Liberty Mines Reports Financial Results for First Quarter 2013

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[{"type":"text","content":"\n\n\n\n\n\nTSX: LBE    \n\n\nTORONTO, May 9, 2013 /CNW/ - Liberty Mines Inc. (TSX: LBE) (\"Liberty\" or the \"Company\") today\n reported its financial results for the 3-month period ended March 31,\n 2013. All amounts are in Canadian currency.\n\n\nDuring Q1 the Company focused its efforts on reducing its ongoing cash\n requirements to maintain the business in a care and maintenance mode. \n Given the current suppressed nickel price, the Company expects the\n Timmins operations will remain shut down for at least the balance of\n 2013 if not longer. The Company has elected to allow the McWatters Mine\n to flood but pumping continues at the Redstone Mine.   As part of the\n cost savings initiatives, a further reduction in personnel has been\n made across the organization including some members from the executive\n team.\n\n\nFurther to the Company's press releases dated January 23, 2013 and March\n 27, 2013 the Company continues its internal review of the\n identification of chrysotile at the McWatters Mine.  The Company has\n been working with the Ministry of Labour to address all applicable\n health and safety issues with respect to the Timmins site and is in\n communication with all applicable regulatory authorities.  It has been\n determined that the Company's Mill will need to be decontaminated\n before any activities can be resumed.\n\n\nSelected financial highlights\n\n\nAll amounts in thousands except share data\n\n\n   March 31, 2013\n\n\n   March 31, 2012\n\n\nRevenue\n\n\n$29\n\n\n$19\n\n\nCost of sales\n\n\n$2,887\n\n\n$4,815\n\n\nNet (loss) income\n\n\n$(6,156)\n\n\n$(7,990)\n\n\nBasic earnings (loss) per share\n\n\n$(0.03)\n\n\n$(0.04)\n\n\n \n\n\nMarch 31, 2013\n\n\nMarch 31, 2012\n\n\nCash and Cash Equivalents\n\n\n$404\n\n\n$547\n\n\nTotal Assets\n\n\n$52,409\n\n\n$91,505\n\n\nTotal Liabilities\n\n\n$128,850\n\n\n$105,852\n\n\n\n\n\nReview of Q1 Financial Performance\nRevenue for Q1 2013 was $29,372 up from $19,240 for Q1 2012.   The\n increase was a result of revenue received for PGM credits from the\n concentrate Xstrata processed during operations in 2012.\n\n\nNet loss for Q1 2013 was $6.1 million or $0.03 per basic and fully\n diluted share.  The loss included amortization expenses of $2.1\n million, interest on long-t...

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