Belvedere reports financial and operating results for 2011
May 03.05.2012, 31 Vancouver, Canada - Belvedere Resources Limited (TSX.V: BEL) (“the Company”) is pleased to announce its financial and operating results for the year ended December 2011, XNUMX.
David Pym (CEO) said: "Operation in 2011 has led to another positive year for Belvedere. 2011 was able to generate the company a net income of 2,59 million euros. The company's cash balance has improved despite investing in 3,5 million in gold and nickel exploration. 2011 has completed surface exploration drilling with a total length of over 20.000 meters. "
Important financial points
- Full year 2011 - * Operating profit of € 4,02 million (C $ 5,28 million)
- Full Year 2011 - Income of 24,7 Million € (32,30 Million C $)
- Full Year 2011 Net Income of 2,59 Million € (3,39 Million C $)
- Results of the 1. Quarterly Net Income of 1,44 Million € (1,88 Million C $)
- Results of the 2. Quarterly - Net Loss of 0,05 Million C $ (0,07 Million C $)
- Results of the 3. Quarterly Net Income of 0,55 Million € (0,72 Million C $)
- Results of the 4. Quarterly Net Income of 0,64 Million € (0,84 Million C $)
- January 2011 - 3 million C $ raised in private placement
- February 2011 - Loan of 2 million € converted into shares (2,62 million C $)
* The operating result is calculated as sales less operating costs and excludes dismantling, depreciation and amortization.
The Audited Annual Report and the Management's Discussion and Analysis have been filed with the Canadian Securities and Exchange Commission. Full results will also be available on SEDAR and on the company website. All currency amounts are quoted in euros (€) unless otherwise stated.
Important operating points 2011
• February 2011 - commencement of 6.000 m drill program at Osikonmäki East gold prospect
• February 2011 - Acquisition of pit extensions with a total length of 7.000 m at Hitura Nickel Mine
• June 2011 - Provisional metallurgical test work at Kopsa yielded gold and copper recovery rates of + 90%
• July 2011 Gold Property Option Agreements Rantasalmi and Kiimala completed. Optione will have to spend $ 6 million in four years to acquire 50% interest.
• August 2011 - commencement of 4.300 m drill program at Kopsa gold-copper deposit
• September 2011 - Discovery of a new high-grade surface gold ore at Osikonmäki East
• October 2011 - New drilling at Osikonmäki East resulted in 68.000 ounces' first indicated resource and a 52% inferred resource increase to 244.000 ounces
• December 2011 - 2011 570.941 processed tons of ore with an average of 0,56% nickel during XNUMX year.
SELECTED FINANCIAL INFORMATION
The following selected financial information in the table below is from the aggregated, consolidated annual reports of the Company for the periods indicated and should be read in conjunction with these reports and related notes. These annual reports were prepared in accordance with International Financial Reporting Standards. Please consult Note 18 in the Annual Reports for a comparison with Canadian GAAP.
The company generated 2010 in the year in which the company had a net income of 1.991.236 € or 0,02 € per share, compared to the year on 31. December 2011 ended, a net income of 2.585.914 € or 0,02 € per share. The main reasons for these quarterly and annual deviations are explained in the following table with the financial highlights.
During the fourth quarter: The company generated net income of 641.242 € (0,01 € per share). This compares to net income of 549.884 € (0,00 € per share) in the previous quarter, net income of 2010 € (307.864 € per share) in the fourth quarter of 0,00 and a loss of 2009 € or 3.704.731 € per quarter in 0,04 Share booked.
operating prospects
Overall, 2011 was a successful year for the company. In line with our business objectives, the Company continues to commit to the development of gold and nickel operations.
Significant progress has been made on our goal of increasing cash flow from operations by reducing operating costs and increasing throughput at Hitura Nickel Mine. The final studies on the feasibility of resuming surface mining in connection with subsurface mining are currently underway. A new reserve and resource estimate has significantly increased the total depletion reserves, extending the life of the mine at Hitura.
The internal investment in the gold and nickel projects will continue to 2012 with further exploration drilling in the gold and nickel projects. The metallurgical studies for the Kopsa gold and copper property are also underway to enable the commencement of the feasibility study to fulfill our vision of adding 2014 gold production to our portfolio.
Forward-Looking Statements: Some of the statements contained in this press release may be forward-looking statements that involve known and unknown risks and uncertainties. Statements regarding the future plans and objectives of the Company (including statements about future drill results) are considered to be forward-looking statements that involve various risks. It should be noted that the actual results of the Company may differ materially from those expressed in such forward-looking statements.
About Belvedere: Belvedere Resources Limited is a British Columbia-registered mining company that specializes primarily in the development of nickel, gold, cobalt and copper resources in Finland. The company is currently producing 2.200 tonnes of nickel concentrate annually from the Hiturn nickel mine in the center of Finland. The Company operates a number of advanced gold projects near the Hitura Mine.
BELVEDERE RESOURCES LTD.
David Pym, CEO; #404 Suite, Vancouver World Trade Center, 999 Canada Place, Vancouver. BC. V6C 3E2, Canada
For more information, contact Scott Findlay, Humbercrest Capital Inc., at + 1 647 274 2536 or visit www.belvedere-resources.com.
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
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