 | | | Published : December 29th, 2011 | Reports Year End Results |
|
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
News Release - Thursday, December 29, 2011
ROCA Reports Year End Results
Vancouver, British Columbia: Roca Mines Inc. (TSX-V: ROK) ("Roca" or "the Company") has released its financial results for the year ended August 31, 2011. All dollar amounts are stated in Canadian dollars unless otherwise indicated. The information in this news release and the selected financial information should be read in conjunction with the consolidated financial statements, and management discussion and analysis, for the year ended August 31, 2011, which will be available at Roca's website at www.rocamines.com.
During the year ended August 31, 2011, the Company recorded production revenues of $1,773,845 and a net loss of $23,664,878 compared to revenues of $17,649,841 and a net loss of $14,239,676 for fiscal 2010. In the current year, the Company milled less than 15% of 2010 throughput and wrote off $1,515,643 (2010 - $11,584,037) in future income tax assets. Management considered the property, plant and equipment associated with the MAX Molybdenum mine to be impaired and wrote-off a total of $17,419,986 in associated costs down to the plant and equipment's estimated net recoverable amount as at August 31, 2011.
The Company had positive operating cash flow of $2,661,724 in 2010, while in 2011 the Company had negative operating cash flows of $5,383,421 because of the significant downtime at MAX, lower realized head grades and molybdenum prices. Proceeds from financing activities of $7,432,452 (2010 - $535,493) were invested in temporary shut down costs, mine development and significant underground maintenance and repairs. General and administrative expenses have decreased by approximately 20% over 2010, reflecting the Company's cost-cutting initiatives while the MAX Molybdenum mine's performance suffered from various events in 2010 and 2011.
The Company's wholly owned subsidiary, FortyTwo Metals Inc., received an amendment to its operating permit in April of 2010, approving an increase in production to phase II, 1,000-tonne-per-day throughput rate. Roca's management and consultants continue to evaluate various project alternatives towards reaching the Phase II expansion targets of the operation. The evaluation includes updating capital cost estimates for additional mining equipment, installation of a backfill system, additional underground development and completing expansion of the existing mill complex. A capital plan to resume production at higher throughput levels and lower unit costs is being refined as of the date of this report. Management believes this could allow for a sustainable operation at current grades and molybdenum oxide prices, while also preserving the opportunity to benefit from any increase in molybdenum prices in the future.
Summary Consolidated Statements of Operations and Loss
| |
Year ended
August 31, 2011 |
Year ended
August 31, 2010 |
| Total Revenues |
1,773,845 |
17,649,841 |
| Cost of sales |
(2,849,298) |
(16,489,167) |
| Depletion, amortization, accretion |
(243,107) |
(1,651,096) |
| Mining Loss |
(1,318,560) |
(490,422) |
| Temporary shutdown costs |
(2,457,224) |
- |
General & administrative, stock-based compensation,
exploration costs written-off |
(1,000,494) |
(2,280,131) |
| Loss from Operations |
(4,776,278) |
(2,770,553) |
| Write-down of plant & equipment and parts |
(17,557,960) |
- |
| Foreign Exchange gains (losses) and other |
185,003 |
(75,943) |
| Income and mining tax recovery provision |
(1,515,643) |
(11,393,180) |
| Net Loss for the Year |
(23,664,878) |
(14,239,676) |
| Loss per Share - Basic and Diluted |
(0.21) |
(0.15) |
ROCA MINES INC.
"David Skerlec"
____________________________________________
David J. Skerlec - Chief Financial Officer
For further information contact:
Tel: 604-684-2900
Fax: 604-684-2902
Email: info@rocamines.com
Web: www.rocamines.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright � 2011 ROCA MINES INC. (ROK) All rights reserved. For more information visit our website at http://www.rocamines.com/ or send email to info@rocamines.com ..
|
|
Roca Mines Inc.
|
|
DEVELOPMENT STAGE |
|
CODE : ROK.V |
|
|
|
|
| |
ProfileMarket
IndicatorsVALUE :
Projects & res.Press
releasesAnnual
reportRISK :
Asset profileContact Cpy |
Roca Mines is a gold and molybdenum exploration company based in Canada. Roca Mines holds various exploration projects in Canada. Its main asset in development is MAX in Canada and its main exploration properties are FOREMORE and SEAGOLD in Canada. Roca Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 37.0 millions as of today (US$ 27.0 millions, € 25.2 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 3.98, and its lowest recent point on August 24, 2012 at CA$ 0.02. Roca Mines has 123 250 000 shares outstanding. |
| Annual reports of Roca Mines Inc. |
| Financings of Roca Mines Inc. |
| Option Grants of Roca Mines Inc. |
| Nominations of Roca Mines Inc. |
| Financials of Roca Mines Inc. |
| Project news of Roca Mines Inc. |
 |
| Corporate news of Roca Mines Inc. |
|
|