Belvedere Resources Ltd.

Published : May 31st, 2012

Reports Financial and Operating Results for First Quarter of 2012

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Keywords :   Canada | Cobalt |

 

Belvedere Reports Financial and Operating Results for First Quarter of 2012

VANCOUVER, BRITISH COLUMBIA--(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

  • Best Operating Quarter to date
  • Third consecutive quarter of growth in revenues, cash flow, production and net income
  • Operating Income of €2.07 million (CDN$ 2.66 million)*,
  • Revenues of €8.86 million (CDN$ 11.38 million) an 18% increase on the previous quarter
  • Net income of €1.31 million (CDN$ 1.68million) a 104% increase on the previous quarter

*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

  • Record Production of 665 tonnes of nickel in concentrate
  • Jan 2012 - Nickel offtake agreement renewed for two years to February 2014
  • Jan 2012 - Bulk metallurgical testing commenced on the Kopsa gold deposit
  • Jan 2012 - 1,670m drill programme commenced at Osikonmäki East gold prospect
  • Feb 2012 - 55.5 m @ 2.9 g/t gold intersected in new zone at Osikonmäki East
  • Mar 2012 - Hitura Nickel Mine Reserves and Resources increased, extending Life of Mine to at least March 2016.

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:
  • The Hitura mine produced 665.3 tonnes of nickel in concentrate and €8,855,345 compared to the planned production of 610t, 9% above forecast.
  • Cash increased to €3,181,701 (Q4 2011: €1,508,028) as a result of positive cash flows generated by Hitura operations.
  • General and administrative expenses were largely in line with the corresponding period in fiscal 2011 at €291,948 (Q1 2011: €302,805).
  • Other (Income) and Expenses were €192,361 (2011: €(74,298)) as a consequence of foreign exchange losses and increased stock based compensation expense which were partially offset by a reduction in interest.
  • Accounts receivable €1,087,113 (2011: €2,811,899), inventory €1,154,168 (2011: €1,888,166) and prepaid expenses €125,782 (2011: €334,269) decreased materially as a consequence of cash received in the quarter from the sale of additional concentrate lots in the quarter.
  • Capital assets increased to €15,959,515 (2011: €15,473,859) as a consequence of development work at the Hitura mine and on the Company's gold properties, and an increase in the asset retirement obligation.
  • Current and long term liabilities decreased materially to €13,321,026 (2011: €14,293,097). The decrease in liabilities is a consequence of a reduction in accounts payable, preferred share liability, capital lease obligation, deferred tax liability and mark-to-market of the electricity contract. These reductions were partially offset by an increase in the warrants liability and accretion of the asset retirement obligation.

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.

 

Contact Information

Investor Relations
Scott Findlay
+1 647 274 2536
www.belvedere-resources.com



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Belvedere Resources Ltd.

DEVELOPMENT STAGE
CODE : BEL.V
ISIN : CA0809031077
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Belvedere Res. is a nickel and copper exploration company based in Canada.

Belvedere Res. develops nickel, copper and cobalt in Finland, and holds various exploration projects in Finland.

Its main assets in development are HAUTALAMPI and HITURA in Finland and its main exploration properties are LUIKONLAHTI MILL, HIRSIKANGAS, HAARAKUMPU, KIIMALA, VALKEISENRANTA, SAHAKOSKI, OSIKONMÄKI, SARKINIEMI, RANTASALMI and MÄNTYMÄKI in Finland.

Belvedere Res. is listed in Canada. Its market capitalisation is CA$ 60.6 millions as of today (US$ 46.7 millions, € 39.7 millions).

Its stock quote reached its highest recent level on June 13, 1997 at CA$ 9.99, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Belvedere Res. has 73 904 013 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
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Financings of Belvedere Resources Ltd.
12/24/2013=3A Proposed Private Placement and Share Consolidation
2/15/2011Belvedere Issues 19,094,286 Shares Under Convertible Loan
2/1/2011Belvedere Completes 3,000,000 Private Placement
1/12/2011Private Placement to raise up to CAD $2.5 million
Financials of Belvedere Resources Ltd.
8/30/2013Reports Financial and Operating Results for Second Quarter o...
5/30/2013Reports Financial and Operating Results for First Quarter of...
7/9/2011Reports Financial and Operating Results for Q1 2011 -Correct...
Project news of Belvedere Resources Ltd.
8/14/2013(Hitura)Hitura Tailings Expansion Selected as Test Bed for EU Life T...
7/20/2013(Hitura)Provides Status Update on Hitura Nickel Mine and Kopsa Gold ...
5/23/2013(Hitura)to Suspend Nickel Mining Operations at Hitura Nickel Mine
1/28/2013(Hitura): Hitura Mine Operational Update
1/9/2013Belvedere Commences Follow-Up Drilling on Their Antikanper
4/24/2012High Grade Gold Discovery at Osikonmaki Prospect Confirmed a...
2/29/2012Osikonmaki Yields Intersection of 9.6 Metres Averaging 10.0 ...
1/18/2012Reports Further High Grade Gold Drill Results at Kopsa
12/5/2011Ltd: Gold Results From Drilling at Kopsa
10/11/2011Belvedere Significantly Increases Gold Resources on Their Os...
6/30/2011(Rantasalmi)Drilling Continues to Grow Belvedere's Osikonmaki Gold Prosp...
5/18/2011Osikonm=E4ki Prospect delivers further high-grade gold inter...
3/30/2011(Osikonmäki)drills high-grade gold at their Osikonm=E4ki Prospect in Fin...
3/24/2011(Rantasalmi)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
3/24/2011(Kiimala)Signs LOI With REBgold on the Kiimala and Rantasalmi Gold Pr...
2/23/2011(Hitura)Commences Open-Pit Expansion Studies at the Hitura Nickel Mi...
2/1/2011(Osikonmäki)commences drilling on their Rantasalmi Gold Property
7/29/2010(Hitura)Restarts production ahead of schedule
6/17/2010(Hitura)On track for the restart
6/2/2010(Kiimala)Indicated Resource Estimate for the K1(Ängesneva) occurrence
5/7/2010Intersects 92 metres averaging 3.2 g/t gold at Kopsa
4/8/2010(Hitura)Plans to Restart the Mine and the Signing of an Offtake Agre...
3/23/2010(Hitura)Evaluates Potential For The Restart & Commences Drilling on ...
2/15/2010(Hitura)Belvedere Re-Acquires Hitura Nickel Mine from Administrators
12/2/2009(Hirsikangas)Maiden Resource Estimate For Hirsikangas
10/7/2009(Kiimala)commences drilling on their Kiimala Gold Property
Corporate news of Belvedere Resources Ltd.
12/23/2015Belvedere Mining Oy Initiates Voluntary Bankruptcy Proceedin...
3/4/2015Belvedere-Corporate Update
1/27/2015Belvedere Closes Private Placement
12/26/2014Belvedere Resources Ltd.: Correction to December 24, 2014 Ne...
12/24/2014Belvedere Resources Limited: First Tranche of Private Placem...
11/28/2014Belvedere Reports Third Quarter 2014 Financial and Operating...
11/27/2014Belvedere Resources Ltd.: Private Placement
11/20/2014Belvedere Resources Ltd.: Private Placement
10/15/2014Belvedere Resources Ltd: Private Placement and Loan
8/29/2014Belvedere Reports Second Quarter 2014 Financial and Operatin...
7/29/2014Belvedere Closes Non-Brokered Private Placement (Revised)
7/4/2014Belvedere Resources Limited: Proposed Private Placement
5/30/2014Belvedere Reports First Quarter 2014 Financial and Operating...
5/14/2014Belvedere Starts Further Tests on Open-Pit Nickel Ore for Pr...
5/1/2014Belvedere Reports Annual and Fourth Quarter Financial and Op...
4/30/2014CORRECTION FROM SOURCE: Belvedere Closes Non-Brokered Privat...
4/30/2014Belvedere Closes Non-Brokered Private Placement
4/16/2014Belvedere Resources Ltd.: Proposed Non-Brokered Private Plac...
11/29/2013Financial and Operating Results Q3 2013
10/2/2013News Release
10/2/2013Announces Positive PEA on Their Kopsa Gold Copper Project
8/24/2013Announces Agreement With Jinchuan to Defer Preference Shares...
5/1/2013Reports Financial and Operating Results for 2012
3/19/2013Belvedere Confirms Gold Mineralisation Along 2.5 KM Strike a...
3/19/2013Confirms Gold Mineralisation Along 2.5 KM Strike at Antikanp...
2/8/2013: Disclosure Clarification
1/18/2013Booth 1043 Vancouver Resource Investment Conference
1/9/2013Commences Follow-Up Drilling on Their Antikanperä Gold Disco...
10/29/2012Belvedere Announces Mineral Resource Estimate for Kopsa Gold...
10/29/2012Announces Mineral Resource Estimate for Kopsa Gold-Copper Pr...
10/17/2012Belvedere Resources: Osikonm=C3=A4ki East Hanging Wall gold ...
10/17/2012Osikonmaki East Hanging Wall Gold Zone Extended to 200m Down...
9/19/2012: Significant New Gold Discovery on Antikanperä Property
8/30/2012Reports Financial and Operating Results for Second Quarter o...
8/13/2012Belvedere Resources Ltd. Recent Drilling Confirms Potential ...
6/15/2012Belvedere Welcomes New Director
5/31/2012Reports Financial and Operating Results for First Quarter of...
4/30/2012Financial and Operating Results for 2011
4/19/2012Belvedere converts Open Pit Resources to Reserves at Hitura ...
3/1/2012Belvedere Substantially Increases Resources at Hitura Nickel...
1/9/2012(Hitura)Renews Offtake Agreement for Hitura Mine Concentrate
11/29/2011Reports Financial and Operating Results for Q3 2011
8/29/2011Reports Financial and Operating Results for Q2 2011
8/16/2011Engages Investor Relations Firm
7/21/2011REBgold and Belvedere move forward with Finnish JV
7/6/2011Reports Financial and Operating Results for Q1 2011
6/16/2011Kopsa Project Generates +90% Gold and Copper Recoveries Into...
5/3/2011Reports Financial and Operating Results for 2010
4/20/2011Announces Amendment to Agreement With Jinchuan
3/25/2011REBgold Signs LOI with Belvedere on the Kiimala and Rantasal...
8/19/2010Closes Convertible Loan Facility
11/17/2009Announces Material Change
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