Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

International Minerals Reports Production Results From Pallancata Mine for Quarter Ended December 31, 2012 and Full Calendar Year 2012

SCOTTSDALE, AZ -- (Marketwire) -- 01/29/13 -- International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company" or "IMZ") announces production results from its 40%-owned Pallancata silver mine in Peru (Hochschild 60%-owned and operator) for its fiscal 2013 second quarter ended December 31, 2012 ("Current Quarter") and for the calendar 12-month period ended December 31, 2012 ("Calendar Year 2012").

In the Current Quarter, the Pallancata Mine produced (on a 100% basis) approximately 1.9 million ounces of silver (2011: 2.3 million ounces) and 7,402 ounces of gold (2011: 8,304 ounces). The Company's 40% share of production for the Current Quarter was approximately 0.8 million ounces of silver (2011: 0.9 million ounces) and 2,961 ounces of gold (2011: 3,322 ounces).

For Calendar Year 2012, the Pallancata Mine produced (on a 100% basis) approximately 7.4 million ounces of silver (8.8 million ounces in Calendar Year 2011) and 26,231 ounces of gold (33,881 ounces in Calendar Year 2011). The Company's 40% share of production for Calendar 2012 was approximately 3.0 million ounces of silver (3.5 million ounces in 2011) and 10,492 ounces of gold (13,553 ounces in 2011).

The decreases in gold and silver production for both the Current Quarter and Calendar Year 2012 compared to the respective previous periods are due primarily to a decrease in the grades of both silver and gold processed because (a) the mine experienced an increase in mining dilution due to the narrower veins being mined, and (b) the mine encountered production scheduling constraints which restricted mine development and backfill placement. These issues are currently being addressed by the mine operator.

IMZ anticipates that production from the Pallancata Mine for Calendar Year 2013 will be similar to 2012 at approximately 7.4 million ounces of silver and 26,000 ounces of gold, with approximately 3.0 million ounces of silver and 10,400 ounces of gold representing IMZ's 40% share of anticipated 2013 production.

Operating Statistics for the Pallancata Mine (100% basis and IMZ 40% basis).

The Table below reports key production statistics for the Pallancata Mine for the Current Quarter (ended December 31, 2012) and Calendar Year 2012 (12 months ended December 31, 2012), together with the respective previous periods.

----------------------------------------------------------------------------
                                  Quarter    Quarter      Year       Year
                                    Ended      Ended      Ended      Ended
                                 12/31/2012 12/31/2011 12/31/2012 12/31/2011
----------------------------------------------------------------------------
                                 100 % Basis
----------------------------------------------------------------------------
Ore mined (tonnes)                  301,894    291,607  1,059,329  1,039,674
----------------------------------------------------------------------------
Ore processed (tonnes)              288,858    293,060  1,094,250  1,070,466
----------------------------------------------------------------------------
Head grade- Silver (grams/tonne)        255        293        256        301
----------------------------------------------------------------------------
Head grade- Gold (grams/tonne)          1.1        1.3        1.1        1.3
----------------------------------------------------------------------------
Silver production (ounces)        1,941,821  2,288,930  7,440,604  8,767,394
----------------------------------------------------------------------------
Gold production (ounces)              7,402      8,304     26,231     33,881
----------------------------------------------------------------------------
                                IMZ 40% Basis
----------------------------------------------------------------------------
Silver production (ounces)          776,728    915,572  2,976,242  3,506,958
----------------------------------------------------------------------------
Gold production (ounces)              2,961      3,322     10,492     13,553
----------------------------------------------------------------------------

Note:
1. The reported head grades for silver and gold are based on the overall metallurgical balance for the process plant.

Production costs for both the Current Quarter and Calendar Year 2012 will be provided in a Company news release to be issued after the close of markets on February 14, 2013, together with disclosure of the financial results for the Current Quarter.

With respect to the financial results for the Current Quarter, as a result of lower income from Pallancata and a further write-down of approximately US$14.5 million in the carrying value of the Ecuador assets (see the Company's November 21, 2012 news release), the Company expects to report a net loss for the Current Quarter. This loss remains to be fully quantified but at this time it is anticipated to be in the US$9 million to $10 million range, compared to net income after tax of US$11.1 million for the quarter ended December 31, 2011. Net income after tax for the fiscal 6-month period ended December 31, 2012 is expected to be close to break-even compared to net income after tax of US$26.3 million for the fiscal 6-month period ended December 31, 2011.

Ecuador Update

IMZ has entered into preliminary agreements for the sale of the properties in Ecuador. Both IMZ and the respective buyers are working closely with the Government of Ecuador to obtain the required government approvals in order to finalize these transactions. Further details will be provided when the required approvals are obtained.

Inmaculada Project Update

At the Company's 40%-owned Inmaculada gold-silver project in Peru (Hochschild 60%-owned and operator), a loan arrangement on favorable terms with a syndicate of Peruvian banks is currently being negotiated by Minera Suyamarca S.A.C. (the company jointly owned by the Company and Hochschild) to finance part of the capital costs for Inmaculada. The amount and terms of this loan are expected to be finalized with the banks by the end of March 2013 and will be announced to the market at that time. It is anticipated that Inmaculada will commence production in the second half of 2014 (See IMZ new release dated November 26, 2012 for more details).

The technical disclosure in this news release has been reviewed by IMZ's Qualified Person, Nick Appleyard, VP Corporate Development.

Hochschild Mining plc does not accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects.

Cautionary Statement:

Forward-looking statements in this release include statements regarding risks related to: mine production expectations; timing of construction and production of projects; financing of capital projects; estimates of financial results; and completion of the sale of the Rio Blanco and Gaby properties. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: mining, production and processing risks; risks relating to obtaining construction and mining permits; risks related to financing capital projects; risks associated with estimating financial results; for the Rio Blanco and Gaby properties in Ecuador - risks of obtaining government approvals and the uncertainty in estimating and then receiving their fair market value; and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2012, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For additional information, contact:

In North America:
Paul Durham
VP Corporate Relations
Tel: +1 480 483 9932

In Europe:
Oliver Holzer
Marketing Consultant
+41 44 853 00 47

Renmark Financial Communications:
Christine Stewart
+1-416-644-2020
or
Robert Thaemitz
Tel +1-514-939-3989

Or send an email to: Email Contact
Internet Site: http://www.intlminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of ...