Belvedere Reports First Quarter 2014 Financial and Operating Results
31 May 2014 - 4:03AM
Marketwired Canada
Belvedere Resources Limited (TSX VENTURE:BEL) ("The Company") reports First
Quarter financial and operating results for the period ending March 31, 2014.
Key Operational Points
-- No nickel production,
-- Hitura Nickel Mine placed on care and maintenance on June 5th 2013 due
to low nickel prices
-- Feasibility Study started on Kopsa gold copper deposit to provide feed
for the Hitura mill
Key 2013 Financial Points
-- No Revenues
-- Operating Loss of EUR0.27 million (CDN$ 0.40 million)(i)
-- Net loss of EUR0.54 million (CDN$ 0.79 million)
(i) Operating Income is calculated as sales less operating costs and excludes
depletion, depreciation and amortization.
SELECTED FINANCIAL INFORMATION
The following selected annual financial information in the table that follows
has been derived from the interim condensed consolidated financial statements of
the Company for the periods indicated and should be read in conjunction with
such statements and notes thereto. Those financial statements have been prepared
in accordance with International Financial Reporting Standards.
The Company incurred a net loss for the quarter ended March 31, 2014 of
EUR537,664 or EUR0.03 per share, which compares with a net loss of EUR346,465 or
EUR0.02 per share for the same period in fiscal 2013. The principal causes of
these quarterly and annual variations are explained after the 'Financial
Highlights' table following.
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Selected Financial Information Quarter Quarter
All amounts in EUR000's, except shares and ended ended
per share figures 31 March 31 March
2014 2013
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Revenue - 6,002
Operating Expenses 296 7,087
G&A Expenses (i) 200 230
Other (income) and expenses 42 227
Income tax expense (recovery) - (75)
Net income (loss) (538) (346)
Earnings (loss) per share (basic and
diluted) (0.03) (0.02)
Cash Flow from (used) operating activities (502) 111
Cash Flow from (used) investing activities (184) (373)
Cash Flow from (used) financing activities 592 -
Net increase (decrease) in cash (88) (278)
Cash at end of period 151 1,932
Total Assets 10,434 24,028
Total Liabilities 9,284 13,192
Shareholders' equity 1,150 10,836
Working Capital (ii) (587) (2,350)
Weighted average number of shares
outstanding 17,781,274 16,868,035
Dividends per Share - -
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(i): Including stock based compensation
(ii): Current assets less current liabilities
During the first quarter:
-- The Company generated no revenues and incurred a net loss of EUR537,664
or EUR0.03 per share. This compared with a net loss of EUR4,630,273 or
EUR0.27 per share in the fourth quarter of 2013 which included an
impairment charge against the Hitura mineral property.
-- Cash decreased to EUR150,975 from EUR239,193 as a result of negative
cash flows generated from operations and exploration and development
expenditure.
-- General and administrative expenses decreased to EUR199,455 (2013:
EUR230,513) substantially as a consequence of cost cutting measures
implemented following the cessation of mining operations.
-- Other expense was EUR41,775 (2013: EUR227,130) due mainly to foreign
exchange and lower interest and bank charges.
OUTLOOK
During the suspension period referred to in the section above, the company
continues to monitor nickel markets, but prices would need to show a sustained
increase and the results of the open-pit flotation tests would need to be
received before any restart of nickel operations (from the open pit) could be
considered.
Any restart of underground operations would require substantial capital
investment to put in place new underground development and would require at
least 12 months lead time before production could recommence.
In the meantime, following the positive results of the PEA, work continues on
permitting and completing the Final Feasibility study for the Kopsa gold copper
project. The Company will require additional financing through debt or equity
issuances, or other available means in order to initiate and complete the
Feasibility Study on the Kopsa gold property and for general working capital
purposes
Forward Looking Statement: Some of the statements contained herein may be
forward-looking statements, which involve known and unknown risks and
uncertainties. Without limitation, statements regarding future plans and
objectives of the Company (including statements relating to possible
re-commencement of production at Hitura, and the timelines and results of
expected studies for the Kopsa gold project) are forward-looking statements that
involve various degrees of risk. It is important to note that the Company's
actual results could differ materially from those in such forward-looking
statements.
About Belvedere: Belvedere Resources Limited is a mining company incorporated in
British Columbia with a primary focus on nickel, gold, cobalt and copper in
Finland. The Company produced 2,200t of nickel in concentrate in 2012 from its
Hitura nickel mine in Central Finland which was put into care and maintenance in
June 2013. The Company has a number of advanced gold projects in close proximity
to the Hitura mine. The Company is focused on completing the feasibility study
for its Kopsa gold copper project.
BELVEDERE RESOURCES LTD.
David Pym, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the contents of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Belvedere Resources Limited
David Pym
CEO
+1-604-844-2838
Belvedere Resources Limited
Steven Cuthill
CFO
+1-604-513-0007
www.belvedere-resources.com
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