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IMPACT Silver Announces Q2 2019 Financial & Production Results
IMPACT Silver Announces Q2 2019 Financial & Production Results IMPACT Silver A...
About this update from Impact Silver Corp.
[{"type":"text","content":"\n\n\n\nIMPACT Silver Announces Q2 2019 Financial & Production Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIMPACT Silver Announces Q2 2019 Financial & Production Results\nCanada NewsWire\nVANCOUVER, Aug. 14, 2019\n\n\n\nTrading Symbol: \"IPT: TSX.V\"\n VANCOUVER, Aug. 14, 2019 /CNW/ - IMPACT Silver Corp. (\"IMPACT\" or the \"Company\") announces its financial results for the six months ending June 30, 2019. \nThe Company reported revenues of $2.8 million, a decrease of 11% from same period in 2018, with weak metal prices and lower production offset by improved grades. Net loss was $2.8 million which includes a one-time write-down of $1.7 million of exploration and evaluation assets as the Company reduced its land package size to save on biannual concession taxes. IMPACT continues to have no long-term debt and a strong balance sheet.  \nFred Davidson, President & CEO of IMPACT stated, \"Nearly seven years into this mineral downturn, silver had a challenging first half of 2019. Continuing the cost reduction efforts implemented from September 2018, operating expenses in Q2 2019 dropped to just $3.0 million from $3.8 million, a sharp 20% decrease despite only a 10% drop in silver ounces sold. The decrease in land package size, keeping the high potential packages with the possibility to quickly re-acquire, showcases the flexibility and nimbleness of our operations. Being the largest employer in Zacualpan for the last 14 years, IMPACT has built up trust and rapport with mining government contacts and local staff.  \nIMPACT is well positioned as precious metal prices start to recover. We aim to continue to mine profitable ounces and manage our production costs while selectively exploring for high potential targets to showcase the high success rate of our exploration efforts. With higher precious metal prices due to geopolitical turmoil and uncertainty in late 2019, our investors and the Company can expect higher revenue per ounce of silver to flow right to profit.\"\nFinancial Overview\nRevenue for Q2 2019 was $2.8 million compared to $3.1 mill...