| | Publié le 13 avril 2011 | Announces Record Net Earnings Up 196% In 2010 |
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IMPACT Silver Announces Record Net Earnings Up 196% In 2010
IMPACT
Silver Corp. ("the Company" or "IMPACT") is pleased to
announce the audited financial results for the Company's year ending December
31, 2010. The full version of the financial statements and the Management's
Discussion and Analysis can be viewed on the Company's website at www.impactsilver.com or on SEDAR at www.sedar.com.
2010 HIGHLIGHTS
- Revenues for the year reached
$16.7 million, up 37% from $12.2 million in 2009.
- Net earnings for the year
reached $3.4 million, up 196% from $1.2 million in 2009.
- Mine operating earnings were
$7.4 million, up 79% from $4.2 million in 2009.
- Silver production for the year
reached 750,259 ounces, marginally down 9% from 823,571 ounces in 2009 as
the Company revised cut-off grades and mined more medium grade ore because
of high silver prices.
- Cash flows from operations
before changes in non-cash working capital1 were $5.6 million, up 49% from
$3.7 million in 2009.
- Revenue per production tonne sold for the year reached $123.25, up 13% from
$109.51 in 2009, while direct costs per tonne
produced marginally increased from $58.43 to $63.29 per tonne.
- After investing $5.1 million in
property, plant and equipment, resource properties and exploration during
2009, the Company had cash and cash equivalents of $18.7 million, up 253%
from $5.3 million in 2009.
FINANCIAL SUMMARY ($CDN)
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Three
Months Ended
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Year
Ended
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Dec 31st
2010
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Dec
31st2009
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Dec 31st
2010
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Dec 31st
2009
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Revenues
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$6,819,859
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$2,333,152
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$16,677,710
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$12,176,115
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Mine Operating Earnings
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$3,543,317
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$419,439
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$7,435,484
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$4,164,719
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Net Earnings
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$2,109,956
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$115,571
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$3,437,675
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$1,159,661
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Earnings per Share
-Basic & Fully Diluted
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$0.04
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$0.00
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$0.07
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$0.02
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Cash Flow from
Operations 1
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$2,341,450
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$164,122
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$5,550,411
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$3,734,980
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1 Cash flows from operations before changes in non-cash
working capital is a non-GAAP measure which the Company believes
provides a better indicator of the Company's ability to generate cash flows
from its mining operations.
KEY ACCOMPLISHMENTS
- Completed $15 million private
placement financing consisting of 12 million units at a price of $1.25 per
unit, of which 8.75 million units were sold pursuant to a brokered portion
of the private placement and 3.25 million units were sold pursuant to a
non-brokered portion of the private placement (See news release dated December 15, 2010).
- Updated NI43-101 Mineral
Resource Estimate for the Capire Project in the Mamatla Silver District, Tonnes
in the Measured Mineral Resource category increased by 18% and contained
in-ground silver ounces increased by 9% over the 2009 study (see IMPACT
Silver news release dated February 1, 2011).
- Commenced mining at new Noche Buena Mine during the first quarter 2010. This
is the third new mine discovered by the IMPACT team from discovery hole to
production stage within 15 months, and provided 18% of the total mill feed
by end of 2010. (See
news release March
4, 2010).
- Compiled over 2,000 historical
mine workings from IMPACT's 472-square-kilometer land package, of which
only a fraction have been drill tested (see news release January 20, 2011).
- Completed purchase of
200-tonne-per-day ("tpd") Veta Grande processing plant in the Zacatecas District
(See news release dated March 23, 2010).
- Acquired 150 square kilometers
of new large mineral concessions in the Zacualpan
Silver District bringing the total claim holdings in the Zacualpan-Mamatla Districts under IMPACT's control
from 472 square kilometers to 623 square kilometres
(See news release dated August 10, 2010).
PRODUCTION
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Three
Months Ended
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Year
Ended
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Dec 31st
2010
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Dec 31st
2009
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% Change
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Dec 31st
2010
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Dec 31st
2009
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% Change
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Total tonnes (t) produced
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33,603
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28,921
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+16%
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131,348
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114,340
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+15%
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Tonnes produced per day
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365
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314
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+16%
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360
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313
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+15%
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Silver production (oz)
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203,259
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160,613
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+27%
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750,259
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823,571
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-9%
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Lead production (t)
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174
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206
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-15%
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734
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969
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-24%
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Zinc production (t)
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363
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279
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+30%
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1,212
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1,098
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+10%
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Revenue per production tonne sold ($CDN)
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168.39
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91.08
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+85%
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$123.25
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$109.51
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+13.%
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Direct costs per tonne produced ($CDN)
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78.26
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65.02
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+20%
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$63.29
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$60.39
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+5%
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During 2010, Chivo Mine continues to contribute the
majority of the high grade silver production at 56% (2009 -- 80%) of the mill
feed. The San Ramon Mine provided 32% (2008 -- 20%) of mill feed from the
mining of additional high grade mineral from the new wide zone of silver-rich
stock work breccia style mineralization
discovered on level 5.5, and is expected to increase production at San Ramon.
The new Noche Buena Mine provided 12% (2009 --nil)
and is planned to increase as additional mining faces are developed as well as
further development underground on adjacent veins. Higher prices for silver,
lead and zinc allowed the Company to revise cut-off grades and mine medium
grade areas, resulting in $2.3 million in positive cash flows from operations
before changes in non-cash working capital. The mill throughput declined
slightly as the Company continued to experience heavy rainfall into the fourth
quarter of 2010.
EXPLORATION
Exploration was active in many areas as surface and underground drilling
continued on a number of IMPACT's projects with a focus on the Capire Project in the Mamatla
Silver District scheduled for production in late 2011. The Company was pleased
to announce an updated NI43-101 Mineral Resource Estimate for Capire Project in the Mamatla
Silver District, totalling 7.2 million ounces silver,
95.6 million lbs zinc and 37.2 million lbs lead. Tonnes
in the Measured Mineral Resource category increased by 18% and contained
in-ground silver ounces increased by 9% over the 2009 study (see IMPACT Silver
news release dated February 1, 2011 and the final NI43-101 report is be
posted on www.sedar.com for comparison).
The Capire Project is now in the mine planning and
permitting stage. Initial plans are to first install a 200-tpd pilot plant and
starter open pit. This pilot plant operation is designed to test metallurgical
recoveries on a significant scale, provide detailed information on mining costs
and optimize mining and processing methods toward planning for a larger
operation. The Company previously purchased a semi-portable 200-tpd plant (see
IMPACT news release dated January 29, 2008), which is presently in storage at
the Zacualpan operations site and will contribute to
minimizing start up costs. The starter open pit will be excavated on the
western portion of the Capire Zone to access near
surface high grade silver-zinc-lead-copper-gold VMS mineralization. The
orientation and shallow depth of the mineralization favours
open pit mining for much of the zone. IMPACT has acquired surface rights for
all mining areas and the processing plant site at Capire.
The permitting process for the operations has been initiated. Condemnation
drilling under the plant site and tailings area was completed in the first
quarter of 2011. The zone remains open to expansion in all directions. A
minimum 10,000-meter drilling program is currently in progress targeting Capire and other nearby zones. It is operated by a team of
geologists dedicated to the development of the Capire
Project.
As of December 31, 2010, over 2,000 old mine workings have been entered into
the GIS database with exploration focusing on expanding on these targets. The
exploration program for 2011 is budgeted for minimum 20,000 meters of surface
and underground drilling, and will be funded through existing cash balances and
positive cash flow from mining operations.
OUTLOOK 2011
The Company is well positioned for growth with $18.7 million in cash and cash
equivalents and no long term debt. Plans are to further increase throughput at
the Guadalupe mill to ultimately reach its rated capacity of 500 tpd. This will be accomplished with the addition of the new
Noche Buena Mine with production to increase as
additional mining faces are developed. More importantly, the planned initial production
of the Capire Project scheduled for late 2011 will
significantly increase production throughput into 2012. The aggressive
exploration budget for 2011 will help fast track a number of targets identified
in the GIS database.
On behalf of the Directors of IMPACT Silver Corp.,
"Frederick W. Davidson"
President & CEO
For further information, please contact:
Sunny Pannu, Investor Relations
(604) 681 0172
Neither 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.
Forward-Looking
Statements.
This IMPACT News Release contains certain "forward-looking"
statements and information relating to IMPACT that are
based on the beliefs of IMPACT management, as well as assumptions made by and
information currently available to IMPACT management. Such statements reflect
the current risks, uncertainties and assumptions related to certain factors
including, but not limited to, without limitations, exploration and development
risks, expenditure and financing requirements, title matters, operating
hazards, metal prices, political and economic factors, competitive factors,
general economic conditions, relationships with vendors and strategic partners,
governmental regulation and supervision, seasonality, technological change,
industry practices, and one-time events. Should any one or more risks or
uncertainties materialize or change, or should any underlying assumptions prove
incorrect, actual results and forward-looking statements may vary materially
from those described herein. IMPACT does not assume the obligation to update
any forward-looking statement.
Copyright �
2011 IMPACT SILVER CORP. (IPT) All rights reserved.
For more information visit our website at http://www.impactsilver.com/ or send email to inquiries@impactsilver.com ..
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PRODUCTEUR |
CODE : IPT.V |
ISIN : CA45257A1021 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Impact Silver est une société de production minière d'argent basée au Canada. Impact Silver est productrice d'argent, de plomb et de zinc au Mexique, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc au Mexique, et détient divers projets d'exploration au Mexique. Son principal projet en production est ZACUALPAN au Mexique, son principal projet en développement est CAPIRE au Mexique et ses principaux projets en exploration sont ZACATECAS (VETA GRANDE), MAMATLA AURORA, OSCAR, SAN SABINO ZACATECAS et HUATECOSCO au Mexique. Impact Silver est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 11,4 millions (8,4 millions US$, 7,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 07 mars 1997 à 4,25 , et son plus bas niveau récent le 25 janvier 2002 à 0,01 . Impact Silver possède 47 442 200 actions en circulation. |
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