Belvedere Reports First Quarter 2014 Financial and Operating Results
May 30 2014 - 2:03PM
Marketwired
Belvedere Reports First Quarter 2014 Financial and Operating
Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) -
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)*
- Net loss of EUR0.54 million (CDN$ 0.79 million)
* 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.
Selected Financial Information All amounts in EUR000's, except
shares and per share figures |
Quarter ended 31 March 2014 |
|
Quarter ended 31 March 2013 |
|
Revenue |
- |
|
6,002 |
|
Operating Expenses |
296 |
|
7,087 |
|
G&A Expenses * |
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 ** |
(587 |
) |
(2,350 |
) |
Weighted average number of shares outstanding |
17,781,274 |
|
16,868,035 |
|
Dividends per Share |
- |
|
- |
|
*: Including stock based compensation |
**: 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.
Belvedere Resources LimitedDavid PymCEO+1-604-844-2838Belvedere
Resources LimitedSteven
CuthillCFO+1-604-513-0007www.belvedere-resources.com
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