Business
Andean American Mining Announces 2009 Financial and Operational Results
Andean American Mining Announces 2009 Financial and Operational Results
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"\nAndean American Mining Announces 2009 Financial and Operational Results\n\n\n Aug. 14, 2009 (Filing Services Canada) -- Andean American Mining Corp. (AAG - TSX Venture, AQN - FWB), (All figures in Canadian dollars unless otherwise noted)The Board of Directors of Andean American Mining Corp. today announced that its audited financial results for the fiscal year ended March 31, 2009 have been filed with SEDAR at www.sedar.com.Highlights: Financial- * Recorded a net loss of $5,738,809 or $0.07 per share for year, compared to a net loss of $19,975,935 or $0.31 per share in 2008. * The difference in the net loss from the prior year is due to the write down of $9,582,599 on the Santa Rosa property in 2008 and the dilution loss on the subsidiary of $3,994,497. The net loss is mainly attributable to general and administrative expenses, stock based compensation and foreign exchange loss.* Revenues were $2,940,479 compared with $5,829,730 in 2008. * Capital expenditures in 2009 amounted to $5,630,814 compared with $12,153,971 in 2008, mainly for exploration activities, equipment purchases and property acquisitions. Operational- * Over 26,000 metres of diamond drilling led to an updated NI 43-101 resource estimate by Victor Jaramillo, P.Geo., of Discover Geological Consultants for the Invicta Project in August of 2008. The measured and indicated resources were used as the basis for the feasibility study which was completed in June of 2009 after an audit by Guy Lokhorst, P.Eng., of The Lokhorst Ventures Group. The Study reports an operating cost for the mine and plant of 28.92 USD/t and a capital cost of USD 65.3 million. The sum of the 5-years bulk revenue is USD 600.1 million and net profits are USD 185.3 million, with a gold base price of USD 900/oz and copper base price of USD 2.00/lb. The Net Present Value at 11% discount rate of the 5-year free cash flow net of debt amortization amounts to USD 159 million in the base case scenario. The Company expects pre-production mine development to take approximately 12 months from project initiation.* At the Sinchao Project an initial resource estimate was calculated during the fourth quarter of 2008. The NI 43-101 compliant resource estimate was completed using 42 diamond drill holes. An inferred resource of 237 million tonnes grading 0.47% copper, 0.49 g/t gold and 12.1 g/t silver was estimat...