Silverstone Reports Financial Results for the Third Quarter
November 24 2008 - 9:31PM
Marketwired
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST)
announces its financial results for the third quarter ending
September 30, 2008. All dollar amounts are stated in U.S. dollars
unless otherwise indicated.
Overview and Highlights
- Silver sales of $3.7 million (net of $1.7 million negative
price adjustments) recorded during the quarter from the sale of
386,000 ounces. As a result of declining silver prices in the
quarter, third quarter revenues include negative pricing
adjustments of $1.2 million related to second quarter sales and
shipments and $0.5 million related to third quarter shipments.
- Cash flows from operations for the quarter ended September 30,
2008 were $6.5 million.
- Net loss for the quarter ended September 30, 2008 of $39.6
million or ($0.32) per share as a result of recording an impairment
charge of $39.4 million on the Aljustrel silver contract due to
Lundin Mining's decision to write down the Aljustrel mining assets
and subsequent decision to put the mine on care and
maintenance.
- Total cash costs of $3.97 per ounce of silver.
- Cash at September 30, 2008 of $28.5 million (June 30, 2008 -
$24.2 million) with no bank debt.
- Working capital of $32.1 million (June 30, 2008 - $31.5
million).
- On November 21, 2008 the Company completed the purchase of
life of mine gold and silver from Sherwood Copper Corporation's
Minto mine located in the Yukon, Canada.
The information in this news release should be read in
conjunction with the Interim Consolidated Financial Statements and
Management Discussion and Analysis for the three months ended
September 30, 2008, which will be available at Silverstone's
website at www.silverstonecorp.com and at www.sedar.com.
Silverstone will host a conference call on Tuesday November 25,
2008 at 8:30am PST (11:30am EST) to discuss these results. The
conference call may be accessed by dialing 1.866.365.1119 in North
America or 1.416.849.7329 internationally. Please ask for the
Silverstone Resources Corp. conference call. The conference call
will be archived for later playback until December 2, 2008 and can
be accessed by dialing 1.866.501.5559 and the passcode is
21289882#.
ABOUT SILVERSTONE
Silverstone is a silver and gold mining company with 100% of its
revenue from precious metal production. Silverstone expects to have
2008 silver sales of approximately 1.8 million ounces and
increasing to 4.5 million silver equivalent ounces in 2009. More
information is available online at: www.silverstonecorp.com.
Contacts: Silverstone Resources Corp. Chris Tomanik (604)
637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources
Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email:
mpatchett@silverstonecorp.com Website: www.silverstonecorp.com
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