🕐08.04.10 - 20:59 Uhr
Impact Silver Announces Record Net Earnings Up 75% in 2009
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Re: News Releases - Thursday, April 08, 2010
Impact Silver Announces Record Net Earnings Up 75% in 2009
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IMPACT Silver Corp.
("the Company" or "IMPACT") is pleased to announce
the audited financial results for the Companys year ending December
31st, 2009.
The full version of the financial statements and the
management discussion and analysis can be viewed on the Companys
website at www.impactsilver.com or on SEDAR at www.sedar.com.
2009 HIGHLIGHTS
-Net earnings for the year reached $1.16 million, up 75% from $0.66
million in 2008.
-Mine operating earnings were $4.2 million, up 90% from $2.2 million
in 2008.
-Silver production for the year reached 823,571 oz, up 30% from
635,668 oz in 2008 and 136% from 348,949 oz in 2007.
-Revenues for the year reached $12.2 million, up 37% from $8.9
million in 2008.
-Cash flows from operations before changes in non-cash working
capital were $3.8 million, up 72% from $2.2 million in 2008.
-Revenue per production tonne sold for the year reached $109.51, up
22% from $89.89 in 2008, while direct costs per tonne produced
increased marginally by 10%.
-After investing $4.5 million in property, plant and equipment,
resource properties and exploration during 2009, the Company had
cash and cash equivalents of $5.3 million, down marginally from
$5.4 million in 2008.
KEY ACCOMPLISHMENTS
-Completed initial NI 43-101 Mineral Resource Estimate for Capire &
Aurora 1 Project in the Mamatla Silver District, totaling 7.2 million
oz silver, 94.3 million lbs zinc and 38.8 million lbs lead.
(See news
release dated November 19, 2009).
-Announced positive production decision at the Noche Buena project.
Third new mine discovered by the IMPACT team from discovery hole to
production stage within 15 months.
(See news release dated March 4,
2010).
PRODUCTION
Three months ended Year ended
Dec Dec % Dec Dec %
31/09 31/08 Change 31/09 31/08 Change
Total tonnes (t) produced 28,921 26,343 +10% 114,340 102,426 +12%
Tonnes produced per day 314 286 +10% 313 280 +12%
Silver production (oz) 160,613 213,876 -25% 823,571 635,668 +30%
Lead production (t) 206 257 -20% 969 813 +19%
Zinc production (t) 279 300 -7% 1,098 1,053 +4%
Revenue per production (t) sold ($CAD) $91.08 $86.03 +6% $109.51 $89.89 +22%
Direct costs per tonne produced ($CAD) $65.02 $56.82 +14% $60.39 $54.80 +10%
During 2009, Chivo Mine provided 80% (2008 - 60%) of mill feed.
High
grade silver ore from Chivo is the principal reason that silver
production increased in 2009 over 2008.
The San Ramon Mine provided
20% (2008 -- 7%) of mill feed from the mining of high grade mineral.
Mining continues to expand at San Ramon, where during the third quarter
of 2009, a new wide zone of silver-rich stock work breccia style
mineralization was discovered on level 5.5 and is expected to increase
production at San Ramon.
EXPLORATION
During 2009, exploration was active in many areas as surface and
underground drilling continued on a number of IMPACTs projects.
The
Company announced the initial NI 43-101 Mineral Resource Estimate for
Capire & Aurora 1 Project in the Mamatla Silver District, totaling 7.2
million oz silver, 94.3 million lbs zinc and 38.8 million lbs lead.
This mineral resource estimate comprises only 0.1% of the 200 square
kilometers of the district.
Both zones remain open for expansion and
further infill and expansion drilling is currently underway to link the
bodies together.
Mine planning, metallurgical studies and economic
studies are now underway to evaluate the production potential of the
Capire and Aurora 1 zones.
The Company is considering a number of
alternatives, including the possible installation of a pilot plant on
this project while it continues to test the expansion of the existing
deposit and exploration of a number of nearby targets.
As of March 26, 2010, over 1,850 old mine workings have been entered
into the GIS database with exploration focusing on expanding on these
targets.
The exploration program for 2010 is budgeted for 20,000
meters of surface and underground drilling and will be funded through
existing cash balances and positive cash flow from mining operations.
OUTLOOK 2010
The Company is well positioned for growth with $5.3 million in cash and
cash equivalents and no long-term debt.
Plans are to further increase
throughput at the Guadalupe Mill to ultimately reach its rated capacity
of 500 tonnes per day (tpd).
This will be accomplished with the
addition of the new Noche Buena Mine.
Initial Noche Buena production
is planned for 80 to 120 tpd and will increase during the year as
multiple mining faces are developed.
The Guadalupe processing plant
was upgraded in the first quarter 2010 to accommodate the additional
Noche Buena production as flotation cells were added to the flotation
circuit, which will improve efficiencies and recoveries.
The
aggressive exploration budget for 2010 will help fast track the number
of targets identified in the GIS base.
IMPACT Silver Corp.
is a silver focused mining and exploration company
operating in Mexico with a producing silver operation at the Royal
Mines of Zacualpan Silver District; the 200-square-kilometer advanced
Mamatla Silver District; a portfolio of projects and a 200 tpd mill in
the Zacatecas Silver District.
On behalf of the Directors of IMPACT Silver Corp.,
"Frederick W.
Davidson"
President & CEO
For further information, please contact:
Sunny Pannu, Investor Relations
Telephone: 604 681-0172
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
View News Release in PDF Format:
Associated File:
http://www.impactsilver.com/i/pdf/2010-04-08_NR.pdf
23 KB in size, approx.
5 seconds to download at 56.6Kbps
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Copyright (c) 2010 IMPACT SILVER CORP.
(IPT) All rights reserved.
For
more information visit our website at http://www.impactsilver.com/ or
send mailto:
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