SilverCrest Reports Q3, 2012 Financial Results; Cash Flow From Operations Increases 103% Over Q3, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - SilverCrest Mines Inc. (TSX VENTURE:SVL)(NYSE MKT:SVLC)(NYSE Amex:SVLC) (the "Company") is pleased to announce its financial results for the third quarter ended September 30, 2012 (all figures in U.S. dollars unless otherwise specified).
HIGHLIGHTS OF Q3, 2012 (Compared to Q3, 2011):
- Cash flow from operations (1) increased 103% to $10.2 million.
- Cash operating cost per silver equivalent ounce sold (2) increased 5% to $7.60.
- Revenues reported per IFRS (3) rose 11% to $16.7 million on sales of 152,088 silver ounces (up 57%) and 7,923 gold ounces (up 4%).
- Comprehensive earnings amounted to $2.2 million ($0.03 per share), compared to $0.01 million ($0.00 per share).
- Working capital increased 22% from $21.4 million to $26.1 million.
- Cash and cash equivalents were $37.9 million (at September 30, 2012).
J. Scott Drever, President stated; "We had another strong quarter with 558,185 silver equivalent ounces sold (2), for reported revenues of $16.7 million. The average cash operating cost was $7.60 per silver equivalent ounce, which is below our budget of $8.20. Our Santa Elena low cost, open pit heap leach mine operations continue to perform well, and generated cash flows of $10.2 million which will contribute to the financing of the Santa Elena Expansion plan and the development of our major polymetallic La Joya Project. Record silver production in the third quarter has enabled us to increase annual silver production guidance from 435,000 ounces to 535,000 ounces. We are on track to meet our annual production guidance of 33,500 gold ounces."
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