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IMPACT SILVER ANNOUNCES Q2 RESULTS; SILVER PRODUCTION UP 80%, OPERATING EARNINGS UP 151%, VERSUS Q2, 2008
IMPACT SILVER ANNOUNCES Q2 RESULTS; SILVER PRODUCTION UP 80%, OPERATING EARNINGS UP 151%, VERSUS ...
About this update from Impact Silver Corp.
[{"type":"text","content":"\nIMPACT SILVER ANNOUNCES Q2 RESULTS; SILVER PRODUCTION UP 80%, OPERATING EARNINGS UP 151%, VERSUS Q2, 2008\n\n\n Aug. 27, 2009 (TheNewswire.ca) -- IMPACT Silver Corp. (\"IMPACT\") is pleased to announce its financial and operational results for the quarter ended June 30, 2009 which include the results of the high grade, Royal Mines of Zacualpan District in Mexico. The second quarter continued the Company's trend of increasing production, revenue and cash flow while remaining profitable.Revenues in the second quarter exceeded $3.4 million, up 94% from $1.8 million in the second quarter of 2008. Revenues in the first six months of 2009 were $4.9 million, up 9% from $4.4 million in the same period of 2008. As a result of the recent two month strike at the Company's main customer, approximately 39% of second quarter lead concentrate production was not sold. With a rebound in the price of zinc, the Company resumed shipping zinc concentrate which it had been stockpiling since the fourth quarter of 2008. Only 13% of the zinc concentrate produced between Q4 2008 and the end of the Q2 2009 has been sold. The remaining inventories are expected to be sold by the end of the year.\nThree Months Ended June 30 2009 2008 % Change \nRevenue $3,404,000 $1,756,000 94 \nMine Operating Earnings $1,113,000 $444,000 151 \nNet Income $191,000 $305,000 (38) \nMine operating earnings as a percentage of revenue 33% 25% \nAfter investing $2.2 Million in infrastructure and exploration in the first half of the year, the company ended the quarter with net working capital of $6.5 million including cash and cash equivalents of $4.0 million. IMPACT's working capital position is expected to remain strong through the second half of the year as cash flow from mining operations is forecasted to be sufficient to fund ongoing exploration and development programs.Quarterly silver production increased to 217,690 oz., up 80% from 120,660 oz. in the second quarter of 2008. Silver production in the first six months of 2009 increased to a record 447,400 oz., up 77 % from 252,519 oz. in the same period of 2008.\nThree Months Ended June 30 2009 2008 % Change \nTotal tonnes produced 27,618 24,090 15 \nSilver production (ounces) 217,690 120,660 80 \nLead production (tonnes) 258 132 96 \nZinc production (tonnes) 292 167 75 \nChivo MineDuring the second quarter of 2009, Chivo pr...