Board-Ansicht
Mix-Ansicht- @ Emerald betr. VOY.TO - antares, 01.06.2002, 00:42
@ Emerald betr. VOY.TO
Quartalsbericht von VOY
Friday May 31, 9:15 am Eastern Time
Press Release
SOURCE: Viceroy Resource Corporation
Viceroy`s First Quarter 2002 Financial Results & Update
VANCOUVER, BRITISH COLUMBIA--Viceroy Resource Corporation ("Viceroy" reports consolidated earnings of $2.5 million ($0.03 per
share) and generated cash flow from operations of $2.8 million for the first quarter of 2002.
At Castle Mountain, recovery of gold from ore previously placed on the leach pads was 11,643 ounces attributable to Viceroy at a gross
cash cost including site reclamation of US$72 per ounce. Production for 2002 from Castle Mountain is estimated to be 34,350 ounces to
Viceroy at a gross cash cost including site reclamation of US$108 per ounce.
Viceroy has started a detoxification and heap stabilisation program at its Brewery Creek Mine as a result of the significant decline in gold
production. Viceroy is planning to complete some reclamation activities during the year including re-vegetation of pits, dumps and site
roads. Work continued during the quarter on completing the Brewery Creek Trust and Drawdown Agreements with the Government of
Canada to ensure future recovery of the reclamation cash security deposit of $8.1 million as reclamation work progresses.
As part of Viceroy`s renewed commitment to exploration, Viceroy commenced active acquisition of mineral rights through staking
programs and option agreements. The Company signed an option agreement with the Eureka Joint Venture (Owned - 50% Expatriate
Resources Ltd and 50% Strategic Metals Corp). The Eureka Joint Venture property consists of 164 claims located 50 kilometres
southwest of Brewery Creek Mine near Dawson City, Yukon. Viceroy may, at its option, earn an initial 50% interest by completing $0.9
million in exploration expenditures over four years and making cash payments of $40,000. Viceroy has a second option to increase its
interest to 65% by making an additional $0.6 million of exploration expenditures on the property or to enter into a joint venture to continue
exploration and development of the property.
Viceroy has also expanded its inventory of investments in junior exploration companies by optioning mineral properties located in
Northern British Columbia to Newcastle Minerals Ltd and Consolidated Earth Stewards Inc. in return for cash, shares in the junior
company and a NSR.
The Company ended the quarter with a free cash balance of $9.1 million. In addition, Viceroy has appropriated and restricted cash
balances of $18.3 million for reclamation obligations and deferred compensation. At March 31, 2002, the Company`s working capital
position was $8.5 million and with all long-term debt repaid.
Viceroy recently announced, subject to regulatory acceptance, a non-brokered private placement that will provide Viceroy with gross cash
proceeds of $2.5 million to be added to working capital to fund ongoing exploration, to acquire new exploration properties and general
corporate use.
Viceroy also just announced that it has signed a non-binding letter of intent to sell its 100% interest in Paredones Amarillos project to
Vista Gold Corp. for $3.0 million subject to due diligence, necessary approvals and a formal purchase agreement.
Viceroy Resource Corporation is a gold explorer and producer in Canada, United States and South America. Viceroy shares, trading
under the symbol VOY on the Toronto Stock Exchange, give investors an opportunity to participate in a leveraged gold play with an
exploration upside.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets as at
(expressed in thousands of Canadian dollars - unaudited)
March 31, December 31,
2002 2001
------------------------
ASSETS
Current Assets
Cash and cash equivalents $ 9,105 $ 6,069
Appropriated and restricted cash 659 498
Marketable securities (Market value
2002: $776 - 2001:$558 484 484
Accounts receivable 1,391 1,873
Prepaids and other receivables 1,049 1,248
Inventories 1,853 2,673
------------------------
14,541 12,845
Appropriated and Restricted Cash 17,628 14,925
Investments 125 125
Resource Assets 25,026 27,909
------------------------
$ 57,320 $ 55,804
------------------------
------------------------
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 1,930 $ 2,565
Preference dividend payable - 132
Current portion of long-term debt 40 40
Current portion of provision for
reclamation costs 4,077 703
------------------------
6,047 3,440
Provision for Reclamation Costs 17,888 21,449
------------------------
23,935 24,889
------------------------
SHAREHOLDERS` EQUITY
Share Capital 207,433 207,433
Deficit (181,055) (183,554)
Currency Translation Adjustment 7,007 7,036
------------------------
33,385 30,915
------------------------
$ 57,320 $ 55,804
------------------------
------------------------
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Loss for the Three Months Ended March 31,
(expressed in thousands of Canadian dollars, except per share amounts -
Unaudited)
2002 2001
--------------------------
Sales $ 6,271 $ 20,300
--------------------------
Cost of Sales 2,858 21,108
Depreciation and Depletion 347 2,723
Provision for Reclamation - 287
--------------------------
3,205 24,118
--------------------------
3,066 (3,818)
--------------------------
Expenses (Income)
General and administrative 602 766
Exploration 138 709
Interest and financing charges on
long-term debt 11 345
Royalties 56 475
Other income (236) (385)
--------------------------
571 1,910
--------------------------
Earnings/(Loss) Before Income Taxes 2,495 (5,728)
Income tax recovery 4 -
--------------------------
Earnings/(Loss) for the Period $ 2,499 $ (5,728)
--------------------------
--------------------------
Basic and diluted earnings/(loss) per
Share $ 0.03 $ (0.10)
Average Shares Outstanding 81,248,078 57,664,745
--------------------------
--------------------------
Consolidated Statements of Deficit for the Three Months Ended March 31,
(expressed in thousands of Canadian dollars - Unaudited)
2002 2001
----------------------------------
Deficit - Beginning of Period $ 183,554 $ 147,419
Loss/(earnings) for the Period (2,499) 5,728
----------------------------------
Deficit - End of Period $ 181,055 $ 153,147
----------------------------------
----------------------------------
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Cash Flows for the Three Months Ended
March 31,
(expressed in thousands of Canadian dollars - Unaudited)
2002 2001
-------------------------------
Operating Activities
Earnings/(Loss) for the Period $ 2,499 $ (5,728)
-
Items not affecting cash:
Depreciation, depletion and provision
for reclamation 364 3,010
Loss on sale of marketable securities
and investments - 129
Deferred revenue recognized in the period - (1,124)
Gain on disposal of resource properties
& supplies inventories (77) (379)
-------------------------------
2,786 (4,092)
Expenditures for reclamation and closure (215) -
Changes in non-cash working capital 671 1,894
-------------------------------
3,242 (2,198)
-------------------------------
Financing Activities
Repayment of long-term debt - (274)
-------------------------------
Investing Activities
Increase in appropriated and restricted
cash (2,847) (552)
Proceeds on sale of investments - 756
Proceeds from disposal of resource assets 2,698 544
Expenditures for resource assets (87) (600)
-------------------------------
(236) 148
-------------------------------
Foreign Exchange Gain on Cash Held in a
Foreign Subsidiary 30 197
-------------------------------
Change in Cash and Cash Equivalents 3,036 (2,127)
Cash and Cash Equivalents-Beginning of
Period 6,069 6,257
-------------------------------
Cash and Cash Equivalents-End of Period $ 9,105 $ 4,130
-------------------------------
-------------------------------
The accompanying notes are an integral part of these consolidated financial statements.
--------------------------------------------------------------------------------
Contact:
Viceroy Resource Corporation
Ronald K. Netolitzky
Chairman, CEO and President
Phone: (604) 688-9780
Email: rnetolitzky@viceroyresource.com
"Following the closing of the private placement financing that was announced on March 20, 2002, we have moved quickly to begin the
execution of our stated plan to build Vista Gold into the premier option-play on gold. The acquisition of this quality gold resource is an
important first step. The acquisition of Paredones Amarillos would effectively double the size of the Corporation`s available gold
resources, and with an acquisition cost just over U.S. $1 per ounce of gold resource, it represents significant value for our
shareholders," said Jock McGregor, President and Chief Executive Officer."
Der bisherige Kursverlauf ist wenig erbaulich und sehr atypisch.
http://finance.yahoo.com/q?s=VOY.TO...mp;t=2y&l=on&z=b&q=l
Behalten oder in etwas anderes tauschen:
Aurizon, Dominion, Macmin?
Ich habe sie seinerzeit für 11 Cent erworben.
Noch etwas:
Als Kenner von Zuger Kirschtorte weisst Du sicherlich auch, wo rund
um den gleichnamigen See delikater Fisch serviert wird.
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