Announces interim dividend of Cdn 4.5 cents per share
Cash costs lower at US 60 cents per pound
VANCOUVER, Aug. 5 /CNW/ - AMERIGO RESOURCES LTD. reported results of the
six-month period ended June 30, 2005 today. Significant events are as follows:
- Net earnings after tax for the quarter ended June 30, 2005 were
US$4,635,764 compared to earnings of US$1,644,722 in the immediately
preceding quarter. Earnings were higher due to strong molybdenum by-
product credits and strong copper prices.
- An interim dividend of Cdn 4.5 cents per share was declared.
- Earnings for the six months ended June 30, 2005 were US$6,280,486, or
US$0.09 non-diluted.
- Copper produced in Q2-2005 was 7.07 million pounds, compared to 7.50
million pounds of copper produced in the preceding quarter, totalling
14.57 million pounds of copper year to date. Copper production is
expected to increase in the third quarter.
- Molybdenum production in the quarter was 155,726 pounds, for
essentially two months of production.
- Cash costs before El Teniente royalty were significantly lower at
US$0.60 per pound in Q2 - 2005 compared to US$0.91/lb in the preceding
quarter and US$0.59/lb in Q2-2004, primarily due to molybdenum by-
product credits.
Total costs after royalty, depreciation and accretion were lower at
US$0.90 per pound in Q2 - 2005 compared to US$1.14/lb in the preceding
quarter and US$0.78/lb in Q2-2004.
- Cash balances increased significantly to US$15.2M at June 30, 2005
after capital expenditures of US$4.6M in Q2-2005 related to the copper
plant expansion. Cash increased by US$8.4M in the quarter from the
exercise of virtually all the outstanding warrants of the Company.
The information in this news release and the Selected Financial
Information contained in the following page should be read in conjunction with
the Consolidated Financial Statements and Management Discussion and Analysis
for the period ended June 30, 2005, which will be available at the Company's
website at www.amerigoresources.com and at www.sedar.com.
Amerigo Resources Ltd. is a Canadian copper and molybdenum producing
company forecasting 15,000 tonnes of copper production and 600,000 pounds of
molybdenum in 2005 from its MVC operations near Santiago, Chile. Tel:
(604) 681-2802; Fax: (604) 682-2802; Web: www.amerigoresources.com; Listing:
ARG:TSX
The Toronto Stock Exchange has not reviewed nor accepted responsibility
for the adequacy or accuracy of the contents of this news release, which
has been prepared by management.
Statements contained in this news release that are not historical facts
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed in the
Company's filings with the TSX and on SEDAR. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's management on
the date the statements are made. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
AMERIGO RESOURCES LIMITED
SELECTED FINANCIAL INFORMATION
THREE MONTHS ENDED JUNE 30, 2005 AND 2004
-----------------------------------------
All figures are in US Dollars
Consolidated Balance Sheets
June 30, December 31,
2005 2004
$ $
--------------------------
Cash and cash equivalents 15,157,266 8,239,089
Mineral property, plant and equipment
43,019,774 34,479,801
Total assets 68,401,034 48,469,945
--------------------------
--------------------------
Total liabilities 12,449,652 11,067,001
Shareholders' equity 55,951,382 37,402,944
Total liabilities and shareholders' equity 68,401,034 48,469,945
--------------------------
--------------------------
Consolidated Statements of Operations
Three months Three months
ended ended
June 30, June 30,
2005 2004
$ $
--------------------------
Copper sales, gross 11,302,909 8,218,154
Net revenue 8,457,317 6,928,416
Cost of sales 3,454,289 4,669,912
Other expenses 650,498 220,903
Non-operating items (865,563) (63,935)
Income tax expense, net of recoveries 421,514 360,092
Minority Interest 160,815 115,986
--------------------------
Net earnings 4,635,764 1,625,458
--------------------------
--------------------------
EPS - Basic 0.0607 0.0256
EPS - Diluted 0.0525 0.0188
Consolidated Statements of Cash Flows
Three months Three months
ended ended
June 30, June 30,
2005 2004
$ $
--------------------------
Net cash provided by operating activities 2,202,756 3,700,531
Net cash used in investing activities (4,643,315) (891,818)
Net cash provided by (used in) financing
activities 8,778,358 (4,682)
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