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Belvedere Reports Financial and Operating Results for Second Quarter of 2013
Published : August 30, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2013) - Belvedere Resources Limited (News - Market indicators) ("The Company") reports financial and operating results for the quarter ending June 30, 2013.

David Pym (CEO) comments "Operations were affected by the suspension of production in June due to low nickel prices. Management is closely monitoring the situation, and should nickel prices improve to sustainable levels, the Company intends to re-commence production. Meanwhile, management continues to focus on completing the Kopsa gold copper project Preliminary Economic Assessment (PEA) and environmental permitting allowing processing of the Kopsa ores through the Hitura mill."

Key Q2 2013 Financial Points

  • Operating Loss of EUR0.35 million (CDN$ 0.46 million)*,
  • Revenues of EUR4.14 million (CDN$ 5.54 million)
  • Net loss of EUR0.81 million (CDN$ 1.08 million)

Key Q2 2013 Operational Points

  • Production of 380 tonnes of nickel in concentrate
  • Nickel price fell to levels last seen in the 2008 banking collapse
  • Hitura nickel mine ceased production of 5th June and placed on care and maintenance
  • Metallurgical and environmental studies ongoing to complete PEA on Kopsa gold copper deposit for milling at Hitura mill

* Operating Income is calculated as sales less operating costs and excludes depletion, depreciation and amortization.

SELECTED FINANCIAL INFORMATION

The following selected 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 June 30, 2013 of EUR814,099 or EUR0.01 per share, which compares with net income of EUR821,786 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
All amounts in EUR000's, except shares and per share figures
 
 
Quarter ended
30 June 2013
 
 
 
 
Quarter ended
30 June 2012
 
 
Revenue   4,135     7,267  
Operating Expenses   4,729     6,472  
G&A Expenses *   238     200  
Other (income) and expenses   37     (34 )
(Gain) loss on fair valuation of warrants liability   -     (112 )
Income tax recovery   (55 )   (81 )
Net income (loss)   (814 )   822  
Earnings (loss) per share (basic and diluted)   0.01     0.01  
Cash Flow (used) from operating activities   (31 )   1,164  
Cash Flow (used) from investing activities   (269 )   (997 )
Cash Flow (used) from financing activities   -     -  
Net increase (decrease) in cash   (258 )   311  
Cash at end of period   1,674     3,493  
Total Assets   21,553     25,748  
Total Liabilities   11,531     13,732  
Shareholders' equity   10,022     12,016  
Working Capital **   (3,247 )   (98 )
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 EUR440 (2012 - EUR2,467)

During the second quarter:

  • The Hitura mine produced 380 tonnes of nickel in concentrate and revenue of EUR4,135,242.
  • Cash decreased by EUR257,777 to EUR1,674,333 over the previous quarter as a result of reduced cash flows generated by Hitura operations. 
  • General and administrative expenses were higher at EUR238,114 compared to the corresponding quarter in 2012 of EUR190,006 as a consequence of an adjustment for an over-accrual of 2011 audit fees having been recorded in Q2 2012.
  • Other Expenses for the quarter were EUR37,226 which compares to Other Income in 2012 of EUR145,663. The variance is due to foreign exchange losses in the current quarter and the recognition of a gain on the fair valuation of warrants outstanding in the same period in 2012. The warrants expired in 2012.
  • As a consequence of the suspension of nickel production, accounts receivable decreased from EUR828,534 to EUR6,833 during the quarter, and inventory decreased from EUR1,498,159 to EUR556,467. Prepaid expenses decreased from EUR63,327 to EUR44,884 as a consequence of cash received in the quarter in respect of shipping costs.
  • Capital assets increased slightly to EUR15,882,651 from EUR16,862,120 as a consequence of development work at the Hitura mine and on the Company's gold properties during the quarter.
  • Current and long term liabilities decreased in the quarter to EUR11,531,239 from EUR13,192,048 due mainly to a reduction in trade payables since the suspension of operations at Hitura.

OUTLOOK

During the suspension period referred to in the section above, management will continue to monitor the nickel price, manage costs and provide further updates on the status of the mine in due course. Should the nickel price improve to sustainable levels during the lay off period, the company will recall the employees and re-commence production.

The Company is expecting the results of the SRK PEA shortly. All necessary studies are now completed and the PEA will inform the board of the economic feasibility of processing the Kopsa gold copper deposit at the nearby Hitura mill. 

As described in the news release dated 23rd August, the Company has reached an agreement with Jinchuan to defer the redemption of preference shares until 2015. There will be no further redemptions or interest payments unless production resumes during this period. The new agreement will positively impact the Company's working capital position in subsequent accounting periods as the preferred shares redemption payments will be reclassified from current to long term liabilities.

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.

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.



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

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...
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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