Dacha Releases Audited Consolidated Financial Statements for the Year Ended March 31, 2013

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[{"type":"text","content":"\n\n\nTORONTO, July 29, 2013 /CNW/ - Dacha Strategic Metals Inc. (TSX-V: DSM)\n (\"Dacha\") today released its audited consolidated financial results for\n the year ended March 31, 2013.  For more information, please see\n Dacha's audited consolidated financial statements and management's\n discussion and analysis filed under Dacha's profile on SEDAR at\n www.sedar.com. All dollar references below are to U.S. funds.\n\n\nDuring the year ended March 31, 2013, Dacha reported a net loss of $57.5\n million (or $0.77 per basic share), compared to net income of $30.3\n million (or $0.40 per basic share) during the year ended March 31,\n 2012.  The net loss during the year ended March 31, 2013 was largely as\n a result of declines over the period in the estimated fair market value\n of Dacha's metals inventories, change of control payments in favour of\n certain of Dacha's former executives and consultants that became\n payable upon the reconstitution of Dacha's board on November 28, 2012\n and professional fees incurred in relation to that board reconstitution\n including in connection with a related Court application initiated by\n Dacha's former board that was subsequently dismissed with costs payable\n by Dacha.\n\n\nDuring the three months ended March 31, 2013, Dacha reported a net loss\n of $6.1 million (or $0.09 per basic share), compared to net income of\n $27.1 million (or $0.39 per basic share) during the three months ended\n March 31, 2012.  The net loss during the three months ended March 31,\n 2013 was largely as a result of declines in the estimated fair market\n value of Dacha's metals inventories.\n\n\nAs at March 31, 2013, Dacha held 68,450 kilograms of rare earth metals\n with an estimated fair market value, based upon pricing reported by two\n independent news sources for the strategic metals industry, of $25.4\n million. The true realizable value of the rare earth metals held by\n Dacha may significantly differ from the prices reflected on these\n market websites.  Further, due to the illiquidity of rare earth metals\n markets and the significant volatility of prices at which Dacha's\n metals investments may be sold, there may be significant differences\n between the prices that may actually be realized in a sale of Dacha's\n metals and estimated values as reflected in Dacha's audited\n consolida...

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