Click here to close now.

Welcome!

.NET Authors: Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg, Jayaram Krishnaswamy

News Feed Item

Dia Bras Announces Third Quarter 2012 Financial Results

TSX Venture Exchange - DIB
Bolsa de Valores de Lima - DIB

TORONTO, Nov. 27, 2012 /PRNewswire/ - Dia Bras Exploration Inc. (TSX-V:DIB) (BVL:DIB) ("Dia Bras") (the "Company") is pleased to announce the filing of its unaudited Financial Statements and Management Discussion and Analysis ("MD&A") for the third quarter of 2012. All amounts are presented in Canadian dollars unless otherwise stated. For the full Financial Statements or MD&A please visit the Company's website www.diabras.com or SEDAR at www.sedar.com

Daniel Tellechea, President and CEO of Dia Bras, commented "Dia Bras continued to achieve strong financial and operational results during the third quarter of 2012. The successful integration of Minera Corona into the Company, coupled with the production ramp up at Bolivar has resulted in the highest quarter of production to date. The Company added substantial value with significant increases in reserves and resources during the quarter and will continue with its aggressive exploration and development plans going forward".

The following table sets out selected information for the quarter and nine months ended September 30, 2012:

                 
  Three months ended
 September 30
Nine months ended
 September 30
(In thousands of dollars, unless stated) 2012 2011 2012 2011
                 
Revenue $ 46,126 $ 43,156 $ 136,369 $ 64,848
EBITDA   26,932   23,296   70,878   24,405
Cash flow from continuing operations   11,897   16,561   37,295   28,670
Adjusted net income attributable to shareholders1   11,594   17,319   41,838   7,838
Non-cash charge on Corona acquisition   (21,726)   (16,374)   (59,836)   (20,411)
Income Taxes    (6,437)   (947)   (7,440)   (1,729)
Net loss attributable to shareholders   (10,132)   945   (17,998)   (12,573)
  Cash cost per oz of Ag (Yauricocha) US$ (23.13)   (36.38)   (22.63)   -
  Cash cost per lb of Cu (Bolivar)   US$ 1.52   0.72   1.25   1.21
                 
                 
  September 30, December 31,        
(In thousands of dollars, unless stated) 2012 2011        
                 
Cash and cash equivalents $ 92,565 $ 20,156        
Assets   521,740   558,023        
Liabilities   227,851   281,283        
Equity   293,889   276,740        
1 Adjusted net income attributable to shareholders is defined by management as net
income attributable to shareholders shown in the financial statements plus non-cash
depletion charge due to the acquisition of Corona.

 

Financial Highlights

  • Adjusted net income attributable to shareholders of $11.6 million or $0.07 per share for the third quarter of 2012 compared to $17.3 million or $0.13 per share for the same period in 2011. Adjusted net income of $41.8 million and $7.8 million, for the nine month period ended September 30 of 2012 and 2011, respectively. Adjusted net income attributable to shareholders is defined by management as the net income shown in the financial statements plus non-cash depletion charges due to the acquisition of Corona. Adjusted net income in the third quarter of 2012 includes a non-recurrent tax charge of $5.0 million associated with the sale of the Company's hydroelectric asset during the first quarter of 2012.
  • EBITDA of $26.9 million for the third quarter of 2012 compared to $23.3 million for the same period in 2011. EBITDA of $70.9 million and $24.4 million in the nine month period ended on September 30 of 2012 and 2011, respectively.
  • Cash flow generated from operative activities of $11.9 million for the third quarter of 2012 compared to $16.6 million for the same period in 2011. Cash flow of $37.3 million and $28.7 million, for the nine month period ended September 30 of 2012 and 2011, respectively. The decrease recorded during the third quarter of 2012 is driven by higher uses of cash for working capital due to changes in accounts receivables.
  • Income taxes of $6.4 million for the third quarter of 2012 compared to $0.9 million in the same period of 2011. Income taxes of $7.4 million and $1.7 million in the nine month period ended on September 30 of 2012 and 2011, respectively. The increase in income taxes during the third quarter of 2012 is mainly driven by a $5.0 million non-recurrent tax charge associated with the sale of the Company's hydroelectric asset during the first quarter of 2011.
  • Net loss attributable to shareholders of $10.1 million or $0.07 per share for the third quarter of 2012 compared to a net income of $0.9 million ($nil per share) for the same period in 2011. Net loss of $18.0 million and $12.6 million, for the nine month period ended September 30 of 2012 and 2011, respectively.
  • A large component of the third quarter net loss for 2012 is a non-cash depletion charge in Peru of $21.7 million. This depletion charge has been calculated based on the units of production of the fair valued $363.9 million mineral property asset purchased in the acquisition of Corona on May 26, 2011. Management expects non-cash depletion cost will be reduced in future periods as the reserves and resources at the Yauricocha mine are increased.
  • Cash and cash equivalents of $92.6 million at the end of the third quarter of 2012 compared to $20.2 million at the end of December of 2011.
  • Revenues of $46.1 million for the third quarter of 2012 compared to $43.2 million for the same period in 2011. Revenues of $136.4 million and $64.8 million, in the nine month period ended September 30 of 2012 and 2011, respectively.
  • A negative silver ("Ag") cash cost of US$23.13 per ounce ("oz") in Yauricocha in the third quarter of 2011 and a negative US$ 22.63 for the nine month period ended September 30, 2012. Copper cash cost of US$1.52 per pound ("lb") at Bolivar for the third quarter of 2012 and US$ 1.25 per pound for the nine month period ended September 30, 2012. Higher by-product cash costs during 2012 at both Yauricocha and Bolivar were mainly driven by lower revenues from by-product production.

Operational Highlights

  • Silver production of 681,845 oz in the third quarter of 2012 compared to 585,483 oz for the same period in 2011. Silver production of 1,936,798 oz and 905,732 oz, for the nine month period ended in 2012 and 2011, respectively.
  • Copper ("Cu") production of 3.5 million pounds in the third quarter of 2012 compared to 3.9 million lb for the same period in 2011. Cu production of 9.0 milion lb and 5.9 million lb, for the nine month period ended in 2012 and 2011, respectively.
  • Lead ("Pb") production of 10.0 million lb in the third quarter of 2012 compared to 8.3 million lb for the same period in 2011. Pb production of 27.0 million lb and 11.2 million lb, for the nine month period ended in 2012 and 2011, respectively.
  • Zinc ("Zn") production of 15.4 million lb in the third quarter of 2012 compared to 14.5 million lb for the same period in 2011. Zn production of 39.8 million lb and 18.9 million lb, for the nine month period ended in 2012 and 2011, respectively.
  • Gold ("Au") production from the Yauricocha Mine was 2,409 oz in the third quarter of 2012 and 8,310 oz for the nine month period ended in 2012.

The following table sets out consolidated production results for the three and nine month periods ended September 30, 2012:

Consolidated Production    Three months ended   Nine months ended


Sept. 30, 2012  
Sept. 30, 2011
  % Var.
Sept. 30, 2012
  Sept. 30, 2011
  % Var.
Silver (oz)
681,845
  585,483
  16.5%
1,936,798
  905,732
  113.8%
Copper (000 lbs)
3,517
  3,891
  -9.6%
8,988
  5,895
  52.5%
Lead (000 lbs)
10,009
  8,302
  20.6%
27,024
  11,157
  142.2%
Zinc (000 lbs)
15,402
  14,493
  6.3%
39,814
  18,940
  110.2%
Gold (oz)
2,409
  N.A.
  N.A.
8,310
  N.A.  
N.A.

 

Exploration Highlights

  • On July 17, 2012 the Company announced significant drill results from its exploration programme at the Promontorio Mine at the Cusi Project. Drill assays substantially increased the known silver-disseminated zone and Dia Bras' geologists believe the area to extend over an area of at least 150 metres by 200-300 metres. Within this disseminated silver zone drill hole DC12B476 intersected 7.1 metres (true width) averaging 1,296 g/t Ag, this interval was part of a larger intersection of 21.0 metres (true width) averaging 543 g/t Ag.
  • On July 24, 2012 the Company reported positive drill results from its in-fill drill programme designed to increase resource categories at the Yauricocha Mine Area. Recent drilling at the Antacaca, Rosaura and Catas ore bodies has increased known copper-type and polymetallic-type mineralization along strike and at depth. At Catas, eight of the thirteen holes drilled returned significant results and expanded known copper-type and polymetallic type mineralization up to 160 metres along strike while remaining open at depth. Drilling at Antacanca-Rosaura returned positive results for eighteen of the twenty-two holes completed and shows that these two ore bodies merge at depth occurring over a strike length of 200 metres.
  • On August 30, 2012 an updated NI 43-101 compliant resource estimate was announced at the Company's Bolivar Mine in Chihuahua, Mexico. The total estimated Measured and Indicated resources are 15,404,000 tonnes averaging 0.79% Cu, 19.4 g/t Ag and 1.01% Zn at a mill cut-off grade of 0.66% copper-equivalent ("CuEq"). The total estimated Inferred Resources are 6,164,000 tonnes averaging 0.73% Cu, 18.1 g/t Ag and 0.93% Zn at the same cut-off.
  • On September 6, 2012 the Company completed an updated NI 43-101 reserve and resource estimate on its Yauricocha Property in the Yauyos Province, Peru. This estimate was an update to the resource report released on May 25, 2011 and has an effective date of January 1, 2012. The estimated total Proven and Probable Reserves are 4,162,940 tonnes averaging 119.7 g/t Ag, 0.70% Cu, 2.81% Pb, 2.57% Zn and 0.92 g/t Au. The estimated total Measured and Indicated Resources, including reserves, are 4,181,390 averaging 121.8 g/t Ag, 2.91% Pb, 0.72% Cu, 2.54% Zn and 0.93 g/t Au. The estimated total Inferred Resources are 1,794,330 tonnes averaging 58.62 g/t Ag, 1.57% Pb, 0.64% Cu 1.08% Zn and 1.10 g/t Au.
  • On September 12, 2012 the Company identified a significant tonnage target below the central mine workings at the Yauricocha Mine. The potential of the target below the known mine workings is approximately 5-6 million tonnes, roughly averaging 90-110 g/t Ag, 2-3% Pb, 0.5-1.0% Cu, 2-3% Zn and 0.6-1.0 g/t Au. This target is in addition to the reserves and resources previously announced on September 6, 2012 and the Company will continue to explore this new zone in the fourth quarter of 2012 and 2013.
  • On September 12, 2012 the Company identified a significant tonnage target below the central mine workings at the Yauricocha Mine. The potential of the target below the known mine workings is approximately 5-6 million tonnes, roughly averaging 90-110 g/t Ag, 2-3% Pb, 0.5-1.0% Cu, 2-3% Zn and 0.6-1.0 g/t Au. This target is in addition to the reserves and resources previously announced on September 6, 2012 and the Company will continue to explore this new zone in the fourth quarter of 2012 and 2013.

Corporate Highlights

  • On August 24, 2012 Corona announced a change in its dividend policy. The new policy will significantly increase Corona's financial flexibility because it delegates to the board of Corona the prerogative to distribute dividends during the year and it eliminates the requirement stated in the prior policy that Corona distribute at least 50% of its yearly earnings as dividends. The new policy will increase liquidity and help to facilitate the development of the mining infrastructure needed to exploit Yauricocha's ore bodies to depth.

Quality Assurance

The technical content of this news release has been approved by Thomas L. Robyn, Ph.D., CPG, RPG, a Qualified Person as defined in NI 43-101 and Head of Exploration for Dia Bras Exploration, Inc.

About Dia Bras

Dia Bras Exploration is a Canadian exploration & mining company focused on precious and base metals in Chihuahua State, other areas of northern Mexico, and most recently at its Yauricocha silver-lead-zinc-copper-gold mine in Peru. The Company is accelerating exploration at the Yauricocha property as well as pursuing the development and exploration of its most advanced Mexican assets - the Bolivar Property (copper-zinc-silver) and the Cusi Property (silver-lead) and is exploring in Mexico several precious metal targets such as La Sidra gold project at the Bolivar Property, Las Coloradas silver project at Melchor Ocampo (Zacatecas State), the Bacerac silver project (Sonora State), and the La Verde gold project at the Batopilas Property (Chihuahua State).

Neither the 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 news release.

Forward-looking Statements

Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

 

SOURCE Dia Bras Exploration Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
SYS-CON Events announced today that On the Avenue Marketing Group, a sales and marketing firm that utilizes events to market and sell products to consumers, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. On the Avenue Marketing Group (OTA) is a sales and marketing firm that utilizes events to market and sell products to consumers. On behalf of our clients, we attend thousands of fairs, festivals, expos, concerts, conferences, and sporting events annually, helping them reach millions of individuals ...
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that prevent them from doing so. The Company is uniquely positioned to help address these challenges thro...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® and DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carriers, thus providing a global perspective of the end-user experience. Site24x7 supports monitoring H...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...