U.S. Antimony Reports Record Sales and Pre-Tax Income
March 15 2012 - 10:50AM
Business Wire
United States Antimony Corporation (“USAC”, OTCBB “uamy.ob”)
reported record sales of $13,118,090 for 2011 up 45% over
$9,073,324 of 2010. Pre-tax income for 2011 was $742,530 up 138%
from $312,213 recorded in 2010.
REVENUES
2011 2010 %
Antimony $ 10,406,636 $ 6,174,062
+68 % Silver & gold $ 667,813
$ 420,253 +59 % Zeolite $
2,043,641 $ 2,415,965 -15 % Total
$ 13,118,090 $ 9,073,324
+45 %
GROSS
PROFIT
2011 2010 %
Antimony $ 888,200 $ 420,253
+111 % Silver & gold $ 667,813
$ 483,307 +38
%
Zeolite $ 111,857 $ 470,172
-76 % Total $ 1,674,196 $
1,373,732 +22 %
Profitability of antimony was strong despite large expansion
expenses at the Madero smelter and completion of the Puerto Blanco
mill and preparation work at the Los Juarez properties. Zeolite
sales and profitability were lower in 2011 due to absence of large
sales to the U.S. Department of Energy to remediate a radioactive
leak at a plant near Buffalo, New York.
A multi-step program is underway at the Los Juarez
silver-gold-antimony jasperoid deposit. First, a comprehensive
mapping and sampling program has started that has indicated a
strike length on the order of 4,000 meters with widths of 100 to
500 meters. The mineralization appears to be disseminated and
bulk-mineable.
Second, 2003 tons of older dump material from the Minas Grande
open pit were hauled to the mill to determine dump grades, methods,
costs, and distribution of mineralization. With a depth of 30
meters, Minas Grande assayed approximately 1.7% antimony, 0.016
ounces of gold and 9.6 ounces of silver per metric ton.
Third, five faces have been prepared for mining to determine a
mine grade and have been assayed as follows:
Mine Face Antimony % Gold
oz/metric ton Silver oz/metric ton Minas Grande 1
2.83 0.031 6.3 Minas
Grande 2 2.71 0.013 9.57
Reynaldo 2.09 0.019 10.26
Heriberto 0.79 0.051 4.24
Veronica 1.16 0.253 8.22
Fourth, milling will begin on the Los Juarez mined material to
determine more accurately the mined grade from crushed rock; the
recovery of antimony, silver, and gold; milling costs; concentrate
grades; and mill production rates.
Fifth, smelting of the concentrates will confirm recoveries of
antimony, costs, separation of silver and gold, and determination
and handling of impurities.
Sixth, then a drill program will be initiated from cash flow to
confirm continuity, grades, and tonnages. John Lawrence, CEO,
cautioned that, “The apparent size of the deposit would require a
very robust budget to drill it out completely so that, at the
present time, the drill program would be contained within operating
revenues to prevent shareholder dilution.”
Lawrence announced that Whitney Ferer of Aaron Ferer & Sons
Co. has joined the USAC Board of Directors. The 126-year old
Company is family owned and headquartered in Omaha, Nebraska.
Whitney is currently Vice President of Trading and Operations and
Vice Chairman of the Board. The Company is a major trader of
antimony oxide and metal as well as other ferrous and non-ferrous
metals world-wide. Whitney was instrumental in opening 8 other
offices in the Far East and China.
Forward Looking Statements:
This Press Release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that are based
upon current expectations or beliefs, as well as a number of
assumptions about future events, including matters related to the
Company's operations, pending contracts and future revenues.
Although the Company believes that the expectations reflected in
the forward-looking statements and the assumptions upon which they
are based are reasonable, it can give no assurance that such
expectations and assumptions will prove to have been correct. The
reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to
numerous factors and uncertainties. In addition, other factors that
could cause actual results to differ materially are discussed in
the Company's most recent filings, including Form 10-KSB with the
Securities and Exchange Commission.