Silvermet Inc. Announces 2009 Annual Results
8 King Street East, Suite 1700 Toronto, Ontario, Canada M5C 1B5 Telephone: (416) 203-8336 Facsimile: (416) 368-5146
SILVERMET INC. ANNOUNCES 2009 ANNUAL RESULTS
TORONTO, May 3, 2010: Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) is pleased to announce the release of its annual results for 2009.
Highlights
- Acquired and re-commissioned idle Waelz kiln in Iskenderun, Turkey
- Produced 7,274 tonnes of zinc concentrate
- Shipped 5,621 tonnes of zinc concentrate to customers
- Generated positive operating cash flow in the fourth quarter
Net loss attributable to common shareholders for the year ended December 31, 2009 was $635,067, compared with a loss of $14,136,805 in 2008.
Basic and fully-diluted loss per common share for the year was $0.01 compared with a loss of $0.18 per common share in 2008.
In the fourth quarter, Silvermet generated $111,948 of cash from operations, compared with cash of $4,142,599 used in operations during the first three quarters of 2009 as the Company completed the re-commissioning of its Waelz kiln operations in Iskenderun, Turkey.
Silvermet has identified numerous opportunities for the improvement of operations in 2010, including both equipment and work force changes, that will enable the Company to achieve a more consistent and efficient operating level. Many of the changes were initiated towards the end of 2009, and the related benefits are expected to be realized throughout 2010. One such example is the change from producing a zinc clinker to a double washed zinc oxide concentrate, thus reducing the amount of energy consumed. Other areas of improvement which have been identified, and in some cases had remediation started, include equipment upgrades, management reorganization, monitoring and measurement procedure development, and a continuous education program for staff.
“With our first operational year behind us, we have achieved the status of a viable, profitable enterprise.” said Stephen Roman, Silvermet’s Chairman and CEO. “Our focus in the year ahead will be to continue to make operational improvements to the plant in order to increase throughput and profitability. We also look forward to a buoyant zinc market in the year ahead, continuing the trend we have seen during the first quarter of 2010.”
The financial statements and Managements’ Discussion and Analysis of its results (“MD&A”) can be found on SEDAR or the Company’s website. The Company reports its financial results in US dollars.
About Silvermet:
Silvermet’s Waelz kiln operations in Iskenderun, Turkey have been operating since mid- May to recover zinc contained in the Electric Arc Furnace Dust (“EAFD”) that is produced as a waste product by local steel mills.
For further information, please contact:
Stephen G. Roman, Chairman, President & CEO Silvermet Inc.
Tel: (416) 203-8336
Website: www.silvermet.ca
Maurice Dagenais John Boidman Tel: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
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Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.