Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, XebiaLabs Blog, Sematext Blog, Peter Silva, Glenn Rossman

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.

Latest Stories
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
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 - is now accepting submissions to demo smart cars on the Expo Floor. Smart car sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem.
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
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 ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...