Silverstone Resources December 31, 2007 Four Month Stub Period Results
31 Março 2008 - 10:46PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SST) announces its
financial results for the four month stub period ending December
31, 2007. For the four months ended December 31, 2007, Silverstone
recorded earnings of US$1.2 million or US$0.01 per share and
operating cash flows of US$3.2 million or US$0.03 per share.
Overview and Highlights
- Net earnings of US$1.2 million or US$0.01 per share from the
sale of 524,000 ounces of silver.
- Operating cash flows of US$3.2 million or US$0.03 per
share.
- Cash at December 31, 2007 of US$34.4 million (August 31, 2007
- US$27.1 million) with no bank debt.
- On September 28, 2007 Silverstone completed the purchase of
all of the silver production from Lundin Mining's Neves-Corvo and
Aljustrel mines in Portugal for life of mine.
- On November 27, 2007 Silverstone completed a $50 million
financing. Proceeds from the offering were used to repay debt of
US$25 million.
- Three year silver sales forecast below shows a 50% increase in
2009 and an additional 10% increase in 2010:
- 2008 - 2,155,000 oz's
- 2009 - 3,175,000 oz's
- 2010 - 3,500,000 oz's
- Subsequent to the period end, Silverstone agreed to purchase a
CDN$17.5 million convertible debenture from Aquiline Resources Inc.
The debenture must be converted into, at the Company's option,
either common shares of Aquiline at a conversion price of CDN$12.00
or a contract granting Silverstone the right to purchase 12.5% of
the life of mine payable silver from the Loma de La Plata zone.
The information in this news release should be read in
conjunction with the audited Consolidated Financial Statements and
Management Discussion and Analysis for the four months ended
December 31, 2007, which will be available at Silverstone's website
at www.silverstonecorp.com and at www.sedar.com.
Silverstone will host a conference call on Tuesday April 1, 2008
at 8:30am PST (11:30am 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 Tuesday, April 8, 2008 and can be
accessed by dialing 1.866.501.5559 and the passcode is
21267352#.
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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