Minera IRL Announces First Quarter 2012 Financial Results
MAY 10, 2012 - 02:00 ET
LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - May 10, 2012) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) the Latin America gold mining company, is pleased to announce its unaudited first quarter results for the 3 month period ended 31 March 2012 ("Q1 2012"). Q1 2012 Highlights (all $ denominates US dollars unless otherwise stated):
Financial
- Revenue up 1.3% to $11.1 million (Q1 2011: $10.9 million)
- EBITDA down 8.5% to $4.4 million (Q1 2011: $4.7 million)
- Profit after tax $1.7 million, up 35% million from $1.3 million in Q1 2011
- Gold sales down 17% to 6,515 ounces (Q1 2011: 7,883 ounces). Average realised gold price up 22% to $1,699 per ounce (Q1: $1,389 per ounce)
- Strong cash balance of $30.3 million at end of quarter (Q1 2011: $30.7 million)
- Gold production from the Corihuarmi Gold Mine ahead of management expectations at 6,747 ounces compared with 7,952 ounces in the same period in 2011 ("Q1 2011"). Corihuarmi site cash operating costs US$502 per ounce, (Q1 2011: $401 per ounce)
- Completion of a positive feasibility study on the Don Nicolas Project in Patagonia. Based on a gold price of US$1,250/oz, the study indicates a NPV (7% real) of US$40 million (pre-tax) and US$22 million (post tax); an IRR (real) of 34.6% (pretax) and 22.8% (post tax) and a payback period of 2.0 years (post tax). Permitting for the project is about to commence
- Excavation of the exploration tunnel at the Ollachea Project commenced following the establishment of access to the portal site. Feasibility study on track for second half 2012 completion
Other
Completed a successful equity raising for gross proceeds of approximately CAD33.1 million by issuing 29,260,000 ordinary shares at CAD1.13 per share (equivalent to GBP72p based on exchange rate at pricing)
| Summary table: | ||||
| Quarter to | Quarter to | |||
| 31 March 2012 | 31 March 2011 | |||
| Gold production | 6,747 oz | 7,952 oz | ||
| Gold sold | 6,515 oz | 7,883 oz | ||
| Sales revenue | $ | 11.1M | $ | 10.9M |
| Average sales price | $ | 1,699 per oz | $ | 1,389 per oz |
| Corihuami site cash operating costs | $ | 501 per oz | $ | 401 per oz |
| Gross Profit | $ | 5.4M | $ | 4.5M |
| EBITDA | $ | 4.4M | $ | 4.7M |
| Profit before tax | $ | 3.1M | $ | 2.5M |
| Profit after tax | $ | 1.7M | $ | 1.3M |
| Total Income/(Loss) | $ | 1.7M | $ | 1.1M |
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