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IMPACT Silver Reports a 33% Increase in Average Silver Grade and a 16% Increase in Silver Production for the Third Quarter of 2013
(via Thenewswire.ca) IIMPACT Silver Corp. ("IMPACT" or the "Company") announced today its ...
About this update from Impact Silver Corp.
[{"type":"text","content":"IMPACT Silver Reports a 33% Increase in Average Silver Grade and a 16% Increase in Silver Production for the Third Quarter of 2013(via Thenewswire.ca)\n\n \nIIMPACT Silver Corp. (\"IMPACT\" or the \"Company\") announced today its financial results for the three months ended September 30, 2013. The information in this news release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis, available on the Company website at www.impactsilver.com and on SEDAR at www.sedar.com. All amounts are stated in Canadian dollars unless otherwise specified. \n\n \n \nFred Davidson, President and CEO, stated, \"Our production performance during the third quarter was the strongest at year-to-date. With the new, high-grade Cuchara-Oscar Mine providing 27% of total mill feed to the Guadalupe Production Centre, which is now averaging 171 grams per tonne (\"g/t\") silver, our objective is to increase the overall silver head grade in the Zacualpan District to our historical average of 200 g/t in 2014. We have been able to increase our silver production and grades substantially from the third quarter of 2012, and we will continue to employ a disciplined and prudent approach to our mining and exploration work to position IMPACT to benefit and grow when the market recovers.\"\n\n \n \nOverview for the Quarter Ended September 30, 2013\n\n \n \nFinancial Overview\n\n \n \n-Revenues for the third quarter of 2013 were $3.1 million, a slight decrease from $3.2 million in the third quarter of 2012, despite a significantly lower silver price. \n\n\n \n-Mine operating loss for the third quarter of 2013 was $0.4 million, a decrease from mine operating earnings of $0.7 in the third quarter of 2012.\n\n\n \n-Losses before taxes for the third quarter of 2013 were $1.2 million, compared to earnings before taxes of $0.009 million for the same period in 2012.\n\n\n \n-Cash flows used in operations before changes in non-cash working capital for the third quarter of 2013 were $0.05 million, compared to cash flows provided in operations of $0.5 million in the third quarter of 2012.\n\n\n \n-Net working capital totaled $9.9 million on September 30, 2013, compared to $12.7 million on June 30, 2013. This is primarily due to $2.0 million spent on exploration and development of IMPA...