Welcome!

.NET Authors: Trevor Parsons, Peter Silva, Yeshim Deniz, Pat Romanski, Adine Deford

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
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. 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.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
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 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...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.