earnings
Silverstone Reports Record Earnings of $4.5 Million for the First Quarter
Thursday May 22, 6:58 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 22, 2008 -- Silverstone Resources Corp. ("Silverstone") (CDNX:
SST.V -
News) announces its financial results for the first quarter ending March 31, 2008. For the three months ended March 31, 2008, Silverstone recorded earnings of $4.5 million or $0.04 per share.
Overview and Highlights
- Silver sales of $7.5 million recorded during the quarter from the sale of 403,000 ounces.
- Earnings of $4.5 million or $0.04 per share.
- Operating cash flows of $3.7 million.
- Total cash costs of $3.96 per ounce of silver.
- Cash at March 31, 2008 of $21.3 million (December 31, 2007 - $34.4 million) with no bank debt. The decrease in cash was due to the purchase of a CDN$17.5 million convertible debenture from Aquiline Resources Inc. granting the Company the right to purchase 12.5% of the life of mine payable silver from the Loma de La Plata zone.
- On May 22, 2008 the Company announced a 130% increase in silver reserves at Lundin Mining's Neves-Corvo mine and a 67% increase in silver contained in measured plus indicated resource categories, which includes reserves.
The information in this news release should be read in conjunction with the Interim Consolidated Financial Statements and Management Discussion and Analysis for the three months ended March 31, 2008, which will be available at Silverstone's website at www.silverstonecorp.com and at www.sedar.com.
Silverstone will host a conference call on Friday May 23, 2008 at 7:30am PST (10:30am ET) to discuss these results. The conference call may be accessed by dialing 1.866.365.1119 in North America or 1.416.849.7329 internationally. Please ask for the Silverstone Resources Corp. conference call. The conference call will be archived for later playback until Friday May 30, 2008 and can be accessed by dialing 1.866.501.5559 and the passcode is 21272848#.
ABOUT SILVERSTONE
Silverstone is a Canadian based public silver mining company with 100% of its revenue from silver production. More information is available online at: www.silverstonecorp.com.
Contacts: Silverstone Resources Corp. Chris Tomanik (604) 637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email: mpatchett@silverstonecorp.com Website: https://www.silverstonecorp.com
Source: Silverstone Resources Corp.