Belvedere Resources Ltd.

Published : August 30th, 2012

Reports Financial and Operating Results for Second Quarter of 2012

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Keywords :   Canada | Cobalt |

Belvedere Reports Financial and Operating Results for Second Quarter of 2012

Vancouver, British Columbia (Aug. 30, 2012) - Belvedere Resources Limited (TSX Venture:BEL)("The Company") is pleased to report financial and operating results for the quarter ending June 30, 2012.

David Pym (CEO) comments "Management is pleased with this quarter's result, with mine output 15% above the planned total, contributed to the fourth consecutive quarter of growth in the Company's cash position against a background of falling nickel prices globally. Free cash flow from the mine continues to finance exploration and development of the company's gold properties with new drilling campaigns initiated on several properties in close proximity to the mine"

Key Financial Points

  • Revenues: EUR7.27 million/CDN$ 9.44 million (Q1 2012: EUR8.86 million/CDN$ 11.38 million)
  • Operating Income* : EUR1.12 million/CDN$ 1.45 million (Q1 2012: EUR2.07 million/CDN$ 2.66 million)
  • Net income of EUR0.82 million/CDN$ 1.06 million (Q1 2012: EUR1.31 million/CDN$1.68 million)

*Operating Income is calculated here 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 (EUR) unless otherwise stated.

Key 2011 Operational Points

  • Production of 596 tonnes of nickel in concentrate, 4% above target
  • Apr 2012 - Hitura Nickel Mine Reserves and Resources increased, extending Life of Mine to at least March 2016
  • May/June 2012 - Drilling on a number of gold projects: Hirsikangas, Kangaskylä, Antikanperä, and Osikonmäki

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 June 30, 2012 of EUR821,786 or EUR0.01 per share, which compares with a net loss of EUR48,944 or EURnil 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 EUR000's, except shares and per share figures
Quarter ended June 30 2012   Quarter ended June 30 2011  
Revenue 7,267   4,382  
Operating Expenses 6,472   4,753  
G&A Expenses * 200   304  
Other (income) and expenses (34 ) (20 )
(Gain) loss on fair valuation derivative liability (112 ) (534 )
Income tax recovery (81 ) (72 )
Net income (loss) 822   (49 )
Earnings (loss) per share (basic and diluted) 0.01   -  
Cash Flow (used) from operating activities 1,164   1,282  
Cash Flow (used) from investing activities (997 ) (1,073 )
Cash Flow (used) from financing activities (- ) (43 )
Net increase (decrease) in cash 311   118  
Cash at end of period 3,493   2,809  
Total Assets 25,748   21,818  
Total Liabilities 13,732   12,063  
Shareholders' equity 12,016   9,755  
Working Capital ** (98 ) 660  
Weighted average number of shares outstanding 151,812,289   144,087,921  
Dividends per Share -   -  

*: Including stock based compensation

**: Current assets less current liabilities (excluding warrants liability)

During the second quarter:

  • The Hitura mine produced 596 tonnes of nickel in concentrate, 4% over planned production, and EUR7,266,929 in revenue.
  • Cash increased by EUR310,946 over the previous quarter to EUR3,492,647 as a result of positive cash flows generated by Hitura operations.
  • General and administrative expenses were considerably lower than the corresponding quarter in fiscal 2011 at EUR190,006 (Q2 2011: EUR301,202) due in large part to an under-accrual of audit fees paid in 2011 and lower management bonuses paid in 2012.
  • Other Income was significantly lower at EUR145,663 compared to EUR554,448 in Q2 2011 as a consequence of lower foreign exchange gains, future income tax recoveries and fair value gain on the warrants derivative liability.
  • Accounts receivable of EUR1,160,621 compares to EUR1,087,113 in Q1. Inventory increased to EUR1,613,551 from EUR1,354,168 in Q1 which saw a significant reduction through the sale of additional lots. The reduction in prepaid expenses to EUR81,173 from EUR125,782 in Q1 relates to transportation costs.
  • Capital assets increased to EUR16,588,078 (Q1: EUR15,959,515) as a consequence of development work at the Hitura mine and on the Company's gold properties.
  • Current and long term liabilities increased to EUR13,732,131 (Q1: EUR13,321,026). The increase in accounts payable was partially offset by a reduction in the deferred tax liability, mark-to-market of the electricity contract and the warrants liability.

Operations Outlook

Despite extremely challenging conditions in the nickel market and heavy exploration and development expenditures the company remained profitable during the second quarter, making four consecutive quarters of growth for the company. Overall macro-economic conditions remains challenging with continued weakness in the nickel price forecast to continue for the remainder of the year. The company is actively managing this through reducing its cost base. Throughout the year overall costs have remained well below 2011 costs and the company is continuing to cut costs against a background of increasing production at the nickel mine. The continued weakness in the Euro is forecast to continue in parallel to the low nickel prices and partially offsets the effects of low nickel prices.

Exploration and development of our gold and nickel projects is set to continue during the remainder of the year. Permitting for the open pit expansion on the nickel mine is well advanced and the company plans on building on the excellent exploration results from our gold projects during the first half of the year, with a number of promising new gold discoveries to follow up on. Internal investment in gold and nickel projects is set to continue in 2012 with further exploration drilling campaigns on the Rantasalmi, Hirsikangas, Antikanperä and Kangaskylä 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

Humbercrest Capital Inc.
Scott Findlay
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.

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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...
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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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TSX-V (BEL.V)
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