U. S. Antimony Announces Financial Results for Q1 2013
THOMPSON FALLS, Mont.--(BUSINESS WIRE)-- United States Antimony Corporation ("USAC", NYSE MKT "UAMY") reported a loss of $408,825 on revenues of $2,966,775 during Q1 of 2013. The loss was attributed to the falling price of antimony and to start up issues and expenses for increased mining, milling, and smelting in Mexico.
- Mining activity at the Los Juarez property was accelerated to develop more mine faces besides Minas Grande that assayed 0.728% antimony, 6.22 ounces of silver (193 grams) per metric ton, and 0.023 ounces of gold (0.7 grams) per metric ton on a 1415 ton mill run.
- Currently a team of geologists is doing detailed mapping and sampling of the Los Juarez property.
- Milling capacity was increased by the construction of a 75 ton per day (tpd) gravity circuit to treat oxide ores.
- The installation of a 500 tpd flotation mill is underway, and the mill should be on-stream before the end of 2013.
- Smelting capacity at the Madero smelter was doubled and it is running at capacity.
- More than $1,200,000 will be spent to finish the natural gas pipeline to the Madero smelter and this will cut the second largest expense by 75%. For instance the propane bill at Madero for Q1 would have been cut from $202,620 to approximately $50,655.
- Although the recovery of silver-gold from Los Juarez has started, more equipment is being installed at Madero to increase recovery.
- Mexican production of contained metal was 147,931 pounds during Q1 2013, compared to 95,358 for the same period in 2012, an increase of 55%.
- The total antimony sold during Q1 2013 was 408,352 pounds compared to 343,952 pounds for the corresponding quarter in 2012, an increase of 18.7%.
- The Bear River Zeolite (BRZ) operation recorded a profit of $68,444 on revenues of $549,551 during Q1 2013. The profit is up 45.9% from the corresponding quarter in 2012.
John Lawrence, USAC's CEO, commented that "the production goal for 2013 is 3,000,000 pounds of contained antimony, 100,000 ounces of silver, and 250 ounces of gold. Other mine, mill, and smelter improvements being made this year should significantly boost 2014 production."
USAC is a rapidly growing and vertically integrated producer of antimony-silver-gold and zeolite.
Forward Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues, ability to execute on its increased production and installation schedules for planned capital expenditures and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
United States Antimony Corporation
John Lawrence, 406-827-3523
KEYWORDS: United States Mexico North America Central America Montana
The article U. S. Antimony Announces Financial Results for Q1 2013 originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.