Silverstone Reports Record Earnings of $4.5 Million for the First Quarter
2008年5月23日 - 7:58AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SST) announces its
financial results for the first quarter ending March 31, 2008. For
the three months ended March 31, 2008, Silverstone recorded
earnings of $4.5 million or $0.04 per share.
Overview and Highlights
- Silver sales of $7.5 million recorded during the quarter from
the sale of 403,000 ounces.
- Earnings of $4.5 million or $0.04 per share.
- Operating cash flows of $3.7 million.
- Total cash costs of $3.96 per ounce of silver.
- Cash at March 31, 2008 of $21.3 million (December 31, 2007 -
$34.4 million) with no bank debt. The decrease in cash was due to
the purchase of a CDN$17.5 million convertible debenture from
Aquiline Resources Inc. granting the Company the right to purchase
12.5% of the life of mine payable silver from the Loma de La Plata
zone.
- On May 22, 2008 the Company announced a 130% increase in
silver reserves at Lundin Mining's Neves-Corvo mine and a 67%
increase in silver contained in measured plus indicated resource
categories, which includes reserves.
The information in this news release should be read in
conjunction with the Interim Consolidated Financial Statements and
Management Discussion and Analysis for the three months ended March
31, 2008, which will be available at Silverstone's website at
www.silverstonecorp.com and at www.sedar.com.
Silverstone will host a conference call on Friday May 23, 2008
at 7:30am PST (10:30am ET) to discuss these results. The conference
call may be accessed by dialing 1.866.365.1119 in North America or
1.416.849.7329 internationally. Please ask for the Silverstone
Resources Corp. conference call. The conference call will be
archived for later playback until Friday May 30, 2008 and can be
accessed by dialing 1.866.501.5559 and the passcode is
21272848#.
ABOUT SILVERSTONE
Silverstone is a Canadian based public silver mining company
with 100% of its revenue from silver production. More information
is available online at: www.silverstonecorp.com.
Contacts: Silverstone Resources Corp. Chris Tomanik (604)
637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources
Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email:
mpatchett@silverstonecorp.com Website: www.silverstonecorp.com
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