Belvedere Resources Ltd.

Published : November 29th, 2011

Reports Financial and Operating Results for Q3 2011

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Canada | Cobalt |

November 28, 2011 18:48 ET

Belvedere Reports Financial and Operating Results for Q3 2011

Vancouver, British Columbia--(Nov. 28, 2011) - Belvedere Resources Ltd. (TSX Venture:BEL) ("Belvedere") is pleased to report financial and operating results for the Quarter ending September 30, 2011. The un-audited financial statements, and management's discussion and analysis have been filed with the Canadian securities regulatory authorities. Complete results are also available on SEDAR and on the Company's Website.

All currency amounts are expressed in euros (€) unless otherwise stated.

Financial Summary Q3 2011

  • Revenues of 5.82 million euros (C$8.03 million)
  • Net Income of 0.55 million euros (C$0.76 million)
  • Positive Operating margin (EBITDA) 0.9 million euros (C$1.24 million)

Key Operational Points Q3 2011

  • Jul 2011 - 6073m Drilling completed at Osikonmäki East and new high grade gold lode discovered
  • Aug 2011 - 4000m Resource delineation drilling starts at Kopsa gold copper deposit
  • Sep 2011 - 500m exploratory drill campaign starts at Antikanpera gold copper property
  • Sep 2011 - Phase 2 of the 7000m open pit definition drilling at Hitura nickel mine commences
  • Q3 2011 - Hitura milled 127,981 t of ore achieving 105% of production targets. 464 t (1.02 million pounds) of nickel was produced in concentrate, 18% below planned

David Pym (CEO) comments: "Management continued to invest heavily in exploration to fulfil the Company's goals of rapidly growing their nickel and gold properties. During the quarter the Company maintained positive cash flows from the nickel operations, allowing the Company to finance these expenses out of operational profit. The Company remains unaffected by the recent downturn in the nickel price as we continue to sell into a profitable fixed price contract."


The following selected annual 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. Note 2010 figures have been restated in accordance with IFRS and have not been previously disclosed. See Note 18 to the Financial Statements for a comparison with Canadian GAAP. 2009 figures are reported in accordance with Canadian GAAP, and have not been restated in accordance with IFRS, as the Company's date of transition from Canadian GAAP to IFRS was January 1, 2010.

The Company generated net income for the quarter ended September 30, 2011 of €549,884 or €0.00 per share, which compares with a net loss of €782,253 or €0.01 per share reported for the same period of fiscal 2010.

The principal causes of these quarterly and annual variations are explained after the 'Selected Financial Information' table following.

Selected Financial Information Quarter   Quarter   Quarter  
  ended   ended   ended  
All amounts in €000's, September 30   September 30   September 30  
except shares and per share figures 2011   2010   2009  
Revenue 5,821   1,496   -  
Operating Expenses 5,258   1,964   945  
G&A Expenses * 260   468   352  
Other (income) and expenses 367   (418 ) 133  
(Gain) loss on fair valuation derivative liability (521 ) 428   -  
Income tax recovery (93 ) (164 ) -  
Net income (loss) 550   (782 ) (1,430 )
Loss per share (basic and diluted) (0.00 ) (0.01 ) (0.02 )
Cash Flow (used) from operating activities 516   (1,809 ) (6,329 )
Cash Flow (used) from investing activities (156 ) (710 ) (76 )
Cash Flow (used) from financing activities (525 ) 2,109   (6,376 )
Net increase (decrease) in cash (284 ) (434 ) 95  
Cash at end of period 2,524   794   370  
Total Assets 22,839   17,964   17,289  
Total Liabilities 12,027   13,961   18,407  
Working Capital ** 382   1,068   (1,855 )
Weighted average number of shares outstanding 140,692,743   107,914,006   79,183,336  
Dividends per Share -   -   -  
*: Including stock based compensation
**: Excluding cash restricted under standby letter of credit
During the third quarter:
  • The Hitura Mine produced 464t (1.02 million pounds) of nickel in concentrate, compared to the planned production of 568t, 18% below forecast.
  • The Company generated net income for the quarter ended September 30, 2011 of €549,884 or €0.00 per share, which compares with a net loss of €48,944 for the previous quarter and, a loss of €797,253 or €0.01 per share reported for the same period (Q3) of fiscal 2010.
  • General and administrative expenses decreased to €482,138 (2010: €256,084) substantially as a consequence of lower stock compensation expense.
  • Other expense was €366,803 (Q3 2010 Income: €417,600) as a consequence of foreign exchange losses.
  • Working capital was negatively impacted by the transfer of €475,000 to restricted cash to cover the increase in the Hitura environmental bond.

Nickel Operations

During the third quarter, total milled tonnes were 5% greater than the planned 122,000 tonnes. Lower production in July reflects a planned two week maintenance shutdown of the mill and mine holidays. Nickel production was adversely impacted by continued low grades from the main production stopes. The situation has now normalised and grades have improved going into the 4th quarter. The low production grades were once again partially offset by better concentrate grades. However overall nickel tonnes in concentrate produced of 464 t (1.02 million pounds) was 18% below the target of 568 tonnes and 9% lower than in Q2, 2011. A similar pattern is repeated in the cobalt tonnes which totalled 18.3 t, 22% below the planned total of 24 tonnes.

Month Milled (t) Con (t) Ni t in Con. Ni lb in Con Co t in Con.
July 24,498 978 85 187,425 3.4
August 50,987 2,348 198 436,590 7.9
September 52,496 2,130 181 399,105 7.0
Q3 Total 127,981 5,456 464 1,023,120 18.3

Total operating costs for Q3 were as planned averaging €39.0 per milled ore tonne, compared to €36.8 and €38.0 per milled ore tonne in Q2 and Q1 respectively. The difference reflecting the higher costs/tonne in July due to scheduled mill shutdown maintenance and mine holidays. Total operating costs per pound of nickel in concentrate for Q3 averaged €4.87 (~US$6.57 based on USD:EUR of 1.35).

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 2500t 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.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company (including statements relating to future drill results) 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.

Qualified Person

This news release was reviewed by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.


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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

Belvedere Resources Ltd.
David Pym

Belvedere Resources Ltd.
Toby Strauss

Humbercrest Capital Inc.
Scott Findlay

This message was sent to .com from:

Belvedere Resources | Suite #404, Vancouver World Trade Centre, 999 Canada Place | Vancouver, BC V6C 3E2, Canada

Email Marketing by iContact - Try It Free!

Data and Statistics for these countries : Canada | Finland | All
Gold and Silver Prices for these countries : Canada | Finland | All

Belvedere Resources Ltd.

ISIN : CA0809031077
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
Projects & res.
Asset profile
Contact Cpy

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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.820
06/11 16:59 -
Prev close Open
0.820 0.830
Low High
0.820 0.850
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.820 -%
Volume 1 month var.
20,800 -%
24hGold TrendPower© : 4
Develops Cobalt - Copper - Nickel
Explores for Cobalt - Copper - Gold - Nickel
Interactive chart Add to compare
Print Compare Export
Last updated on : 10/8/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
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 :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%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
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%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$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%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$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :