Silvercorp Reports Net Income of $9.8 Million and Cash Flow of $23.8 Million in Fourth Quarter; Provides Outlook for FY2011
PRESS RELEASE
Trading Symbol: TSX: SVM May 12, 2010 NYSE: SVM
SILVERCORP REPORTS NET INCOME OF $9.8 MILLION AND CASH FLOW OF $23.8 MILLION IN FOURTH QUARTER; PROVIDES OUTLOOK FOR FY2011
VANCOUVER, British Columbia – May 12, 2010 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) reports today its unaudited financial and operating results for the fourth quarter and fiscal year that ended March 31, 2010, and provides an outlook for its fiscal 2011 year. The following financial results are expressed in US dollars (US$) unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS
During the quarter ended March 31, 2010, highlights included:
- Net earnings of $9.8 million, or $0.06 per share, compared to earnings of $1.2 million, or $0.01 per share, in the same quarter last year;
- Quarterly cash flows from operations of $23.8 million, or $0.14 per share, up 123% from the same quarter last year of $10.6 million;
- Production of 1.08 million ounces of silver in the quarter, resulting in record annual production of 4.62 million ounces and the fourth consecutive year of silver production growth;
- Total production costs of negative $4.61 per ounce of silver and cash costs of negative $5.64 per ounce of silver;
- Proven and Probable reserves established for the first time at the Ying mining district of 63.4 million ounces of silver, 384,837 tonnes of lead and 117,559 tonnes of zinc -- giving the Ying mine over a10year mine life after four years of production;
• Acquisition of the high-grade Silvertip silver-lead-zinc property in northern British Columbia, Canada;
- Payment of $3.1 million, or CAD$0.02 per share, in quarterly dividends to shareholders; and
- Increase in total cash and short term investments to $95.0 million from $65.0 million a year ago.
FINANCIALS
For the fourth quarter, Silvercorp recorded net earnings of $9.8 million, or $0.06 per share, an increase of 688% over the recorded net earnings of $1.2 million, or $0.01 per share, in the same quarter last year. Net earnings improved primarily due to higher metal production and higher realized selling prices.
For the year ended March 31, 2010, the Company recorded net earnings of $38.5 million, or $0.24 per share, compared to a net loss of $16.0 million, or $0.11 loss per share, in the last year which included a mineral property impairment charge of $45.7 million.
Sales in the fourth quarter rose to $28.2 million, a 62% increase from $17.4 million in the same quarter last year. For the year, Silvercorp reported sales of $107.2 million, an increase of $23.6 million or 28% from last year. This increase was due to higher quantities of metals sold combined with higher metal prices. Cost of sales for the quarter was $7.8 million, representing a 25% increase as the Company processed more ore compared to the same quarter last year. For the year, cost of sales was $24.0 million, a decrease of 18% compared to $29.3 million a year ago despite the greater quantity of metals sold in the current year. Gross profit margin during the quarter improved to 68% from 63% in the same quarter last year. For the year, gross profit margin was 74% compared to gross profit margin of 57% last year.
Cash flow from operations for the fourth quarter was $23.8 million, or 0.14 per share, a 123% increase from $10.6 million in the same quarter last year. For the year, cash flow generated from operations was $66.0 million, or $0.40 per share, an increase of $19.0 million or 40% from $47.0 million last year. The cash flows achieved for the year also exceeded the 2010 Production Guidance ($35 - $40 million) by 65%. The Company ended the year with $95.0 million in cash and short investments, up from $65.0 million at the end of the prior year.
OPERATIONS
Silvercorp mined 81,034 tonnes of ore in the fourth quarter, a 34% increase over 60,466 tonnes in the same period last year. Ore production during this quarter was lower than in the past three quarters, however, as the Company’s operations were closed for 25 days for the Chinese New Year.
A total of 131,436 tonnes of ores were milled in the quarter, representing an 82% increase compared to 72,175 tonnes of ore milled in the same quarter last year and a 51% increase compared to 87,032 tonnes of ore milled in the last quarter.
A total of 1.08 million ounces of silver were mined during the quarter, an increase of 4.2% over the same quarter last year of 1.04 million ounces. Total silver production for the year was a record 4.62 million ounces compared with 4.19 million ounces in the previous year.
Consolidated cash cost per ounce of silver for the quarter improved to negative $5.64 compared to negative $2.06 per ounce of silver in the same quarter last year, an increase driven by higher realized prices for byproduct credits. Consolidated cash cost per ounce of silver for the year improved to negative $6.22 compared with negative $2.77 in the prior year period.
In its fiscal year 2010 Production Guidance outlined in May 2009, the Company planned to produce 410,000 tonnes of ore. Actual ore production for the year was 406,754 tonnes, which was approximately 3,246 tonnes or 0.8% below the 2010 Guidance. A mine-by-mine breakdown of actual mining capacity compared to the 2010 Production Guidance is as follows:
� At the Ying mine, total mine production for the year of 312,171 tonnes was achieved, which is 52,171 tonnes or 20% more than 2010 Production Guidance of 260,000 tonnes and an 8% increase compared to 290,334 tonnes of ore mined in the prior year. Most significantly, silver production from the Ying mine reached a record 4.16 million ounces, 14% higher than the Guidance of 3.65 million ounces even though run of mine silver grade was 465 g/t, which is 15g/t or 3% lower than the Guidance of 480 g/t for silver.
� The HPG mine produced 30,430 tonnes of ore which yielded 148,000 ounces of silver, exceeding the planned 30,000 tonnes of ore and 112,000 ounces of silver production outlined in the 2010 Guidance as actual silver grade was higher than projected.
� 2010 Production Guidance for the TLP and LM mines was for the production of 120,000 tonnes of ore, which would yield between 0.9 - 1.3 million ounces of silver. Actual production from the mines was 64,153 tonnes or approximately 53% of the Guidance, which yielded 313,000 ounces of silver. Lower ore production was due to mine development and production running behind schedule. The majority of the ore produced were by-product ores derived from development work rather than mining from stopes, which resulted in lower silver grades.
For fiscal year 2010, 90% of the Company’s silver production was from the Ying mine, which achieved an annual production record of 4.16 million ounces. Even with the better than expected performance from the Ying mine, the company’s silver production of 4.62 million ounces for the year is marginally outside the 2010 Guidance of 4.65 - 5.05 million ounces resulting from the production shortfall at the TLP and LM mines.
Operational results for the past four quarters and the full fiscal 2010 year, along with a comparison to the 2010 Production Guidance, for the Ying Mine are summarized as follows:
Q4 2010 Q3 2010 Q2 2010 Q1 2010 F2010 F2010 31-Mar-10 31-Dec-09 30-Sep-09 30-Jun-09 Total Guidance
Ores Mined (tonne)
| Direct Smelting Ores(tonne) | 2,418 | 3,357 | 3,550 | 3,773 | 13,098 |
| Ores to be milled(tonne) | 54,174 | 82,711 | 79,713 | 82,475 | 299,073 |
| 56,592 | 86,068 | 83,263 | 86,248 | 312,171 260,000 |
Run of Mine Ores (tonne)
| Direct Smelting Ores (tonne) | 2,418 | 3,357 | 3,550 | 3,773 | 13,098 |
| Ores Milled (tonne) | 70,214 | 70,776 | 80,657 | 77,330 | 298,977 |
| 72,632 | 74,133 | 84,207 | 81,103 | 312,075 260,000 |
Metal Production
Silver (in thousands of ounce) 836 1,086 1,107 1,134 3,650
4,163
Lead (in thousands of pound) 11,097 14,327 14,084 15,017 54,525 49,000
Zinc (in thousands of pound) 2,747 4,038 3,707 3,579 14,071 12,000
Head Grades of Run of Mine Ores
| Silver (gram/tonne) | 429.3 | 488.5 | 452.5 | 488.1 | 465.3 | 480 |
| Lead (%) | 7.6 | 9.0 | 8.1 | 9.1 | 8.5 | 9.0 |
| Zinc (%) | 2.8 | 3.4 | 3.0 | 3.1 | 3.1 | 3.0 |
Recovery Rate of the Run of Mine Ores
| Silver (%) | 91.8 | 91.0 | 92.8 | 93.3 | 92.7 | 92 | |
| Lead (%) | 96.3 | 95.8 | 96.6 | 96.5 | 96.6 | 96 | |
| Zinc (%) | 67.5 | 76.0 | 71.2 | 76.3 | 69.0 | 72 | |
| Cash Mining cost($ per tonne) | 45.66 | 45.75 | 46.16 | 42.27 | 44.93 | ||
| Total Mining cost($ per tonne) | 57.50 | 56.90 | 54.71 | 52.70 | 55.32 | ||
| Cash Milling cost($ per tonne) | 10.23 | 10.45 | 9.19 | 10.84 | 10.23 | ||
| Total Milling cost($ per tonne) | 11.63 | 11.48 | 10.16 | 11.74 | 11.33 |
Production cost per ounce of silver,
adjusted for by-product credits (6.14) (7.47) (5.51) (4.19) (5.79)
Cash cost per ounce of silver, adjusted
for by-product credits (7.26) (8.36) (6.24) (5.00) (6.66)
OUTLOOK FOR FISCAL YEAR 2011
Ying Mining District, Henan Province, China
For fiscal year 2011, Silvercorp expects a 13% increase in silver production to 5.3 million ounces with production from the TLP, HPG and LM mines continuing to grow as mine development progresses. The Company’s production plan is to produce approximately 500,000 tonnes of ore at grades of 360 g/t silver, 8% lead and 1.2% zinc, yielding 5.3 million ounces of silver, 83.7 million pounds of lead and 10.3 million pounds of zinc.
Using the average metal prices during the fourth quarter and the above projected production figures, the Company’s mining operations in fiscal 2011 are expected to generate revenues of $140 million, resulting in cash flows from mine operations of $95 million to $100 million. Capital expenditures for fiscal 2011 are budged at $13 million at the Ying Mining District -- including $7 million for the Ying mine, $4 million for the TLP mine and $2 million for the HPG and LM mines.
GC Project, Guangdong Province, China
At the GC development project in Guangdong Province, China, the Company is engaged in environmental permitting and is continuing the process of compiling a feasibility study, which includes detailed mine and mill designs. Capital expenditure projections at the project for the current fiscal year will depend on the timing of receipt of the environmental permit.
Silvertip Project, British Columbia, Canada
In February 2010, Silvercorp completed the acquisition of a 100% interest in the Silvertip silver-lead-zinc project covering 216 km2 in northern British Columbia. Further mineral claim staking by the Company has increased the land package to approximately 800 km2.
Silvercorp plans to apply the same successful strategy used at the Ying mine in China to the Silvertip project. Within the next 12 months, the Company intends to complete the necessary studies required for the submission of a B.C. Small Mine Permit application for an operation with an annual capacity of up to 75,000 tonnes. The Small Mine Permit will allow Silvercorp to commence early production, focusing on higher grade (>1,000 g/t silver equivalent) ore zones that can be accessed from existing tunnels. Expected cash flows from the small mining operation will then help finance further exploration to expand both the resource and future mine operations.
The Company’s first step will be to obtain the necessary permits to de-water the existing underground workings, which is expected to take approximately six months. Once obtained, an underground exploration program, which will include a bulk sample, exploration drilling and a geotechnical assessment, will be carried out.
In addition, a surface drill program will be carried out this summer where previous dill holes have intercepted extensive mineralized zones that were not included in the 2010 resource estimation as the drill holes were too widely spaced. Furthermore, several geophysical and geochemical anomalies located within 5 kilometres of the existing resource areas along the same shale-limestone contact zone previously identified to host high-grade mineralization will also be drill tested. The total capital expenditure budget for calendar year 2010 at the Silvertip project will be approximately $4-5 million.
Silvercorp continues to pursue future growth opportunities by carrying out aggressive exploration programs within existing exploration and mining permit areas at its projects in addition to continually seeking out acquisitions projects in China and other jurisdictions.
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call and live audio webcast to discuss these results is scheduled as follows:
Date: Thursday, May 13, 2010 Time: 8:30 am PT (11:30 am ET)
Dial-In Number: 1-612-288-0329 Live audio webcast: www.silvercorp.ca (click on the link on the home page)
Playback webcast can be accessed at: www.silvercorp.ca
About Silvercorp Metals Inc.
Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. Silvercorp is the largest primary silver producer in China through the operation and development of four silver-lead-zinc mines at the highly profitable Ying Mining Camp in the Henan Province of China. The company is also applying for a mining permit at the GC property in the Guangdong Province to establish a second base for production in China. Additionally, Silvercorp recently acquired the Silvertip project in northern British Columbia, Canada, as an additional platform for growth and geographic diversification. The Company’s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
For further information: SILVERCORP METALS INC., Rui Feng, Chairman & CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Toll Free 1(888) 224-1881, Email: [email protected], Website: www.silvercorp.ca.
CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS
Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, permitting, the Company’s future plans and objectives, expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in mineral exploration, development, and mining. Some production projections may be based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
Consolidated Balance Sheets - Unaudited
March 31, 2010 March 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $ 50,618 $ 41,470
| Short term investments | 44,041 | 23,962 |
| Restricted cash | - | 732 |
| Accounts receivable, prepaids and deposits | 2,474 | 3,152 |
| Inventories | 3,175 | 1,529 |
| Current portion of future income tax assets | 112 | 143 |
| Amounts due from related parties | 138 | 30 |
100,558 71,018
| Long term prepaids and deposits | 505 | 1,058 |
| Reclamation deposits | 78 | - |
| Long term investments | 14,838 | 12,186 |
| Restricted cash | - | 293 |
| Plant and equipment | 29,024 | 29,072 |
| Mineral rights and properties | 133,248 | 89,413 |
| Future income tax assets | 1,203 | 2,162 |
$
279,454 $ 205,202
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 7,504 $ 8,533
| Deposits received | 6,737 | 1,290 |
| Bank loan and notes payable | 1,465 | 658 |
| Current portion of asset retirement obligations | 292 | - |
| Dividends payable | 3,238 | 2,564 |
| Income tax payable | 1,658 | 3,041 |
| Amounts due to related parties | - | 7,353 |
20,894 23,439
Future income tax liabilities 19,475 19,678 Asset retirement obligations 2,357 2,029 42,726 45,146
Non-controlling interests 21,738 7,610
SHAREHOLDERS' EQUITY
| Share capital | 145,722 | 135,604 |
| Contributed surplus | 4,702 | 3,764 |
| Reserves | 31,893 | 31,893 |
| Accumulated other comprehensive income (loss) | 14,910 | (10,167) |
| Retained earnings (Deficit) | 17,763 | (8,648) |
214,990 152,446
$
279,454 $ 205,202
Consolidated Statements of Operations - Unaudited
(Expressed in thousands of U.S. dollars, except for per share figures)
Three months ended March 31, Twelve months ended March 31,
2010 2009 2010 2009
Sales $ 28,224 $ 17,392 $ 107,164 $ 83,523
| Cost of sales | 7,839 | 6,276 | 23,996 | 29,322 |
| Amortization and depletion | 1,108 | 106 | 3,904 | 6,365 |
| 8,947 | 6,382 | 27,900 | 35,687 | |
| Gross profit | 19,277 | 11,010 | 79,264 | 47,836 |
Expenses
| Accretion of asset retirement obligations | 32 | 35 | 125 | 123 |
| Amortization | 156 | 24 | 932 | 817 |
| Foreign exchange loss (gain) | 211 | (673) | (432) | (2,872) |
| General exploration and property investigation expenses | 702 | 500 | 4,909 | 2,325 |
| Impairment charges and bad debt | - | 2,907 | 698 | 50,707 |
| Investor relations | 126 | 109 | 438 | 550 |
| General and administrative | 2,365 | 2,023 | 9,491 | 9,312 |
| Professional fees | 344 | 130 | 1,783 | 1,488 |
| 3,936 | 5,055 | 17,944 | 62,450 | |
| 15,341 | 5,955 | 61,320 | (14,614) |
Other income and expenses
| Equity loss on investment in NUX | (99) | 12 | (424) | (1,455) |
| Loss on disposal of mineral rights and property | - | - | - | (819) |
| Loss on disposal of plant and equipment | (198) | (308) | (1,569) | (328) |
| Interest expenses | (27) | - | (122) | (7) |
| Loss on held for trading securities | 57 | - | 35 | - |
| Interest income | 233 | 75 | 868 | 1,342 |
| Other income | 52 -3 | 337 | 478 | |
| 18 | (224) | (875) | (789) | |
| Income (loss) before income taxes and non-controlling interests | 15,359 | 5,731 | 60,445 | (15,403) |
Income tax expense (recovery)
| Current | 1,722 | 2,805 | 7,796 | 6,988 |
| Future | 413 | (325) | 764 | (7,925) |
| 2,135 | 2,480 | 8,560 | (937) | |
| Income (loss) before non-controlling interests | 13,224 | 3,251 | 51,885 | (14,466) |
| Non-controlling interests | (3,464) | (2,013) | (13,338) | (1,531) |
Net income (loss) $ 9,760 $ 1,238 $ 38,547 $ (15,997)
Basic earnings (loss) per share $ 0.06 $ 0.01 $ 0.24 $ (0.11) Diluted earnings (loss) per share $ 0.06 $ 0.01 $ 0.24 $ (0.11) Weighted Average Number of Shares Outstanding - Basic 167,205,472 153,869,610 162,287,528 152,350,041 Weighted Average Number of Shares Outstanding - Diluted 167,963,878 154,996,312 163,571,019 152,350,041
Consolidated Statements of Cash Flows - Unaudited
Three months ended March 31, Twelve months ended March 31,
2010 2009 2010 2009
Cash provided by (used in)
Operating activities
Net income (loss) for the year $ 9,760 $ 1,238 $ 38,547 $ (15,997) Add (deduct) items not affecting cash :
| Accretion of asset retirement obligations | 32 | 35 | 125 | 122 |
| Amortization and depletion | 1,264 | 130 | 4,836 | 7,182 |
| Equity Investment loss (gain) | 99 | (12) | 424 | 1,455 |
| Future income tax expenses (recovery) | 413 | (325) | 764 | (7,925) |
| Impairment charges and bad debt | - | 2,907 | 698 | 50,707 |
| Gain on held-for-trading securities | (57) | - | (35) | - |
| Loss on disposal of mineral property | - | - | - | 819 |
| Loss on disposal of plant and equipment | 198 | 309 | 1,569 | 328 |
| Non-controlling interests | 3,464 | 2,013 | 13,338 | 1,531 |
| Stock-based compensation | 592 | 107 | 1,914 | 2,103 |
| Unrealized foreign exchange loss (gain) | 883 | 4,378 |
(148) (1,118)
Change in non-cash operating working capital 8,142 3,340 4,921 2,283 Cash provided by operating activities 23,759 10,625 65,983 46,986
Investing activities
Mineral rights and properties Acquisition and capital expenditures (10,187) (713) (21,218) (37,115) Proceeds on disposals - - - 814 Plant and equipment Acquisition (3,645) (1,524) (5,027) (12,697) Proceeds on disposals 7 - 140 2 Equity investments
| Marketable securities | (32) | - | (1,355) | - |
| Luoyang Yongning Gold and Lead Smelting Co. Ltd. | - | (146) | - | (291) |
| Sales of (purchase of) short term investments | (9,059) | (9,414) | (14,310) | 12,982 |
| Prepayments to acquire plant and equipment | 153 | 1,499 | (485) | (354) |
| Reclaimation deposit paid | (75) | - | (75) | - |
| Cash used in investing activities | (22,838) | (10,298) | (42,330) | (36,659) |
Financing activities
Advance to related parties, net of repayments received (45) (225) (101) (37) Bank loan and notes payable Proceeds - 655 2,927 656 Repayments (1,465) - (2,123) - Non-controlling interest
| Contribution | - | - | - | 215 |
| Distribution | - | (1,974) | (7,191) | (13,173) |
| Cash dividends distributed | (3,103) | (2,476) | (12,001) | (5,466) |
Capital stock
| Proceeds from issuance of common share | 482 | 22,634 | 1,310 | 22,655 |
| Share cancellation | - | - | - | (9,473) |
| Cash provided by (used in) financing activities | (4,131) | 18,614 | (17,179) | (4,623) |
| Effect of exchange rate changes on cash and cash equivalents | 325 | (6,279) | 2,674 | (11,327) |
| Increased (decrease) in cash and cash equivalents | (2,885) | 12,662 | 9,148 | (5,623) |
| Cash and cash equivalents, beginning of period | 53,503 | 28,808 | 41,470 | 47,093 |
Cash and cash equivalents, end of period $
50,618 $ 41,470 $ 50,618 $ 41,470
Supplemental information:
Interest paid $ 25 $
- $ 119 $
Income tax paid $ 1,952 $ 554 $ 9,127 $ 4,703
Non-cash investing activities:
Common shares issued for mineral rights and properties $ 7,832 $ - $ 7,832 $ 36,484
Three months ended March 31, 2010
| Direct Smelting Ores(tonne) | 2,418 | 64 | 3 | - | 2,485 |
| Stockpiled Ores(tonne) | 54,174 | 7,050 | 10,815 | 6,510 | 78,549 |
| 56,592 | 7,114 | 10,818 | 6,510 | 81,034 |
| Direct Smelting Ores(tonne) | 2,418 | 64 | 3 | - | 2,485 |
| Stockpiled Ores Milled(tonne) | 70,214 | 8,658 | 33,953 | 18,611 | 131,436 |
| 72,632 | 8,722 | 33,957 | 18,611 | 133,921 | |
| Mining cost per tonne of ore mined($) | 57.50 | 59.56 | 63.44 | 39.90 | 57.06 |
| Cash mining cost per tonne of ore mined($) | 45.66 | 52.19 | 59.24 | 37.10 | 47.36 |
| Non cash mining cost per tonne of ore mined($) | 11.84 | 7.37 | 4.20 | 2.80 | 9.70 |
| Unit shipping costs ($) | 3.72 | 3.71 | 2.82 | 2.80 | 3.52 |
| Milling cost per tonne of ore milled($) | 11.63 | 12.52 | 10.49 | 8.86 | 11.00 |
| Cash milling cost per tonne of ore milled($) | 10.23 | 10.81 | 8.79 | 6.87 | 9.43 |
| Non cash milling cost per tonne of ore milled($) | 1.39 | 1.72 | 1.70 | 1.99 | 1.57 |
| Silver($ per ounce) | 3.37 | 5.54 | 7.62 | 7.48 | 4.20 |
| Gold($ per ounce) | 172.29 | 295.67 | - | 481.6 | 268.26 |
| Lead($ per pound) | 0.20 | 0.28 | 0.45 | 0.49 | 0.25 |
| Zinc($ per pound) | 0.17 | - | - | - | 0.21 |
| Total production cost per ounce of Silver($) | (6.14) | (10.41) | 1.78 | 5.30 | (4.61) |
| Total cash cost per ounce of Silver($) | (7.26) | (11.02) | 0.79 | 5.09 | (5.64) |
| Silver (%) | 91.8 | 84.0 | 85.8 | 84.4 | 90.2 |
| Lead(%) | 96.3 | 94.8 | 87.1 | 89.7 | 94.5 |
| Zinc(%) | 67.5 | 68.6 | - | - | 67.5 |
| Silver (gram/tonne) | 429.3 | 165.9 | 95.1 | 255.9 | 303.8 |
| Lead(%) | 7.6 | 7.0 | 3.4 | 1.6 | 5.7 |
| Zinc(%) | 2.8 | 1.6 | - | - | 1.6 |
| Silver(in thousands of ounce) | 836 | 44 | 125 | 74 | 1,079 |
| Gold(in thousands of ounce) | 0.3 | 0.2 | - | 0 | 0.5 |
| Lead (in thousands of pound) | 11,097 | 1,228 | 2,219 | 377 | 14,921 |
| Zinc(in thousands of pound) | 2,747 | - | - | - | 2,747 |
| Silver($) | 11,024 | 651 | 1,616 | 1,011 | 14,302 |
| Gold($) | 186 | 192 | 57 | 22 | 457 |
| Lead($) | 8,645 | 927 | 1,704 | 339 | 11,615 |
| Zinc ($) | 1,850 | - | - | - | 1,850 |
| 21,705 | 1,770 | 3,377 | 1,372 | 28,224 |
| Silver($ per ounce) | 13.19 | 14.80 | 12.97 | 13.66 | 13.25 |
| Gold($ per ounce) | 673.91 | 790.12 | - | 880.00 | 846.30 |
| Lead($ per pound) | 0.78 | 0.75 | 0.77 | 0.90 | 0.78 |
| Zinc($ per pound) | 0.67 | - | - | - | 0.67 |
Three months ended March 31, 2009
| Direct Smelting Ores(tonne) | 2,610 | 14 | - | 0.3 | 2,624 |
| Stockpiled Ores(tonne) | 55,232 | 1,491 | 646 | 472 | 57,842 |
| 57,842 | 1,505 | 646 | 472 | 60,466 |
| Direct Smelting Ores(tonne) | 2,726 | 14 | - | - | 2,739 |
| Stockpiled Ores Milled(tonne) | 60,167 | 553 | 6,876 | 4,578 | 72,175 |
| 62,893 | 567 | 6,876 | 4,578 | 74,914 | |
| Mining cost per tonne of ore mined($) | 58.71 | 36.34 | 263.91 | 153.20 | 61.48 |
| Cash mining cost per tonne of ore mined($) | 45.44 | 29.39 | 262.43 | 147.45 | 48.16 |
| Non cash mining cost per tonne of ore mined($) | 13.27 | 6.95 | 1.48 | 5.75 | 13.32 |
| Unit shipping costs ($) | 3.55 | - | - | - | 3.55 |
| Milling cost per tonne of ore milled($) | 11.76 | 88.17 | 10.50 | 13.32 | 12.30 |
| Cash milling cost per tonne of ore milled($) | 10.57 | 68.89 | 9.35 | 12.22 | 11.06 |
| Non cash milling cost per tonne of ore milled($) | 1.18 | 19.28 | 1.15 | 1.10 | 1.24 |
| Silver($ per ounce) | 2.48 | 10.28 | 5.20 | 11.91 | 3.19 |
| Gold($ per ounce) | - | 961.80 | - | 750.75 | 364.14 |
| Lead($ per pound) | 0.15 | 0.50 | 0.27 | 0.69 | 0.19 |
| Zinc($ per pound) | 0.11 | 0.36 | - | - | 0.13 |
| Total production cost per ounce of Silver($) | (3.24) | 8.14 | 3.31 | 12.84 | (1.95) |
| Total cash cost per ounce of Silver($) | (3.62) | (4.52) | 2.13 | 22.49 | (2.06) |
| Silver (%) | 93.1 | 76.5 | 86.4 | 87.9 | 92.8 |
| Lead(%) | 97.2 | 92.6 | 85.8 | 86.8 | 96.4 |
| Zinc(%) | 69.4 | 74.2 | - | - | 69.4 |
| Silver (gram/tonne) | 486.7 | 108.8 | 95.1 | 307.3 | 408.5 |
| Lead(%) | 9.1 | 4.6 | 3.4 | 1.9 | 7.5 |
| Zinc(%) | 3.1 | 1.2 | - | - | 2.5 |
| Silver(in thousands of ounce) | 931 | 21 | 26 | 57 | 1,035 |
| Gold(in thousands of ounce) | - | 0.2 | - | 0.0 | 0.3 |
| Lead (in thousands of pound) | 12,150 | 561 | 233 | 238 | 13,182 |
| Zinc(in thousands of pound) | 3,082 | 390 | - | - | 3,472 |
| Silver($) | 8,037 | 232 | 243 | 476 | 8,988 |
| Gold($) | 4 | 244 | - | 10 | 258 |
| Lead($) | 6,341 | 300 | 113 | 115 | 6,869 |
| Zinc ($) | 1,126 | 151 | - | - | 1,277 |
| 15,508 | 927 | 356 | 601 | 17,392 |
| Silver($ per ounce) | 8.63 | 11.05 | 9.35 | 8.35 | 8.68 |
| Gold($ per ounce) | - | 1004.12 | - | 526.32 | 992.31 |
| Lead($ per pound) | 0.52 | 0.53 | 0.49 | 0.48 | 0.52 |
| Zinc($ per pound) | 0.37 | 0.39 | - | - | 0.37 |
Fiscal Year 2010 Year ended March 31, 2010
| Direct Smelting Ores(tonne) | 13,098 | 280 | 11 | - | 13,390 |
| Stockpiled Ores(tonne) | 299,073 | 30,150 | 38,538 | 25,603 | 393,364 |
| 312,171 | 30,430 | 38,550 | 25,603 | 406,754 |
| Direct Smelting Ores(tonne) | 13,098 | 281 | 11 | - | 13,390 | |
| Ores Milled(tonne) | 298,977 | 32,833 | 36,797 | 25,897 | 394,505 | |
| 312,075 | 33,113 | 36,808 | 25,897 | 407,895 | ||
| Mining cost per tonne of ore mined($) | 55.32 | 55.81 | 64.15 | 54.60 | 56.14 | |
| Cash mining cost per tonne of ore mined($) | 44.93 | 51.28 | 60.89 | 53.15 | 47.43 | |
| Non cash mining cost per tonne of ore mined($) | 10.39 | 4.53 | 3.26 | 1.45 | 8.71 | |
| Unit shipping costs($) | 3.57 | 3.67 | 2.86 | 2.53 | 3.44 | |
| Milling cost per tonne of ore milled($) | 11.33 | 12.21 | 12.34 | 9.34 | 11.37 | |
| Cash milling cost per tonne of ore milled($) | 10.23 | 11.01 | 10.12 | 7.62 | 10.12 | |
| Non cash milling cost per tonne of ore milled($) | 1.09 | 1.21 | 2.22 | 1.72 | 1.25 |
Average Production Cost
| Silver($ per ounce) | 2.71 | 4.52 | 7.16 | 7.40 | 3.06 |
| Gold($ per ounce) | 134.33 | 269.05 | - | - | 183.14 |
| Lead($ per pound) | 0.16 | 0.25 | 0.43 | 0.41 | 0.18 |
| Zinc($ per pound) | 0.13 | 0.19 | - | - | 0.15 |
| Total production cost per ounce of Silver($) | (5.79) | (12.75) | 1.27 | 5.50 | (5.38) |
| Total cash cost per ounce of Silver($) | (6.66) | (13.47) | 0.34 | 5.28 | (6.22) |
Total Recovery of the Run of Mine Ores
| Silver (%) | 92.7 | 85.9 | 87.3 | 84.9 | 92.0 |
| Lead(%) | 96.6 | 94.3 | 85.8 | 87.5 | 95.9 |
| Zinc(%) | 69.0 | 70.1 | - | - | 69.1 |
Head Grades of Run of Mine Ores
| Silver (gram/tonne) | 465.3 | 160.3 | 94.9 | 271.8 | 394.8 |
| Lead(%) | 8.5 | 6.9 | 3.5 | 1.9 | 7.5 |
| Zinc(%) | 3.1 | 1.3 | - | - | 2.5 |
Sales Data Metal Sales
Silver (in thousands of ounce) 4,163 148 140 173 4,624
| Gold(in thousands of ounce) | 0.7 | 0.9 | 0.0 | 1.6 |
| Lead (in thousands of pound) | 54,525 | 4,464 2,420 | 965 | 62,374 |
| Zinc(in thousands of pound) | 14,071 | 669 | - - | 14,740 |
-
Metal Sales -
| Silver($) | 48,524 | 1,811 | 1,776 | 2,294 | 54,405 |
| Gold($) | 376 | 656 | 58 | 32 | 1,122 |
| Lead($) | 37,597 | 3,057 | 1,838 | 713 | 43,205 |
- -
Zinc ($) 8,094 338 8,432
94,591 5,862 3,672 3,039 107,164 Average Selling Price, Net of Value Added Tax and Smelter Charges
| Silver($ per ounce) | 11.66 | 12.24 | 12.69 | 13.26 | 11.77 |
| Gold($ per ounce) | 578.46 | 728.89 | - | 711.11 | 703.45 |
| Lead($ per pound) | 0.69 | 0.68 | 0.76 | 0.74 | 0.69 |
| Zinc($ per pound) | 0.58 | 0.51 | - | - | 0.57 |
Fiscal 2009 Year ended March 31, 2009
| Direct Smelting Ores(tonne) | 11,182 | 504 | 95 | 71 | 11,852 |
| Stockpiled Ores(tonne) | 279,152 | 54,361 | 59,118 | 35,316 | 427,947 |
| 290,334 | 54,865 | 59,213 | 35,387 | 439,799 |
| Direct Smelting Ores(tonne) | 11,298 | 504 | 95 | 71 | 11,968 | |
| Ores Milled(tonne) | 275,204 | 59,887 | 69,375 | 34,653 | 439,119 | |
| 286,502 | 60,391 | 69,470 | 34,724 | 451,087 | ||
| Mining cost per tonne of ore mined($) | 66.11 | 73.43 | 56.27 | 108.19 | 69.09 | |
| Cash mining cost per tonne of ore mined($) | 51.24 | 44.33 | 47.82 | 67.94 | 51.26 | |
| Non cash mining cost per tonne of ore mined($) | 14.87 | 29.11 | 8.45 | 40.25 | 17.83 | |
| Unit shipping costs | 3.60 | 4.04 | 2.11 | 4.76 | 3.54 | |
| Milling cost per tonne of ore milled($) | 11.62 | 13.80 | 12.54 | 15.55 | 12.37 | |
| Cash milling cost per tonne of ore milled($) | 10.63 | 12.50 | 11.44 | 15.55 | 11.39 | |
| Non cash milling cost per tonne of ore milled($) | 0.99 | 1.30 | 1.10 | - | 0.98 |
Average Production Cost
| Silver($ per ounce) | 3.49 | 7.72 | 9.48 | 7.22 | 4.34 |
| Gold($ per ounce) | 152.39 | 462.92 | 361.47 | 379.68 | 262.24 |
| Lead($ per pound) | 0.22 | 0.46 | 0.57 | 0.45 | 0.28 |
| Zinc($ per pound) | 0.14 | 0.28 | - | - | 0.18 |
| Total production cost per ounce of Silver($) | (2.86) | 1.13 | 8.75 | 6.33 | (1.25) |
| Total cash cost per ounce of Silver($) | (3.87) | (6.53) | 5.15 | 5.15 | (2.77) |
Total Recovery of the Run of Mine Ores
| Silver (%) | 92.0 | 81.6 | 84.1 | 88.1 | 89.9 |
| Lead(%) | 96.5 | 93.2 | 78.8 | 86.8 | 94.3 |
| Zinc(%) | 69.3 | 71.4 | - | - | 76.1 |
Head Grades of Run of Mine Ores
| Silver (gram/tonne) | 407.0 | 154.4 | 160.4 | 266.7 | 311.6 |
| Lead(%) | 7.3 | 5.8 | 2.3 | 1.8 | 5.6 |
| Zinc(%) | 2.9 | 0.9 | - | - | 1.9 |
Sales Data Metal Sales
| Silver(ounce) | 3,408 | 209 | 271 | 301 | 4,189 |
| Gold(ounce) | - | 2 | - | - | 2 |
| Lead (pound) | 42,914 | 5,899 | 2,932 | 1,321 | 53,066 |
| Zinc(pound) | 12,339 | 618 | - | - | 12,957 |
Metal Sales
| Silver($) | 34,416 | 2,214 | 2,872 | 3,082 | 42,584 |
| Gold($) | 32 | 1,033 | 33 | 56 | 1,154 |
| Lead($) | 27,934 | 3,762 | 1,875 | 853 | 34,424 |
| Zinc ($) | 5,121 | 240 | - | - | 5,361 |
| 67,503 | 7,249 | 4,780 | 3,991 | 83,523 |
Average Selling Price, Net of Value Added Tax and Smelter Charges
| Silver($ per ounce) | 10.10 | 10.59 | 10.60 | 10.24 | 10.17 |
| Gold($ per ounce) | 441.01 | 636.67 | 403.70 | 538.98 | 613.77 |
| Lead($ per pound) | 0.65 | 0.64 | 0.64 | 0.65 | 0.65 |
| Zinc($ per pound) | 0.42 | 0.39 | - | - | 0.41 |