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BLACK MOUNTAIN RESOURCES - FINAL RESULTS HIGHLIGHT YEAR OF SIGNIFICANT DEVELOPME
NT TOWARDS NEAR TERM HIGH GRADE LOW COST SILVER PRODUCTION, USA



30 September 2013 Black Mountain Resources Limited ("Black Mountain" or "the Company") Annual Report Set out below is a summary of Black Mountain Resources Limited (ASX | AIM: BMZ) full year annual accounts for the year ended 30 June 2013.
Dear Shareholder, This has been a year of significant development for Black Mountain, as we advance our highly prospective projects in proven high grade silver regions of Montana and Idaho and emerge as an AIM and ASX quoted near-term silver producer.

I remain excited about the potential of our company and I believe that the long term pricing dynamic for silver is highly favourable, which will allow us to generate significant returns for shareholders as we deliver low cost, high margin production. Significant progress has been made since the acquisition of our historically producing New Departure and Conjecture Silver Projects in 2012 and our goal remains to bring these high-grade silver projects into commercial production in a safe and low cost manner. The past year has seen the Black Mountain team further unlock the potential of these projects.

As part of the extensive exploration and development programmes of the historical mines, the company has performed a comprehensive sampling programme, underground and surface surveying, and geologic mapping, which in conjunction with new drifts being developed have opened access to various levels of historic workings and will enable greater and more cost effective access to known historic mineralization zones as well as new mineralization areas. Maiden drilling programmes at both mines have encountered continual high grade silver zones, including a 3,452 g/t ag sample in the Bonanza Zone at the New Departure Silver Project.

These consistent and highly encouraging grades have confirmed the historic ore blocks, as well as revealed exciting new mineralised structures providing significant exploration upside. The key to Black Mountains success in the short term is production at New Departure.

Significant progress has been made in so far as development drives now accessing 3 historical reserve blocks, metallurgical testing almost complete allowing for toll treat arrangements to be finalised, 3D geological mapping also near completion and the major objective of producing ore in the coming months readily obtainable. Finally, on behalf of the Board of Directors of Black Mountain, I would like to take this opportunity to thank our shareholders for their support and I look forward to providing critical updates on our progress as we move from junior developer to silver producer. Yours faithfully Peter Landau Executive Director Consolidated Statement of Comprehensive Income For the year ended 30 June 2013
Note
2013 $
2012 $
Revenue Interest received
2
26,188
132,066
Finance costs
(26,873)
(2,398)
Employee and director benefits expense
3
(599,228)
(207,924)
Financial and company secretarial management expenses
(351,225)
(134,238)
Corporate advisory
(30,000)
(78,000)
ASX and share registry fees
(511,506)
(152,915)
Consultants and travel
(408,214)
(704,735)
Depreciation
(242,827)
-
Other expenses
(756,581)
(205,861)
Loss before income tax expense
(2,900,266)
(1,354,005)
Income tax expense
4
-
-
Net loss for the year
(2,900,266)
(1,354,005)
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss
Foreign currency translation differences
714,395
-
Other comprehensive income for the year, net of income tax
714,395
-
Total comprehensive loss for the year
(2,185,871) (1,354,005)
Loss attributable to:
Owners of the Company
(2,675,383)
(1,354,005)
Non-controlling Interests
(224,883)
-
(2,900,266)
(1,354,005)
Total comprehensive (loss) attributable to:
Owners of the Company
(1,936,621)
(1,354,005)
Non-controlling Interests
(249,250)
-
(2,185,871)
(1,354,005)
Basic and diluted loss per share (cents)
5
(3.44)
(3.20)
The above consolidated statement of comprehensive income is to be read in conjunction with the accompanying notes. Consolidated Statement of Financial Position As at 30 June 2013
Note
2013 $
2012 $
ASSETS
Current Assets
Cash and cash equivalents
7
329,346
3,254,072
Trade and other receivables
8
271,552
79,427
Other assets
9
29,104
8,603
Total Current Assets
630,002
3,342,102
Non-Current Assets
Plant and equipment
10
967,138
-
Exploration and evaluation expenditure
11
18,400,482
12,004,660
Total Non-Current Assets
19,367,620
12,004,660
TOTAL ASSETS
19,997,622
15,346,762
LIABILITIES
Current Liabilities
Trade and other payables
12
1,095,442
163,938
Interest bearing liabilities
13
335,000
-
Total Current Liabilities
1,430,442
163,938
Non-Current Liabilities
Interest bearing liabilities
13
1,744,980
-
Total Non-Current Liabilities
1,744,980
-
TOTAL LIABILITIES
3,175,422
163,938
NET ASSETS
16,822,200
15,182,824
EQUITY
Issued capital
14
20,328,656
15,596,011
Reserves
15
1,900,006
1,108,688
Accumulated losses
(4,197,258)
(1,521,875)
Parent interest
18,031,404
15,182,824
Non-controlling interest
(1,209,184)
-
TOTAL EQUITY
16,822,220
15,182,824
The above consolidated statement of financial position is to be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows For the year ended 30 June 2013
Note
2013 $
2012 $
Cash flows from operating activities
Payments to suppliers and employees
(1,992,762)
(1,305,145)
Interest received
26,188
132,067
Net cash flows used in operating activities
24
(1,966,574)
(1,173,078)
Cash flows from investing activities
Payments for exploration and evaluation expenditure
(5,060,713)
(2,149,832)
Acquisition of subsidiary - cash acquired
27
358,689
-
Purchase of plant and equipment
(466,861)
-
Net cash flows used in investing activities
(5,168,885)
(2,149,832)
Cash flows from financing activities
Proceeds from issue of shares and options
2,308,664
3,265,724
Payment of share issue costs
(126,019)
(155,108)
Proceeds from borrowings
2,079,980
-
Net cash flows from financing activities
4,262,625
3,110,616
Net decrease in cash and cash equivalents
(2,872,834)
(212,294)
Cash and cash equivalents at beginning of year
3,254,072
3,466,366
Effects of exchange rate changes on the balance of cash held in foreign currencies
(51,892)
-
Cash and cash equivalents at end of year
7
329,346
3,254,072
The above consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity For the year ended 30 June 2013
Issued Capital
Accumulated Losses
Option Reserve
Foreign currency translation reserve
Non- controlling interest
Total
$
$
$
$
$
$
Balance 1 July 2011
3,677,619
(167,870)
24,000
-
-
3,533,749
Loss for the year
-
(1,354,005)
-
-
-
(1,354,005)
Other comprehensive income
-
-
-
-
-
-
Total Comprehensive Income
-
(1,354,005)
-
-
-
(1,354,005)
Transaction with owner, directly recorded in equity: Issue of shares
12,178,500
-
-
-
-
12,178,500
Issue of options
-
-
1,084,688
-
-
1,084,688
Share issue costs
(260,108)
-
-
-
-
(260,108)
Balance at 30 June 2012
15,596,011
(1,521,875)
1,108,688
-
-
15,182,824
Balance at 1 July 2012
15,596,011
(1,521,875)
1,108,688
-
-
15,182,824
Loss for the year
-
(2,675,383)
-
-
(224,883)
(2,900,266)
Other comprehensive income
-
-
-
738,762
(24,367)
714,395
Total Comprehensive Income
-
(2,675,383)
-
738,762
(249,250)
(2,185,871)
Transaction with owner, directly recorded in equity: Issue of shares
4,858,664
-
-
-
-
4,858,664
Issue of options
-
-
52,556
-
-
52,556
Share issue costs
(126,019)
-
-
-
-
(126,019)
Recognition of non-controlling interests at acquisition -
-
-
-
(959,934)
(959,934)
Balance at 30 June 2013 20,328,656
(4,197,258)
1,161,244
738,762
(1,209,184)
16,822,220 The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.
For further information please visit www.blackmountainresources.com.au or contact: Black Mountain Resources Limited Shannon Robinson Executive Director | Corporate Relations E: T: +61 (8) 9488 5220
Black Mountain Resources Limited Eva Bezruchko Investor Relations E: T: +44 (0) 207 025 7040
Media (Australia) PPR David Tasker T: +61 (8) 9388 0944
Media (UK) St Brides Media & Finance Limited Elisabeth Cowell T: +44 (0) 207 236 1177
Joint Broker (UK) Westhouse Securities Limited Martin Davison T: +44 (0) 20 7601 6100
Joint Broker (UK) Xcap Securities Jon Belliss T: +44 (0) 203 216 2630
Nominated Advisor (UK) RFC Ambrian Limited Stuart Laing T: +61 (8) 9480 2500
About Black Mountain Resources Limited Black Mountain Resources Limited is a dual listed (ASX | AIM: BMZ) silver and gold focused development company focussed on the advancement of three highly prospective previously operating assets located in two of the worlds most developed and proven silver and gold mining regions of Idaho and Montana, USA. The Company holds a 70% interest in the New Departure Silver Project, the Conjecture Silver Project and the Tabor Gold and Silver Project pursuant to 45 year leases from Chester Mining Company, Lucky Friday Extension Mining Company and Brush Prairie Minerals respectively.

Black Mountain plans to implement low cost production and development programmes across all three assets.

It is also implementing exploration programmes to capitalise on the exploration upside potential apparent across its portfolio. Black Mountain Resources Limited was incorporated on 29 October 2010 and is listed on the Australian Securities Exchange (ASX) and Londons AIM Market - trading codes BMZ and BMZO. Forward Looking Statement Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the silver market, expectations regarding silver ore prices, production, cash costs and other operating results growth prospects and the outlook of the Companys operations including the likely commencement of commercial operations of the New Departure and Conjecture Silver Projects, its liquidity and the capital resources and expenditure, contain or comprise certain forward-looking statements regarding the Companys development and exploration operations economic performance and financial condition.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in silver ore prices and exchange rates and business and operational risk management.

For a discussion of such factors refer to the Companys most recent annual report and half year report.

The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after todays date or to reflect the occurrence of unanticipated events.
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