Business
Impact Silver Announces Record Quarterly Silver Production
(via Thenewswire.ca)
About this update from Impact Silver Corp.
[{"type":"text","content":"Impact Silver Announces Record Quarterly Silver Production\n\n(via Thenewswire.ca)\nNovember 24 2008 - IMPACT Silver Corp. (\"the Company\" or \"IMPACT\" IPT-TSX.V) is pleased to announce record quarterly silver production of 169,273 ounces, up 98% from 85,610 ounces in 2007. Gross revenues for the third quarter were $2,244,000, up 40% from $1,604,000 in the third quarter of 2007. Higher revenues due to increased silver, lead and zinc production helped offset lower realized silver, lead and zinc prices resulting in a small net loss of $233,000 for the quarter.\n\nDuring the quarter, a dramatic change in commodity prices affected the industry. Due to the Company's work over the last two years, the Royal Mines of Zacualpan has the flexibility to address lower prices by shifting production to higher grade areas. While the third quarter results reflect the declining price of metals, the rescheduling of production did not occur until the fourth quarter. In order to maintain profitability, some of the scheduled increase in throughput has been delayed to avoid processing non-economic material at this time. Fred Davidson, President and Chief Executive Officer of IMPACT, stated, \"We are uniquely positioned with cash reserves and positive cash flow from operations even at these lower metal prices to continue the exploration and development of the Company's numerous projects over the next year.\"\n\nCash flows from operations for the quarter increased to $332,000, up from $324,000 in 2007. Cash flows from operations for the nine-month period increased to $2,403,000, up from $377,000 from in 2007. Average mill throughput during the quarter was 302 tpd, up 2% from 296 tpd during the same quarter in 2007.\n\nNine Months Ended September 30 2008 2007 % Change \nRevenue $6,687,000 $5,140,000 30% \nNet Income $918,000 ($68,000) 1450% \nEarnings Per Share $0.02 ($0.00) \nCash and Cash Equivalents $7,091,000 $4,847,000 46.3% \n\nAfter investing $1.4 million in plant and equipment, as well as $4.1 million on resource properties and exploration at the end of the nine months, the Company had cash and cash equivalents of $7.1 million and net working capital of $8.4 million. The Company's working capital position is expected to remain strong through the 2008 year as cash flow from mining operations should be sufficient to fund the majority of the Compa...