
  In preparation for continuous pilot plant testing of Fenix limonite ore
by High Pressure Acid Leaching, an extensive bench-scale testing program was
completed at SGS Lakefield Research with excellent results, including nickel
extraction up to and exceeding 97%. The bench program has included development
of a new process for converting dissolved nickel to an intermediate product
suitable for smelting to ferro-nickel. Results to date for this new process
are very encouraging and testing continues. Hot commissioning of the
continuous pilot plant, designed to process about 250 kg per day of limonite,
commenced the week of October 22nd and several test campaigns are planned
through the first quarter of 2008.

    Subsequent Events

    On October 26th, 2007 Skye completed an offering of 6,210,000 units,
including the exercise of the underwriters' over-allotment option, for gross
proceeds of C$75,141,000. Each unit consists of one common share of Skye and
one-half of one common share purchase warrant of Skye, with each whole warrant
entitling the holder to acquire a further common share at an exercise price of
C$15.13 per share until January 26, 2009. The net proceeds of this financing
will be used by Skye to continue to advance the refurbishment and expansion of
the Fenix ferro-nickel project in Guatemala, to fund exploration on the Fenix
licenses, and for test work and engineering studies on the hydromet expansion
at Fenix as well as for general corporate purposes. In the fourth quarter, the
Company continues to advance its plans to complete the financing of the
project in early 2008, either through a capital markets transaction or an
agreement with potential partners.
  
   On October 29, 2007 Skye took the first step in implementing the revised
power supply strategy with the execution of agreements with Guatemalan
subsidiaries of Duke Energy International LLC for the supply of electrical
power and construction of a new power transmission line for the Fenix
ferro-nickel project. Approval of Guatemalan regulatory authorities for the
interconnection of the Fenix project with the Guatemalan grid is expected to
be received by the end of 2007.
   
   On November 6, 2007 Skye and CGN executed engineering, procurement and
construction management agreements with Hatch and the parties have commenced
detailed engineering and the placing of orders for long lead major equipment.
Site preparation, including the refurbishment of the construction camp,
continues and Skye expects to initiate full scale construction activities in
the first quarter of 2008.
  
   Skye's unaudited consolidated interim financial statements and
Management's Discussion and Analysis (MD&A) for the period ended September 30,
2007 will be filed on SEDAR and available for download at www.sedar.com.

    About Skye

    Skye is an international mining company focused on becoming a new
mid-tier nickel producer. Skye acquired the rights to its Guatemalan lateritic
nickel project (the Fenix project) in December 2004 and in October 2006
completed a feasibility study for a ferro-nickel project at Fenix using proven
conventional smelting technology. In June 2007 Skye received its environmental
permits for the project, and expects to initiate construction during the first
quarter of 2008 with initial production in late 2009. www.skyeresources.com

    Cautionary Notices:

    This news release contains certain forward-looking statements that
involve risks and uncertainties, such as statements of Skye's plans,
objectives, strategies, expectations and intentions. The words "may", "would",
"could", "will", "intend", "plan", "anticipate", "believe", "estimate",
"expect" and similar expressions, as they relate to Skye, or its management,
are intended to identify such forward-looking statements. Many factors could
cause Skye's actual results, performance or achievements to be materially
different from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements. The forward-looking
statements included in this news release represent Skye's views as of the date
of this news release. While Skye anticipates that subsequent events and
developments may cause its views to change, it specifically disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing its views as of any date
subsequent to the date of this news release. All subsequent written and oral
forward-looking statements attributable to Skye or persons acting on its
behalf are expressly qualified in their entirety by this notice.

For further information: Media Inquiries: Andrew Grant, Vice President,
Public Relations, Tel: (604) 602-9500, agrant@skyeresources.com; Investor
Inquiries: David Bryson, Vice President, Finance & Treasurer, Tel: (604)
602-9500, dbryson@skyeresources.com; Martti Kangas, Investor Relations, The
Equicom Group, Tel: (416) 815-0700 x 243, mkangas@equicomgroup.com; David
Feick, Investor Relations, The Equicom Group, Tel: (403) 538-4787,
dfeick@equicomgroup.com



Skye Resources Inc.

EXPLORATION STAGE
CODE : SKR.TO
ISIN : CA83081N1078
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Skye Res. is a nickel exploration company based in Canada.

Skye Res. holds various exploration projects in Guatemala.

Its main exploration properties are FENIX and FENIX (EXMIBAL) in Guatemala.

Skye Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 339.2 millions as of today (US$ 280.8 millions, € 190.0 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.94, and its lowest recent point on August 27, 2008 at CA$ 6.66.

Skye Res. has 50 931 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Skye Resources Inc.
Annual Report 2007
Nominations of Skye Resources Inc.
6/19/2008Appoints David Bryson CFO
2/29/2008Appoints C. K. Benner as Chief Executive Officer and Vice Ch...
12/12/2007APPOINTS MORGAN STANLEY TO FINANCE FENIX PROJECT
Financials of Skye Resources Inc.
8/14/2008Announces Second Quarter Results
11/14/2007(Fenix (exmibal)) Announces Third Quarter Results and Updates Fenix Project
5/14/2007Announces first quarter results
Project news of Skye Resources Inc.
5/13/2008(Fenix) Updates Fenix Project and Announces Q1 Results
3/20/2008(Fenix)Fenix Project Update and 2007 Results
2/13/2008(Fenix) Reports Increased Resource Estimates for Fenix
9/19/2007files Fenix project Technical Report
Corporate news of Skye Resources Inc.
8/26/2008HudBay Minerals Completes Business Combination with Skye Res...
8/19/2008Securityholders Approve Business Combination with HudBay Min...
6/24/2008Vale Inco Notifies Skye it Will Not Exercise Pre-Emptive Fin...
6/23/2008HudBay and Skye Announce Proposed Business Combination
5/20/2008 COO Retires
5/6/2008Announces Director Change
3/27/2008John Bracale Joins Skye Resources
2/19/2008Successfully Completes Pilot Leaching Tests
1/30/2008Defers Fenix Project Financing in View of Credit Market Cond...
12/3/2007Announces New Director
10/30/2007announces power purchase agreement with Duke Energy Internat...
10/26/2007announces closing of previously announced unit offering and ...
8/29/2007provides Fenix project update
7/31/2007announces agreement with Guatemalan government
7/3/2007announces receipt of construction permit for Fenix project
6/8/2007receives environmental permits for Fenix Project
4/23/2007nominates three new directors
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (SKR.TO)FRANKFURT (S7R.F)
6.66+0.30%4.30-0.23%
TORONTO
CA$ 6.66
08/27 15:10 0.020
0.3%
Prev close Open
6.64 6.61
Low High
6.46 6.75
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  6.66 -%
Volume 1 month var.
28,800 -%
24hGold TrendPower© : -11
Produces
Develops
Explores for Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.16+0.56%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.35-4.86%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.37+2.43%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+0.51%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.67-0.37%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.26+1.75%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-5.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.36+26.79%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.03+1.00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.05+0.92%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :