|By Marketwired .||
|November 15, 2012 08:01 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce its unaudited financial and operating results for the third quarter ended September 30, 2012 ("Q3"). This press release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes for Q3, available on the Company's website at www.scorpiogold.com and on SEDAR at www.sedar.com. All monetary figures are expressed in US dollars unless otherwise specified.
Performance Highlights: 2012 ------------------------------------------ Q3 Q2 Q1 ---------------------------------------------------------------------------- Revenue $11,725,116 $12,452,582 $12,939,367 Mine operating earnings $ 2,574,962 $ 3,047,933 $ 4,790,297 Net earnings $ 2,828,277 $ 2,199,285 $ 2,967,313 Earnings per share (Basic) $ 0.02 $ 0.01 $ 0.01 Earnings per share (Diluted) $ 0.02 $ 0.01 $ 0.01 Total cash cost per ounce of gold sold(1) $ 989 $ 1,028 $ 940 Gold ounces produced 6,663 7,394 7,197 Precious metal sales (ounces) Gold 7,234 7,803 7,774 Silver 3,135 2,956 3,429 ----------------------------------------------------------------------------
Peter Hawley, CEO comments, "Although fewer ounces were placed on the leach pad in June and July as a consequence of a higher strip ratio in mining at the Drinkwater pit, combined with lower head grades during those months, and there was a reduction in the amount of solution flowing through the leach pad during the quarter due to a temporary water shortage, the Company has addressed all issues and aggressively increased performance towards the end of Q3. The Company continues to track positively at Mineral Ridge in Q3 with ore tons mined from the Drinkwater pit remaining close to static and ore production from the developing Mary pit increasing by 177% compared to the second quarter ("Q2"). Throughput per day and tons of ore processed increased by 15% and 16% respectively, resulting in a significant increase in gold-in-process inventory compared to Q2, thereby deferring an expected gold production increase to Q4. Q3 also saw the total cash cost per ounce of gold sold decrease by 4%."
"During Q3, the Company retired its remaining long-term debt and continues with an aggressive growth strategy both internally and by the acquisition of two of Royal Standard Mineral's properties in Nevada, which is expect to close in December. The Company expects a much stronger performance during Q4 with expected increases in processed tons and grade."
Highlights for the Third Quarter Ended September 30, 2012 and Subsequent Events:
-- Revenue of $11.7 million compared to $12.5 million in the second quarter of 2012. -- Total cash cost per ounce(1) of gold sold of $989 compared to $1,028 in the second quarter of 2012. -- Mine operating earnings of $2.6 million compared to $3.0 million in the second quarter of 2012. -- Net earnings of $2.8 million compared to $2.2 million in the second quarter of 2012. -- Earnings per share of $0.02 compared to $0.01 in the second quarter of 2012 -- Adjusted cash flow from operating activities(1) of $3.8 million compared to $7.1 million in the second quarter of 2012. -- Adjusted net earnings(1) of $2 million compared to $2.2 million in the second quarter of 2012. -- Adjusted EBITDA(1) of $5.7 million compared to $4.2 million in the second quarter of 2012. -- 6,663 ounces of gold produced compared to 7,394 ounces in the second quarter of 2012. -- The Company settled its separate litigation with Golden Phoenix and Steeple. -- The Company announced on October 11, 2012, signing of a definitive agreement for the acquisition of two mineral properties located in Nevada known as the Goldwedge and Pinon properties.
(1) This is a non-IFRS measure; please see Non-IFRS Performance Measures section in the Company's Management Discussion & Analysis.
Scorpio Gold's CEO, Peter J. Hawley, PGeo, is a Qualified Person for the Mineral Ridge project and has reviewed and approved the content of this release. For additional information please see the Company's website at www.scorpiogold.com.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
The Company relies on litigation protection for "forward-looking" statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration, development and exploitation of its Mineral Ridge project, including development and mining activities on the Mary Zone, and production expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks such as delays related to mining and processing and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Oct. 22, 2014 08:45 AM EDT Reads: 500
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Oct. 22, 2014 08:15 AM EDT Reads: 1,138
SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...
Oct. 21, 2014 08:30 PM EDT Reads: 1,377
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
Oct. 21, 2014 06:00 PM EDT Reads: 1,213
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 21, 2014 05:15 PM EDT Reads: 1,204
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Oct. 21, 2014 09:00 AM EDT Reads: 1,509
Oct. 20, 2014 11:45 PM EDT Reads: 1,250
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
Oct. 20, 2014 11:15 PM EDT Reads: 1,693
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Oct. 20, 2014 09:45 PM EDT Reads: 1,253
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Oct. 20, 2014 07:00 PM EDT Reads: 1,972
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Oct. 20, 2014 03:45 PM EDT Reads: 1,692
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Oct. 20, 2014 02:00 PM EDT Reads: 1,679
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
Oct. 20, 2014 02:00 PM EDT Reads: 1,784
Oct. 20, 2014 12:00 PM EDT Reads: 1,866
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
Oct. 20, 2014 12:00 PM EDT Reads: 1,668
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
Oct. 20, 2014 09:00 AM EDT Reads: 1,607
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Oct. 19, 2014 10:00 PM EDT Reads: 1,556
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Oct. 19, 2014 09:00 PM EDT Reads: 1,841
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
Oct. 19, 2014 07:30 PM EDT Reads: 1,488
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
Oct. 19, 2014 11:00 AM EDT Reads: 1,921