Business
IMPACT Silver Corp. Announces Financial and Production Results for Fourth Quarter and Year End 2012
(via Thenewswire.ca) IMPACT Silver Corp. ("IMPACT" or the "Company") announces the audited ...
About this update from Impact Silver Corp.
[{"type":"text","content":"\nIMPACT Silver Corp. Announces Financial and Production Results for Fourth Quarter and Year End 2012\n\n(via Thenewswire.ca)\n\n \nIMPACT Silver Corp. (\"IMPACT\" or the \"Company\") announces the audited financial and production results for the fourth quarter and year ended December 31, 2012. \n\n \n \n2012 Summary \n\n \n \n-At the end of 2012, the Capire Mine and Processing Plant, a new integrated Production Centre and catalyst for growth, was nearing completion (initial operations officially began in March 2013). \n\n\n \n-Construction of the Cuchara-Oscar Mine was 90% completed by year end 2012 (and is now complete), which is anticipated to raise overall silver production grades at the Guadalupe Processing Plant.\n\n\n \n-Strong financial position at year end 2012: Positive cash flow from operations before changes in non-cash working capital of $3.3 million, a strong net working capital balance of $21.4 million, $16.0 million in cash and no long term debt.\n\n\n \n-Substantial increase in exploration drilling success by discovering and defining new silver and gold zones.\n\n \n \nDuring 2012, IMPACT was simultaneously developing two new silver mines both of which began initial production in the first quarter of 2013. \n\n \n \nThe Capire open-pit mine and 200 tonne-per-day (\"tpd\") pilot plant (\"Capire\") is the Company's second operating production center, with plant expansion plans to drive future growth. Initial material being fed to the Capire Plant is an average of 149 grams per tonne (\"g/t\") silver, with lower grade material being stockpiled for future processing. \n\n \n \nThe new underground Cuchara-Oscar Mine, which commenced initial production in February 2013, is projected to provide higher grade silver feed and increase the overall silver grades entering the existing 500 tpd Guadalupe Production Centre. Frederick Davidson, President and CEO, stated, \"2012 was a significant year for the Company as we moved two new mines toward production. Despite the challenge of declining silver prices and grades as production shifted from the Chivo Mine to the new Cuchara-Oscar Mine, we anticipate that our two new mines will form the basis of the next level of growth in IMPACT's silver production.\" \n\n\n \nFourth Quarter 2012 Highlights\n\n \n \n-Revenues for the fourth quarter remain nearly unchanged at $4.7 million, c...