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Belvedere Reports Financial and Operating Results for First Quarter of 2013
Published : May 30, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2013) - Belvedere Resources Limited (News - Market indicators) ("The Company") is pleased to report financial and operating results for the quarter ending March 31, 2013.

David Pym (CEO) comments, "Despite good performance at the mine in Q1, low nickel prices have subsequently forced the suspension of mining operations at Hitura. Management is closely monitoring the situation, and should nickel prices improve sufficiently during the lay-off period, the Company intends to re-commence production. Meanwhile, management continues to focus on bringing forward its gold projects, and in particular the Kopsa gold project, for which the results of several key studies are expected over the coming months."

Key Q1 2013 Financial Points

  • Operating Income of EUR0.03 million (CDN$ 0.04 million)*
  • Revenues of EUR6.00 million (CDN$ 8.02 million)
  • Net loss of EUR0.35 million (CDN$ 0.46 million)

* Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortisation. This is a non-IFRS measure and differs from operating income discussed elsewhere in this MD&A.

Key Q1 2013 Operational Points

  • Production of 554 tonnes of nickel in concentrate
  • Jan 2013 - 2000m drilling campaign commenced at Antikanperä
  • Mar 2013 - confirms gold mineralisation along 2.5 km strike at Antikanperä


The following selected annual financial information in the table that follows has been derived from the interim condensed consolidated 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 a net loss for the quarter ended March 31, 2013 of EUR346,465 or EURnil per share, which compares with net income of EUR1,313,725 or EUR0.01 per share reported for the same period of fiscal 2012. The principal causes of these quarterly and annual variations are explained after the 'Financial Highlights' table following:

Selected Financial Information Quarter Quarter
All amounts in EUR000's, except ended ended
shares and per share figures 31 March 31 March
  2013 2012
Revenue 6,002 8,855
Operating Expenses 5,966 7,087
G&A Expenses * 230 292
Other (income) and expenses 227 192
(Gain) loss on fair valuation of warrants liability - 42
Income tax recovery (75) (72)
Net income (loss) (346) 1,314
Earnings (loss) per share (basic and diluted) - 0.01
Cash Flow (used) from operating activities 111 2,599
Cash Flow (used) from investing activities (373) (789)
Cash Flow (used) from financing activities - (53)
Net increase (decrease) in cash (278) 1,674
Cash at end of period 1,932 3,182
Total Assets 24,028 24,505
Total Liabilities 13,192 13,321
Shareholders' equity 10,836 11,184
Working Capital ** (2,350) (93)
Weighted average number of shares outstanding 151,812,289 151,812,289
Dividends per Share - -

* Including stock based compensation

** Current assets less current liabilities (includes provisions for the redemption of preferred shares according to the redemption schedule. The figure excluding possible redemptions of preferred shares is a surplus of EUR1,386 (2012: EUR2,196)

During the first quarter:

  • The Hitura mine produced 554 tonnes of nickel in concentrate and revenue of EUR6,002,050 compared to the planned production of 581 tonnes, 4% below forecast.
  • Cash decreased to EUR1,932,110 (Q4 2012: EUR2,210,369) as a result of reduced cash flows generated by Hitura operations.
  • General and administrative expenses were lower at EUR230,513 (2012: EUR291,948) as a consequence of reduced audit, consulting and public relation costs, and payment of non-accrued 2011 directors' fees in 2012.
  • Other (Income) and Expenses were largely in line with the corresponding quarter in fiscal 2012 at EUR227,130 (2012: EUR214,834).
  • Accounts receivable decreased to EUR828,534 during the quarter (2012: EUR985,200). Inventory increased to EUR1,498,159 (2012: EUR1,356,363) due to the purchase of spares and supplies. Prepaid expenses EUR63,327 (2012: EUR113,356) decreased as a consequence of cash received in the quarter in respect of shipping costs.
  • Capital assets increased slightly to EUR16,862,120 (2012: EUR16,782,217) as a consequence of development work at the Hitura mine and on the Company's gold properties.
  • Current and long term liabilities increased to EUR13,192,048 (2012: EUR12,895,289). The increases in accounts payable, preferred share liability due to adverse movement in USD/EUR exchange rates and accretion of the asset retirement obligation were partially offset by a reduction in deferred tax liability.


Despite good performance from nickel operations during the quarter, low nickel prices continue to impact profitability at the Hitura mine site and reduce operational flexibility. Subsequent to the end of the quarter, nickel prices retreated to new four year lows, and on May 23rd the company announced that it is suspending mining operations at the Hitura Nickel Mine. The Company initiated a 2 week notice period for the commencement of temporary lay-offs of up to 60 of the 69 persons employed at the Mine. The layoff period will continue for up to 90 days per employee. Key staff will continue to be employed to manage the care and maintenance of the mine and mill facilities during the suspension.

Management continue to actively monitor the nickel price and, should the nickel price improve during the lay off period, the company will recall the employees and re-commence production. Capital requirements to resume operations are expected to be minimal and cash flows from any operational restart would be expected to resume in late Q3. If by the end of the lay-off period (late August 2013) nickel prices have not improved to support a full restart, the company will be forced to consider its options including a limited restart of operations to mine high grade ores and/or consider full closure.

Between now and late August, the Company will also be concentrating on the metallurgical, environmental and engineering studies involved with assessing the viability of processing the nearby Kopsa gold copper ores through the Hitura mill. Several key studies will also be completed by this time which will aid and better inform decision-making both on the economic viability and likely capital requirements associated with exploitation of the Kopsa gold deposit which would be supported by the Hitura mill.

The next several months are a crucial period for the company and management is actively engaged in monitoring developments in the Nickel market, at Hitura, progressing the Company's gold interests and, in particular, closely managing cash expenditures during this period of uncertainty. The Company has sufficient cash resources to continue trading for the next twelve months, however, it is likely capital may be required to complete economic studies and fast track development of the Kopsa gold property even if nickel operations do or do not resume following the lay-off period.

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 possible re-commencement of production at Hitura, and the timelines and results of expected studies for the Kopsa gold project) 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 produced 2,200t of nickel in concentrate in 2012 from it's Hitura nickel mine in Central Finland. The Company has a number of advanced gold projects in close proximity to the Hitura mine.


David Pym, CEO

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.

Humbercrest Capital Inc.
Scott Findlay
+1 647 274 2536
Data and Statistics for these countries : Finland | All
Gold and Silver Prices for these countries : Finland | All

Belvedere Resources Ltd.

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.


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.

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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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