Business
Final Results for the year ended 31 December 2012
Final Results for the year ended 31 December 2012.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3038G Vane Minerals PLC 05 June 2013 \n \n\nVANE Minerals plc (AIM: VML)\n(\"VANE\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2012\n \nFinancial highlights\n· Revenue increased by 56.6% to £5.76 million (2011: £3.68 million)\n· Maiden annual profit before tax of £0.05 million (2011: £1.53 million loss before tax)\n· Repayment of £500,000 of convertible loan stock with remaining £1 million of convertible loan stock re-negotiated for a further five years at a coupon of 8% and a conversion price of 1.25p per Ordinary Share\n· Cash balances of £0.53 million as at 31 December 2012 (2011: £2.30 million)\n \nMexico\nSilver/gold production and milling\n· Increased revenues and profitability at operations level\n· 4,341 oz. Au and 85,241 oz. Ag produced in 2012 at a direct production cost of $682.33 equivalent per oz. Au; or $12.62 equivalent per oz. Ag (2011: 2,706 oz. Au and 73,384 oz. Ag produced at a direct production cost of $743.45 equivalent per oz. Au; or $16.23 equivalent per oz. Ag)\n· 32,070 tonnes processed in period (106.9% of target) (2011: 31,466 tonnes)\n· Average grades 6.07g/T Au and 121g/T Ag (2011: 4.4g/T Au and 131g/T Ag)\n· Average metal price received on sales of concentrates was $1,662/oz. gold and $30.7/oz. silver (2011: average prices of $1,617/oz. gold and $35.9/oz. silver)\n· Average recovery rate of 79% Au and 77% Ag (2011: 73% Au and 69% Ag)\n \nU.S.A\nCopper portfolio \n· Copper-molybdenum porphyry system successfully drilled at McGhee Peak. Two mineralised targets have been identified, located approximately one mile apart, within a clearly identified porphyry system, containing copper, molybdenum and zinc.\n· Property positions also established at Bouse, Lone Hills and Cherry Creek\n· Initial exploration work at Bouse has produced strong anomalous gold and copper values\n· Partner sought to help fund proposed exploration programme\nUranium portfolio\n· U.S. Government confirmed withdrawal of over 1 million acres of Federal lands from ex...