|By Marketwired .||
|April 12, 2013 01:08 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/12/13 -- Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce its financial results for the fourth quarter ("Q4") and year ended December 31, 2012. This press release should be read in conjunction with the Company's Management Discussion & Analysis and the consolidated financial statements for the year ended December 31, 2012, available on the Company's website at www.scorpiogold.com and under the Company's name on SEDAR at www.sedar.com. All monetary amounts are expressed in US dollars unless otherwise specified.
---------------------------------------------------------------------------- Q4 2012 Q3 2012 2012 2011 ---------------------------------------------------------------------------- $ $ $ $ Revenue 15,498,250 11,725,116 52,615,315 - Mine operating earnings 4,424,334 2,574,962 14,837,526 - Net earnings (loss) 3,516,181 2,828,277 11,511,056 (6,568,377) Earnings (loss) per share (Basic) 0.03 0.02 0.06 (0.06) Earnings (loss) per share (Diluted) 0.03 0.02 0.06 (0.06) Total cash cost per ounce of gold sold(1) 855 989 948 - Gold ounces produced 10,812 6,663 32,066 - ----------------------------------------------------------------------------
Peter Hawley, CEO comments, "Despite numerous challenges in our first year of commercial production at Mineral Ridge, the Scorpio Gold team rose to each challenge and met the Company's 2012 production guidance. Operations in Q4 continued to improve on cost performance while increasing overall gold production. Total earnings for the year were $0.06 per share, with half of that coming from Q4 earnings. Scorpio Gold is focused on creating value for its shareholders and we are proud to have met our goals set for 2012 and look forward to further successes in 2013."
-- Operating revenue of $52.6 million. -- Total cash cost per ounce(1) of gold sold of $948. -- Mine operating earnings of $14.8 million. -- Net earnings of $11.5 million. -- Earnings per share of $0.06. -- Adjusted cash flows from operating activities(1) of $22.5 million. -- Adjusted net earnings(1) of $12.1 million. -- Adjusted EBITDA(1) of $22.9 million. -- 32,066 ounces of gold produced(1). -- In December 2012 the Company completed the acquisition of Goldwedge and Pinon, two advanced exploration-stage properties located in Nevada.
FOURTH QUARTER HIGHLIGHTS
-- Revenue of $15.5 million compared to $11.7 million in the third quarter of 2012 ("Q3"). This increase is mostly due to the sale of approximately 1,878 ounces of gold as part of the sale of loaded carbon to Waterton during Q4. -- Total cash cost per ounce(1) of gold sold of $855 compared to $989 in Q3. This decrease is mostly attributable to higher production during Q4 compared to Q3 along with a lower strip ratio and higher head grade. -- Mine operating earnings of $4.4 million compared to $2.6 million in Q3. -- Net earnings of $3.5 million compared to $2.8 million in Q3. -- Earnings per share of $0.03 compared to $0.02 in Q3. -- Adjusted cash flow from operating activities(1) of $5.7 million compared to $3.8 million in Q3. -- Adjusted net earnings(1) of $3.8 million compared to $2.0 million in Q3. -- Adjusted EBITDA(1) of $7.1 million compared to $5.7 million in Q3. -- 10,812 ounces of gold produced compared to 6,663 ounces in Q3. (1) This is a non-IFRS measure; refer to Non-IFRS Performance Measures section of this press release and the Company's Management Discussion & Analysis for a complete definition and reconciliation to the Company's financial statements.
The discussion of financial results in this press release includes reference to EBITDA, Adjusted EBITDA, Cash Cost per Ounce, Adjusted Cash Flow from Operating Activities and Adjusted Net Earnings, which are non-IFRS measures. The Company provides these measures as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the year ended December 31, 2012 for definitions of these terms and a reconciliation of these measures to reported IFRS results.
About Scorpio Gold Corporation
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The property is host to multiple gold-bearing structures, veins and bodies at exploration, development and production stages. Scorpio Gold recently acquired the Goldwedge advanced exploration-stage property and processing facility in Manhattan, Nevada, and the Pinon advanced exploration-stage gold property near Carlin, Nevada. The Company is assessing its exploration plans for these properties as well as the potential for toll milling at the 500 ton per day Goldwedge plant.
Scorpio Gold's CEO, Peter J. Hawley, P.Geo., 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 and development of its Mineral Ridge project. 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 completion of economic studies 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.
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
Apr. 19, 2015 08:00 PM EDT Reads: 815
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
Apr. 19, 2015 06:30 PM EDT Reads: 738
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at 16th Cloud Expo, Haseeb Budhani, CEO and Co-founder of Soha, will share five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the frict...
Apr. 19, 2015 05:45 PM EDT Reads: 1,444
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forw...
Apr. 19, 2015 05:00 PM EDT Reads: 1,460
SOASTA, the leader in performance analytics, today reported record growth of the CloudTest community, exceeding 30,000 registered users of the CloudTest platform in Q1 2015. SOASTA also announced widespread adoption of its Web and mobile testing solutions, with more than 1,600 customers completing more than 285,000 tests using CloudTest during the quarter. This rapid growth shows that DevOps-driven digital businesses are embracing a more continuous approach to testing, and CloudTest is meeting t...
Apr. 19, 2015 05:00 PM EDT Reads: 1,104
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists will discuss how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations m...
Apr. 19, 2015 05:00 PM EDT Reads: 1,739
of cloud, colocation, managed services and disaster recovery 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. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
Apr. 19, 2015 04:00 PM EDT Reads: 1,378
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Softw...
Apr. 19, 2015 04:00 PM EDT Reads: 1,606
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...
Apr. 19, 2015 02:00 PM EDT Reads: 1,438
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Apr. 19, 2015 12:45 PM EDT Reads: 2,048
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
Apr. 19, 2015 12:00 PM EDT Reads: 1,506
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
Apr. 19, 2015 12:00 PM EDT Reads: 1,124
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Apr. 19, 2015 12:00 PM EDT Reads: 2,101
SYS-CON Media announced today that John Treadway’s blog has exceeded 475,000 page views. John Treadway, Vice President at Cloud Technology Partners, has surpassed 475,000 page views on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, Microservices Journal, and several others. His blog home page at SYS-CON can be found at JohnTreadway.SYS-CON.com.
Apr. 19, 2015 10:15 AM EDT Reads: 1,418
SYS-CON Events announced today that Column Technologies, a global technology solutions company, 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. Established in 1998, Column Technologies is a leader in application performance and infrastructure management for commercial and federal markets. The company is headquartered in the United States, with a diverse and talented team of more than 350 employees around th...
Apr. 19, 2015 10:00 AM EDT Reads: 1,609