wollte ich mal wieder rauskramen,
US Silver(TSX-V:USA, FFM: QE2), auch schön unter die Räder gekommen, gestern nun diese News:
weniger MK als First M. , natürlich nich so viele Reserven aber de Turnaround gepackt und sie machen Gewinne!
http://www.stockwatch.com/swnet/new...?bid=Z-C:USA-1500082&symbol=USA&news_region=C
U.S. Silver earns almost $1-million in Q1
2008-06-02 10:21 ET - News Release
Mr. Bruce Reid reports
U.S. SILVER ACHIEVES PROFIT IN FIRST QUARTER 2008 FINANCIAL RESULTS
U.S. Silver Corp. has provided its consolidated financial results for the first quarter ended March 31, 2008. The consolidated financial statements and management's discussion and analysis (MD&A) have been filed on SEDAR and can be viewed under the company's profile.
Highlights and milestones of first quarter 2008:
Achieved first quarterly profit as a public company of nearly $1-million;
Production of approximately 352,000 ounces of silver, up 24 per cent from fourth quarter 2007;
Revenues of over $7.3-million;
Increased daily production in first quarter to 558 tons, an increase of more than 69 per cent compared with the average daily volume in all of 2007;
Increased proven and probable reserves by 61 per cent to over 17 million ounces of silver;
Galena shaft repair progresses on schedule, with completion expected in late 2008;
Completed over 20,900 feet of development and exploration drilling;
Completed over 2,900 feet of underground development activity;
Total work force has increased by 102 per cent since the first quarter of 2007.
First quarter 2008 financial results
The company recorded revenues of $7.3-million (versus $4.2-million in the period ending March 31, 2007) and earned its first quarterly profit since 2006 with net income, before taxes, of $1.0-million. Revenues for the period were higher than last year primarily due to higher metals prices and higher production volumes. The company continued to focus its resources on infrastructure improvements, employee training and resource development while increasing production levels. The turnaround at these operations will continue through 2008, with both tonnage and grade improving because of numerous initiatives started nearly two years ago.
Operating expenses for the three-month period ended March 31, 2008, increased $1.9-million from the $5.5-million incurred in the first quarter of 2007. The increase in expenses was due to an increase in production tonnage of nearly 80 per cent as compared with the prior year. First quarter 2008 operating expenses consisted primarily of $6.4-million in mining costs, $700,000 in general and administrative expense (higher than in the first quarter of 2007 as the corporate structure was setup and staffed over the course of 2007), and exploration costs of $500,000 versus $200,000 in the first quarter of 2007. The elevated level of exploration costs can be expected to continue as the company seeks to continuously build its reserves and resources with the aim of enhancing shareholder value.
The company has no long-term debt and had over $19-million in cash and equivalents at the end of the first quarter of 2008.
Operational update -- analysis of first quarter 2008
The company continues to operate two concentrators with the Coeur mill processing the silver-lead ores produced at the Galena mine and the silver-copper ores being processed at the Galena mill. The Coeur mill operated at a rate 218 tons per day (tpd) during the quarter and is expected to operate at a rate of approximately 400 tpd by the fourth quarter of 2008. Aggressive development and exploration of the potentially large silver-lead resource continued with mining activity of the silver-lead ores currently focused on the 3000 and 3700 levels. Exploration and development of the silver-lead ores during the quarter continued on the 2400, 3000, 3700, 4000 and 5200 levels of the Galena mine.
Development activities were focused on the exploration and development of the numerous areas where silver-lead ores were identified in historic workings or through the intensive exploration program begun after the acquisition of the mine. The Coeur mill was restarted to process these silver-lead ores in November, 2007. Ore is now hoisted and milled at a rate of about 200 tons per day at the Coeur facility located about 1.5 miles west of the Galena mine.
The company continues to process the silver-copper ores at the Galena mill with production of silver-copper ores having come from the 3400, 3700, 4000, 4600 and 4900 levels of the Galena mine. Development of new orebodies has continued throughout the quarter with emphasis on newly discovered mineralization on the 2400 and 4600 levels. An additional development on the 4900 level is being drifted into a 55-ounce-per-ton ore reserve. The 2400, 4600 and 4900 developments are designed to use efficient mechanized mining equipment. The Galena mill operated at an average rate of 340 tpd during the quarter but is expected to produce at a rate of 700 tons per day by the fourth quarter 2008. Additionally, the idle second flotation circuit in the Galena mill is being repaired and should provide an increase in the production capacity of the mill to over 1,000 tons per day by early 2009.
Total production volumes continue to be lower than forecast as a result of the significant shortage of skilled workers and the higher than expected level of resources required for the extensive infrastructure repairs. The result has been weaker revenue growth. Cost increases were higher than expected as a result of a number of factors, including extensive underground development and infrastructure repairs. The company continues to invest in capital improvements and exploration at the Galena mine complex with approximately $6.7-million spent in the first quarter. Continuing capital projects include the reconstruction of the Galena shaft and other critical infrastructure, exploration activities, and rehabilitation and development activities in several underground locations. Development and infrastructure repair accounted for more than 60 per cent of the capital spent on the mine during the first quarter of 2008.
Over the course of the last six months, the output of silver-copper ore has been increased such that the Galena is currently (at the date of this press release) operating at about 550 tons per day. Management expects production of approximately 700 tons of silver-copper ore per day to be achieved by the fourth quarter of 2008.
Total production from both ore types, at the time of writing, is around 750 tons per day with monthly silver production at approximately 140,000 ounces. Total production levels are anticipated to reach approximately 1,000 tons per day in the fourth quarter 2008.
PRODUCTION STATISTICS
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Total tonnage 19,858 19,234 18,852 27,107 35,724
Tons per day 310 300 299 444 558
Total ounces Ag 328,984 302,188 265,547 283,423 352,246
Ounces per day 5,140 4,722 4,215 4,646 5,510
Total copper production -- lb 211,382 319,964 184,965 160,665 178,269
Total lead production -- lb N/A N/A N/A 451,163 822,634
Cash costs $10.16 $10.63 $12.62 $14.69 $12.10
Staffing levels have increased dramatically over the last 12 months. In March, 2007, the Galena operations employed a total of 136 people, including surface staff and contractors. On March 31, 2007, over 210 people were employed at the operation as well as approximately 65 contractors.
The long-term historical silver grades for the Galena mine silver-copper ores were over 20 ounces per ton. These grades had declined significantly in the several years prior to mid-2006 to below 10 ounces per ton. Currently, ore grades continue to be temporarily impacted by the high levels of development ore being processed in the mill. As the developments are completed and the stopes begin normal mining operations, ore grades are expected to improve. The reactivation of the Galena shaft and establishing new development practices will have a positive impact by allowing access to higher grade ore.
We seek Safe Harbor.
Insties kaufen.
