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Share Name | Share Symbol | Market | Type |
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Sierra Metals | TSXV:SMT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
TORONTO, April 30, 2013 /CNW/ - Sierra Metals Inc. (TSX-V:SMT) (BVL:SMT) ("Sierra") ("the Company") announces the filing of Sociedad Minera Corona S.A.'s ("Corona") unaudited Financial Statements and Management Discussion and Analysis ("MD&A") for the first quarter of 2013. The Company holds an interest of 81.8% in Corona. All amounts are presented in thousands of US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest.
Daniel Tellechea, President and CEO of Sierra Metals, commented "The results of our subsidiary in Peru reflect cost pressures mainly driven by more aggressive mine development at the Yauricocha mine during the first quarter of 2013 and the appreciation of the Peruvian Sol relative to the US Dollar. The former will enable the mine to reduce its operating costs during the next 12 months. The acquisition of Yauricocha has continued to add substantial value to the Company in 2013, as the mine through its local corporate entity (Sociedad Minera Corona) paid a US$ 40 million dividend in first quarter of 2013. The Yauricocha property shows strong upside potential and the Company has started the development of a new shaft in the Central Mine Area. This project, combined with an aggressive exploration program to increase reserves and resources, will improve the production profile in Peru in the medium term".
The following table sets out select unaudited financial information for the first quarter of 2013 and 2012:
Three months ended | |||
(In thousands of US dollars, unless stated) | Mar 31, 2013 | Mar 31, 2012 | |
Revenue | 33,285 | 40,054 | |
EBITDA | 17,225 | 21,624 | |
Cash Flow from continuing operations | 701 | 6,127 | |
Income Taxes 1 | (4,315) | (5,622) | |
Non-recurring gain on asset sale 1 | - | 9,954 | |
Net Income | 9,164 | 24,642 | |
Cash Cost per oz of Ag (Yauricocha) | US$ | (21.50) | (31.99) |
Exchange Rate (PEN / US$) 2 | 2.574 | 2.683 | |
(In thousands of US dollars) | Mar 31, 2013 | Dec 31, 2012 | |
Cash and cash equivalents | 29,581 | 72,071 | |
Assets | 103,017 | 141,826 | |
Liabilities | 43,808 | 52,231 | |
Net Debt 3 | (18,581) | (61,071) | |
Equity | 59,209 | 89,595 | |
1 Includes a US$ 3.9 million reclassification from income taxes to gain on asset sale. | |||
2 Peruvian Soles (PEN) per US Dollar (US$). | |||
3 Consolidated debt minus cash and cash equivalents. |
Corona's Financial Highlights
Corona's Operational Highlights
The following table sets out production results for the first quarter ended March 31, 2013 and 2012:
Three months ended | ||||||
Mar 31, 2013 | Mar 31, 2012 | % Var. | ||||
Silver (oz) | 476,601 | 492,432 | -3% | |||
Copper (000 lb) | 2,175 | 2,634 | -17% | |||
Lead (000 lb) | 8,379 | 7,846 | 7% | |||
Zinc (000 lb) | 13,045 | 10,485 | 24% | |||
Gold (000 lb) | 1,598 | 3,025 | -47% | |||
Quality Assurance
The technical content of this news release has been approved by Thomas L. Robyn, Ph.D., CPG, RPG, a Qualified Person as defined in NI 43-101 and Head of Exploration for Sierra Metals Inc.
About Sierra Metals
Sierra Metals Inc. is a Canadian mining company focused on precious and base metals from its Yauricocha mine in Peru, its Bolivar mine and Cusi mine in Mexico. In addition, Sierra Metals is exploring several precious and base metal targets in Peru and Mexico. Projects in Peru include Adrico (gold), Victoria (copper-silver) and Ipillo (polymetallic) at the Yauricocha Property in the province of Yauyos and the San Miguelito gold properties in Northern Peru. Projects in Mexico include Bacerac (silver) in the state of Sonora, La Verde (gold) at the Batopilas Property in the state of Chihuahua, and Las Coloradas (silver) at the Melchor Ocampo Property in the state of Zacatecas.
The Company's shares trade on the Bolsa de Valores de Lima and TSXV under the symbol "SMT".
This press release does not constitute an offer to sell or solicitation of an offer to buy the securities in the United States or any other jurisdiction. The Common Shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", which involve various known and unknown risk and uncertainties and other factors, including market conditions that may affect the Company's ability to execute its current business plan. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Sierra Metals Inc.
Copyright 2013 Canada NewsWire
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