Atna Resources Reports Second Quarter
Earnings of $1.1 Million
Golden, CO - Atna Resources Ltd. ("Atna"
or the "Company") (TSX:ATN /
OTCBB:ATNAF) today reported unaudited interim financial results for the
Company's second quarter ended June 30, 2011. Unless otherwise
designated, all amounts are in U.S. dollars. Additional details may be
found in the second quarter MD&A and Financials filed on SEDAR and
EDGAR or it may be found on the Company's website at www.atna.com.
Highlights for Second Quarter 2011 and Subsequent Period:
- Atna generated positive
earnings of $1.1 million or $0.01 per share, on revenues of $11.8
million; its first positive earnings from operations;
- In
August 2011, the Company signed an Asset Purchase and Sale Agreement
with Pinson Mining Company ("PMC"), a subsidiary of Barrick Gold Corporation, to consolidate 100
percent control of the Pinson Mine. The transaction will give Atna control of a high grade gold resource on
the prolific Getchell gold belt of northern Nevada;
- Associated
with the Pinson Agreement, the Company arranged a $20 million Credit
Agreement with Sprott Resource Lending
Partnership ("Sprott") to
finance the Pinson acquisition;
- Gold
absorbed on carbon in July 2011 was 3,163 ounces, a new internal
production record for the Briggs Mine in California;
- Briggs
produced $3.8 million in positive operating cash flow and $2.7
million of net operating profit;
- Drilling
at North Main Briggs and Deep Briggs continued to encounter
significant gold mineralization and resulted in the expansion of
both zones;
- Expansion
projects increasing leach pad and gold plant capacity were completed
on budget in June and have increased daily gold production during
July and August;
- The
Company sold its interest in the Atlanta property in Nevada for $0.7
million in cash and stock and retained a three percent net smelter
return ("NSR") royalty interest; and
- The
Company optioned out three Canadian properties for total potential
future payments of $1.6 million plus various NSR royalty positions
ranging from 0.5 to 1.3 percent.
Additional Highlights for Six Months Ended June 30, 2011:
- Atna generated positive
earnings of $1.0 million or $0.01 per share on a consolidated basis;
- Briggs
produced $6.1 million in positive operating cash flow and $4.4
million of net operating profit;
- Total
debt was reduced by $4.4 million with payments on the Gold Bond,
equipment notes, capital leases and repayment of all outstanding
debentures that were either converted to equity or repaid.
Second Quarter Financial Results:
For the three months ended June 30, 2011, Atna
recorded net income of $1.1 million, or basic income per share of $0.01,
on revenues of $11.8 million. This compares to a net loss of $2.8
million, or a basic loss per share of $0.03, on revenues of $6.7 million
for the three months ended June 30, 2010. For the three months ended June
30, 2011, cash and cash equivalents were $4.6 million, a decrease of $1.7
million from March 31, 2011. Please see the following summarized table of
financial data for more information on the financial balances and
results.
Management Changes:
Mr. David Suleski has resigned as Vice
President and Chief Financial Officer of the Company effective August 15,
2011. The Company thanks Mr. Suleski for his
years of service and wishes him well in his future career. Mr. Robert Fye, Controller of the Company, will assume the
duties of acting CFO.
Conference Call:
Management will host a conference call on Tuesday, August 16, 2011, at
11:00 a.m. Eastern time, to discuss these results and general corporate
and project activities. Participants in the U.S. and Canada dial (877)
559-1977; International callers dial (660) 422-4979. Please reference
conference ID #91432756
A replay of the second quarter call will be available through midnight
Eastern on, August 18th, 2011, by dialing (800) 642-1687 or (706)
645-9291, reference conference ID # 91432756
For additional information on Atna, its mining,
development and exploration projects, please visit our website at www.atna.com.
This press release contains certain "forward-looking
statements," as defined in the United States Private Securities
Litigation Reform Act of 1995, and within the meaning of Canadian
securities legislation. Forward-looking statements are statements that
are not historical fact. They are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made
and they involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs,
estimates or opinions, or other factors, should change. Factors that
could cause future results to differ materially from those anticipated in
these forward-looking statements include: the Company might encounter
problems such as the significant depreciation of metals prices; accidents
and other risks associated with mining exploration and development
operations; the risk that the Company will encounter unanticipated
geological factors; the Company's need for and ability to obtain
additional financing; the possibility that the Company may not be able to
secure permitting and other governmental clearances necessary to carry
out the Company's exploration programs; and the other risk factors
discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with
Canadian securities regulators and its filings with the U.S. Securities
and Exchange Commission, including the Company's 2010 Form 20-F dated
March 23, 2011.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303)
278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
www.atna.com
ATNA RESOURCES LTD. AND SUBSIDIARIES
|
SUMMARIZED
CONSOLIDATED FINANCIAL INFORMATION
|
(US dollars, IFRS basis)
|
(Unaudited)
|
|
|
|
June 30,
|
|
December 31,
|
|
|
BALANCE SHEETS
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
$ 19,845,800
|
|
$ 22,433,600
|
|
|
Non-current
assets
|
|
|
65,503,600
|
|
60,772,500
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
85,349,400
|
|
83,206,100
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
13,414,900
|
|
12,261,300
|
|
|
Notes payable - long term
|
|
|
2,004,000
|
|
2,406,600
|
|
|
Gold bonds, net of discount
|
|
|
5,164,000
|
|
6,781,000
|
|
|
Other non-current liabilities
|
|
|
5,470,500
|
|
4,620,600
|
|
|
Shareholders' equity
|
|
|
59,296,000
|
|
57,136,600
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
$ 85,349,400
|
|
$ 83,206,100
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
June 30,
|
|
June 30,
|
STATEMENTS OF OPERATIONS
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
Revenues
|
$ 11,753,400
|
|
$ 6,655,000
|
|
$ 20,963,100
|
|
$ 12,741,700
|
Cost of sales
|
8,842,100
|
|
6,138,700
|
|
16,279,000
|
|
11,992,400
|
Depreciation
|
32,600
|
|
30,000
|
|
65,200
|
|
56,100
|
General and administrative
|
1,078,900
|
|
825,300
|
|
2,060,900
|
|
1,863,200
|
Exploration
|
219,100
|
|
231,000
|
|
290,900
|
|
573,900
|
Other expense, net
|
435,500
|
|
2,181,500
|
|
1,270,100
|
|
2,597,100
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
1,145,200
|
|
(2,751,500)
|
|
997,000
|
|
(4,341,000)
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
1,089,400
|
|
(2,775,000)
|
|
984,000
|
|
(4,582,000)
|
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per share
|
$ 0.01
|
|
$ (0.03)
|
|
$ 0.01
|
|
$ (0.05)
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
101,002,468
|
|
83,307,478
|
|
100,240,037
|
|
83,308,172
|
|
|
|
|
|
|
|
|
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of the
period
|
$ 6,216,300
|
|
$ 8,847,500
|
|
$ 9,593,200
|
|
$ 13,060,300
|
Net cash provided by (used in) operating
activities
|
1,983,400
|
|
(1,691,500)
|
|
2,620,000
|
|
(3,770,700)
|
Net cash used in investing activities
|
(2,477,900)
|
|
(309,400)
|
|
(4,194,800)
|
|
(1,124,200)
|
Net cash used in financing activities
|
(1,161,900)
|
|
(1,377,800)
|
|
(3,461,700)
|
|
(2,711,500)
|
Effect of exchange rate changes on cash
|
(4,900)
|
|
(8,200)
|
|
(1,700)
|
|
6,700
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of the period
|
$
4,555,000
|
|
$
5,460,600
|
|
$
4,555,000
|
|
$
5,460,600
|
|
|
|
|
|
|
|
|
|