U. S. Antimony Announces Financial Results for Q1 2013
United States Antimony Corporation (“USAC”, NYSE MKT “UAMY”) reported a
loss of $408,825 on revenues of $2,966,775 during Q1 of 2013. The loss
was attributed to the falling price of antimony and to start up issues
and expenses for increased mining, milling, and smelting in Mexico.
-
Mining activity at the Los Juarez property was accelerated to develop
more mine faces besides Minas Grande that assayed 0.728% antimony,
6.22 ounces of silver (193 grams) per metric ton, and 0.023 ounces of
gold (0.7 grams) per metric ton on a 1415 ton mill run.
-
Currently a team of geologists is doing detailed mapping and sampling
of the Los Juarez property.
-
Milling capacity was increased by the construction of a 75 ton per day
(tpd) gravity circuit to treat oxide ores.
-
The installation of a 500 tpd flotation mill is underway, and the mill
should be on-stream before the end of 2013.
-
Smelting capacity at the Madero smelter was doubled and it is running
at capacity.
-
More than $1,200,000 will be spent to finish the natural gas pipeline
to the Madero smelter and this will cut the second largest expense by
75%. For instance the propane bill at Madero for Q1 would have been
cut from $202,620 to approximately $50,655.
-
Although the recovery of silver-gold from Los Juarez has started, more
equipment is being installed at Madero to increase recovery.
-
Mexican production of contained metal was 147,931 pounds during Q1
2013, compared to 95,358 for the same period in 2012, an increase of
55%.
-
The total antimony sold during Q1 2013 was 408,352 pounds compared to
343,952 pounds for the corresponding quarter in 2012, an increase of
18.7%.
-
The Bear River Zeolite (BRZ) operation recorded a profit of $68,444 on
revenues of $549,551 during Q1 2013. The profit is up 45.9% from the
corresponding quarter in 2012.
John Lawrence, USAC's CEO, commented that “the production goal for 2013
is 3,000,000 pounds of contained antimony, 100,000 ounces of silver, and
250 ounces of gold. Other mine, mill, and smelter improvements being
made this year should significantly boost 2014 production.”
USAC is a rapidly growing and vertically integrated producer of
antimony-silver-gold and zeolite.
Forward Looking Statements:
This Press Release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that are based upon current
expectations or beliefs, as well as a number of assumptions about future
events, including matters related to the Company's operations,
pending contracts and future revenues, ability to execute on its
increased production and installation schedules for planned capital
expenditures and the size of forecasted deposits. Although the Company
believes that the expectations reflected in the forward-looking
statements and the assumptions upon which they are based are reasonable,
it can give no assurance that such expectations and assumptions will
prove to have been correct. The reader is cautioned not to put undue
reliance on these forward-looking statements, as these statements are
subject to numerous factors and uncertainties. In addition, other
factors that could cause actual results to differ materially are
discussed in the Company's most recent filings, including Form 10-KSB
with the Securities and Exchange Commission.
<div class="copyright">
Copyright Business Wire 2013
</div>