Business
U.S. Silver & Gold Reports Fourth Quarter and Year-End 2012 Financial Results
TORONTO, March 28, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) ("U....
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nTORONTO, March 28, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA)\n (OTCQX: USGIF) (\"U.S. Silver & Gold\" or the \"Company\") today reported\n year-end financial and operational results for 2012.\n\n\nThis earnings release should be read in conjunction with the Company's\n MD&A, Financial Statements and Notes to Financial Statements for the\n corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.us-silver.com. \n\n\nAll figures are in U.S. dollars unless otherwise noted.\n\n\nFinancial Highlights \n\n\nFor the fourth quarter of 2012, the Company reported the following\n results from continuing operations:\n\n\n\nRevenues of $25.5 million\n\n\nAdjusted net income of $0.3 million or $0.01 per share prior to a $14.4\n million non-cash impairment charge related to the Drumlummon Mine and\n one-time, merger-related expenses\n\n\nNet loss of $16.6 million or $0.27 per share\n\n\nStrong production of 661,000 silver ounces at cash costs of $17.65 per\n silver ounce\n\n\nCash balance of $18.9 million at December 31, 2012\n\n\n\nFor the full year 2012, the Company reported the following results from\n continuing operations:\n\n\n\nRevenues of $94.9 million\n\n\nAdjusted net income of $4.7 million or $0.08 per share prior to a $14.4\n million non-cash impairment charge related to the Drumlummon Mine and\n one-time, merger-related expenses\n\n\nNet loss of $17.8 million, or $0.29 per share\n\n\nProduction of 2.57 million silver ounces at cash costs of $18.33 per\n ounce with the Drumlummon Mine consolidated for the full fiscal year\n 2012\n\n\n\nEarnings for the quarter and full year were impacted by non-cash\n impairment charges related to the Drumlummon mine. These non-cash\n charges were identified as part of the Company's normal course value\n impairment testing and were due to a number of factors, including a\n capital allocation decision to focus exploration spending in 2013 on\n the Caladay Zone at the Galena Complex, a year-over-year reduction in\n measured, indicated and inferred resources, an industry-wide reduction\n in precious metal valuations and increases in operating costs.\n\n\n\"The Caladay Zone has the potential to double the Company's silver\n production and significantly reduce operating costs without the need to\n is...