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Bass Metals Ltd

Publié le 26 septembre 2008

Delivers Maiden $1.8M Net Profit Underpinned by Strong Production at Que River

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Mots clés associés :   Nickel | Zinc |

Bass Metals Ltd (ASX: BSM)

 

MEDIA RELEASE                                                                                                                              26 SEPTEMBER 2008

 

BASS METALS DELIVERS MAIDEN $1.8M NET PROFIT UNDERPINNED BY STRONG PRODUCTION AT QUE RIVER

 

?   Net Profit After Tax for 2008 Financial Year of $1.8 million, equating to earnings per share of 1.8 cents.

?   Que River mining operation trend of consistently delivering higher-than-expected tonnes and grade expected to continue.

?   Strong operating margins and hedging position, with total margin over costs after hedging gains of 52%.

 

 

Emerging Perth-based base metals company, Bass Metals Ltd (ASX: BSM) has confirmed a positive financial and operational outlook for its Que River base metals project in northwest Tasmania, today announcing a maiden $1.78 million net profit after tax for the 2008 financial year, underpinned by strong high-grade production from the Que River operation.

 

The result, which compared to an operating loss of $1.3 million in the 2007 financial year, was based on mining of 43,827 tonnes of ore from Que River at a grade of 11.3% Zn, 6.1% Pb, 0.3% Cu, 162g/t Ag and 2.9g/t Au.  Ore sales for the year comprised 37,965 tonnes at 11.9% Zn, 6.7% Pb, 0.4 % Cu, 161g/t Ag and 3.03g/t Au.

 

The Que River Mine generated a gross profit of $2.2 million from ore sales revenue of $9.4 million, excluding gains from derivatives.  This translated into a Net Profit After Tax for Bass Metals of $1.8 million, equating to basic earnings of 1.8 cents per share.

 

Managing Director of Bass Metals, Mr Mike Rosenstreich, said it was a strong result in a relatively difficult operating environment.

 

?This maiden profit result for Bass Metals is a terrific outcome, with our moderately scaled ? but very high grade ? Que River operation generating positive cashflow to fund ongoing exploration,? he said.  ?This was a strong performance by the Company in light of the recent cost increases and weakness in metals prices.  It highlights the outstanding growth potential for Bass Metals once we crank-up the bigger scale Hellyer/Fossey project.?

 

Mr Rosenstreich said ore grades being recovered from Que River were significantly higher than expected.

 

?For the first three months of the 2009 financial year we have mined and delivered ore with grades in excess of 30% combined zinc and lead, with strong silver and gold credits.  The Que River Mine - particularly the PQ pit - is currently generating twice as much ore as we predicted at significantly higher grades, and this trend is expected to continue,? he commented.

 

Ore sales for the year averaged $247/t ore sold, at an operating cost of $188/t, resulting in an operating margin of 31% over costs.  The net gain from derivative financial instruments was $1.4 million, equating to $38 per tonne of ore sold giving a total margin over costs after hedging gains of 52%.

 

During the year, Bass Metals committed $3.3 million to exploration. Highlights of the Company?s exploration programme included the discovery and drill out of the high-grade polymetallic ?Fossey Zone? where an initial resource estimate is expected in late September 2008.  In addition, a maiden resource estimate was delivered for the Hellyer Project (Indicated and Inferred) of 748,000 tonnes grading 7% zinc, 4% lead, 0.3% Cu, 87g/t silver and 1.3g/t gold; and a number of new exploration targets were generated, including the Heazlewood Nickel prospect.

 

At the end of the financial year, the Company had a working capital position of $7.3 million, including cash and cash equivalents of $4.4 million.  Net assets totalled $22.3 million, or 21.5 cents per share.

 

?Bass Metals is in a strong financial position, with high-grade production funding a very exciting exploration programme,? Mr Rosenstreich said.  ?While the Company?s share price currently represents a major discount to our net asset position, we hope that our move to becoming self-funding and the growth in our underlying asset base will soon bring value back to our share price.?

 

- ENDS -

 

Released by:

Nicholas Read / Kate Bell

Read Corporate

Telephone: (08) 9388-1474

On behalf of:

Mr Mike Rosenstreich

Managing Director

Bass Metals Ltd

Telephone: (+61-8) 9322 8044

Website: www.bassmetals.com

 

 

 

 

 

READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

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Bass Metals Ltd

PRODUCTEUR
CODE : BSM.AX
ISIN : AU000000BSM8
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Bass Metals est une société de production minière de plomb et de zinc basée en Australie.

Bass Metals est productrice de plomb, de zinc, d'argent, de cuivre et d'or en Australie, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc en Australie.

Son principal projet en production est QUE RIVER MINE en Australie, son principal projet en développement est HELLYER MINE en Australie et ses principaux projets en exploration sont WHYTE RIVER, HEAZLEWOOD, STERLING VALLEY, MAGNET JV, LYNCHFORD JV, LEVEN RIVER JV, OONAH JV, MT CHARTER et FARRELL en Australie.

Bass Metals est cotée en Australie. Sa capitalisation boursière aujourd'hui est 417,3 millions AU$ (299,4 millions US$, 257,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 18 février 2011 à 0,47 AU$, et son plus bas niveau récent le 27 juin 2014 à 0,00 AU$.

Bass Metals possède 1 368 150 016 actions en circulation.

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Nominations de Bass Metals Ltd
28/08/2008Appointment of new Exploration Manager
Projets de Bass Metals Ltd
09/12/2011Commercial Robustness of Hellyer Gold Project
20/10/2011McKay High-Grade Hit
28/07/2010(Hellyer Mine)Positive Gold Processing Scoping Study Outcomes
27/01/2010(Hellyer Mine)to Develop its Second Base Metals Mine in Tasmania
18/08/2009(Hellyer Mine)Updated Fossey Zone Resource
23/06/2009(Hellyer Mine)Hellyer Mine Lease Transfer & Tails Resource Update
17/02/2009(Que River Mine)Que River Drilling Update
10/02/2009(Que River Mine)Que River Ore Reserve Upgrade
04/02/2009(Hellyer Mine)Fossey Zone Drilling Update
11/12/2008(Hellyer Mine)Expands Growth Horizons With Landmark $4m Hellyer Mill Acqui...
14/11/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
30/09/2008(Hellyer Mine)Fossey Zone Resource - Doubles Hellyer Resources
26/09/2008(Que River Mine)Delivers Maiden $1.8M Net Profit Underpinned by Strong Produ...
08/09/2008(Que River Mine)Hellyer & Que River Mine Update
19/08/2008Further Progress on High-Grade Polymetallic Mineralisation a...
01/07/2008(Hellyer Mine)High grade drill intercepts at Fossey Zone
23/06/2008(Que River Mine)Que River Mine Operations Update
02/05/2008 Fossey Zone - High Grade Drill Intercept
17/04/2008(Hellyer Mine)Hellyer Mine Project- High Grade Drill Intercept
10/03/2008Bass Metals: Fossey Zone, Hellyer - Further High Grade Assay...
27/02/200819 Metre High Grade Intersection at Fossey Zone, Hellyer
12/02/2008 Further High Grade Base Metal Intersections at Fossey Zone
Communiqués de Presse de Bass Metals Ltd
27/05/2016Bass Transaction Update
04/12/2015Bass Transaction Update 4 December 2015
18/09/2015Bass Metals Ltd Investment Update
29/12/201330.12.2013 Quarterly Activities Report
25/10/2011MD Interview =e2?? Quarterly and Capital Raising
25/10/2011September Quarterly Report - A Strong Recovery
13/10/2011Open Investor Forums - Brisbane, Sydney, Melbourne, Perth an...
15/09/2011Prospectus and Update Interview
20/07/2011Rebuilding Lost Value
15/06/2010European Investor Roadshow
11/06/2010New Broker Research from Intersuisse
29/01/2010December 2009 Quarterly Report Of Activities & Cashflow
05/10/2009Hellyer Toll Treatment Letter of Intent
28/09/2009Bass poised for strong growth after sharp increase in profit
14/09/2009Reaches Agreement to Extend Que River Ore Sales
30/07/2009June 2009 Quarterly Report
11/03/2009Delivers $4.5M First Half Profit on Strong Que River Perform...
24/12/2008Drilling Update
20/08/2008Iron, Tin & Tungsten - new Joint Venture
30/07/2008June 2008 Quarterly Activities Report
17/07/2008Metal - Hellyer Project Drilling Update - Fossey Zone Strike...
15/05/2008Exploration & Development Update
24/04/2008Stong March Qtly Report
24/04/2008Quarterly Activities Report - March 2008
31/01/2008December 2007 Quarterly Activities Report
21/12/2007Final Update for 2007
21/11/2007Patersons Research Report
26/06/2007Signs Key Que River Off-take Agreement with Zinifex
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