Earnings News and Conference Call
Silverstone Reports Earnings of US$3.7 Million and Record Operating Cash Flows of US$3.8 Million for the Second Quarter
8/19/2008 5:19:18 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Aug 19, 2008 (MARKET WIRE via COMTEX News Network) -
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST) announces its financial results for the second quarter ending June 30, 2008. For the three months ended June 30, 2008, Silverstone recorded net earnings of US$3.7 million and record operating cash flows of US$3.8 million or US$0.03 per share.
Overview and Highlights
- Silver sales of US$8.3 million recorded during the quarter from the sale of 459,000 ounces.
- Net earnings of US$3.7 million or US$0.03 per share.
- Record operating cash flows of US$3.8 million or US$0.03 per share.
- Total cash costs of US$3.97 per ounce of silver.
- Cash at June 30, 2008 of US$24.2 million (March 31, 2008 - US$21.3 million) with no bank debt.
- Working capital of US$31.5 million (March 31, 2008 - US$25.3 million).
- On July 22, 2008 the Company announced an initial mineral resource estimate of 15.6 million silver equivalent ounces in all resource categories for its Copala silver project in Mexico.
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 June 30, 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 Wednesday August 20, 2008 at 8:30am PST (11:30am 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 Wednesday August 27, 2008 and can be accessed by dialing 1.866.501.5559 and the passcode is 21280798#.
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: www.silverstonecorp.com
SOURCE: Silverstone Resources Corp.
Email: ctomanik@silverstonecorp.com or mpatchett@silverstonecorp.com https://www.silverstonecorp.com
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