TORONTO,
Aug. 14, 2013 /CNW/ - White Tiger
Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG)
announced the filing of its interim financial statements
("Financial Statements") and management's discussion and
analysis ("MD&A") for the three month period ended
June 30, 2013. All figures are quoted
in Canadian dollars unless otherwise indicated.
Commenting on the interim financial results,
Sergey Yanchukov, CEO of White Tiger, said, "The Company is
disappointed with the operating results for the second quarter of
fiscal 2013. The Company is continuing its discussions with
VTB Capital plc ("VTB") to obtain a waiver or amend the
terms of the VTB Facility. To date, the Company has not
received any notice from VTB regarding any intent to realize its
security under the VTB Facility."
Highlights for Q2 2013 include:
- Net loss for the period from continuing operations of
$7.9 million compared to a net loss
from continuing operations of $8.6
million for the corresponding period in the previous
year;
- Revenue of $3.9 million for the
second quarter of fiscal 2013 compared to revenue of $3.4 million in the second quarter of the
previous year;
- Gross profit of $0.5 million
compared to a gross profit of $0.8
million for the corresponding period in the previous
year;
- Gold poured of 3,813 ounces compared to 3,169 ounces for the
second quarter last year; and
- Cash cost per ounce sold for the second quarter of $891 compared to $510 for the second quarter last year.
Financial Results for the Quarter ended June 30, 2013
The Company reported an operating loss from
continuing operations of $1,958,000
for the three months ended June 30,
2013 compared with an operating loss from continuing
operations of $3,326,000 for the
three months ended June 30, 2012.
Gross profit for the three months ended June
30, 2013 decreased to $474,000
from $814,000 for the three months
ended June 30, 2012.
Administrative costs for the three months ended June 30, 2013 decreased to $1,757,000 from $3,354,000 for the corresponding period ended
June 30, 2012. Net loss from
continuing operations after tax and finance costs was $7,869,000 for the three month period ended
June 30, 2013, while the Company's
net loss from continuing operations after tax and finance costs for
the three month period ended June 30,
2012 was $8,636,000.
The decrease in net loss after tax and finance
costs from continuing operations for the three months ended
June 30, 2013 compared with the
corresponding period of 2012, resulted from reduced administrative
expenses and reduced foreign exchange loss, offset by a lower gross
profit and higher finance costs. During the three months
ended June 30, 2013, the Company
incurred financial expenses of $2,894,000 (2012 - $1,634,000) on its loans and borrowings, the most
significant increase being interest charges with respect to the VTB
Facility and the Unique loans.
For the three months ended June 30, 2013, the Company reported a net loss
from discontinued operations of nil, resulting from the
deconsolidation of Century. The loss from discontinued operations
in the comparable period of 2012 was $168,140,000.
The Financial Statements and MD&A are
available on White Tiger's website at www.whitetigergold.com and
have been filed on SEDAR at www.sedar.com.
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and
exploration company, focused on the development of mineral
resources in the Russian
Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward-looking
information within the meaning of applicable Canadian securities
laws (collectively, "forward-looking statements") relating, but not
limited to, the Company's expectations, intentions and beliefs
(including, without limitation, statements regarding, the Bridge
Loan (including the timing of advances thereunder and the terms
thereof), the Company's financial position, financial alternatives
and the Company's ability to continue operations and the VTB
Facility (including the occurrence of an event of default
thereunder and its potential effect on the Company)). Words such as
"may", "will", "should", "anticipate", "plan", "expect", "believe",
"estimate" and similar terminology are used to identify
forward-looking statements. Such statements are based on
assumptions, estimates, opinions and analysis made by the
management of the Company in light of their experience, current
conditions and their expectations of future developments as well as
other factors which they believe to be reasonable and relevant.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from those expressed or implied in the
forward-looking statements. Risks and uncertainties that may cause
actual results to vary include but are not limited to: the
Company's inability to obtain additional financing on acceptable
terms or at all; the Company's inability to obtain TSX approval of
the Bridge Loan in a timely manner or at all; the Company's ability
to negotiate a waiver or agreement with VTB Capital in respect of
the event of default under the VTB Facility; changes in equity and
debt markets; inflation; uncertainties relating to the availability
and costs of financing needed to complete exploration, development
and production activities; failure to establish estimated mineral
resources or mineral reserves (the Company's mineral resource and
mineral reserve figures are estimates and no assurances can be
given that the indicated levels of gold will be produced);
exploration costs varying significantly from estimates; delays in
the exploration and development of, and/or commercial production
from, the properties in which the Company has an interest;
unexpected geological or hydrological conditions; the speculative
nature of mineral exploration and development, including the
uncertainty of reserve and resource estimates; operational and
technical difficulties, including the failure of major mining
and/or milling equipment; the ability of the Company to service its
existing debt facilities; fluctuations in gold and other commodity
prices; the existence of undetected or unregistered interests or
claims, whether in contract or in tort, over the property of the
Company; success of future exploration and development initiatives;
competition; operating performance of facilities;
environmental and safety risks, including increased regulatory
burdens, seismic activity, weather and other natural phenomena;
inability to, or delays in, obtaining necessary permits and
approvals from government authorities; risks relating to labour;
and other exploration, development and operating risks; changes to
and compliance with applicable laws and regulations, including
environmental laws; political, economic and other risks arising
from the Company's activities in Russia; fluctuations in foreign exchange
rates; and those risks set out in the Company's public documents
filed on SEDAR. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all.
Any forward-looking statement speaks only as
of the date on which it is made and, except as may be required by
applicable laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the
inherent uncertainty therein.
SOURCE White Tiger Gold Ltd.