Advertisement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- SilverCrest Mines Inc. (TSX VENTURE: SVL)(NYSE MKT: SVLC) (the "Company") is pleased to announce its audited consolidated financial results for the year and fourth quarter ended December 31, 2012 (all figures in U.S. dollars unless otherwise specified). The information in this news release should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2012 and associated management discussion and analysis ("MD&A") which are available from the Company's website at www.silvercrestmines.com and under the Company's profile on SEDAR at www.sedar.com.
2012 YEAR END FINANCIAL HIGHLIGHTS:
- Cash flow from operations (1) $40.1 million ($0.44 per share)- Cash operating cost per silver equivalent ounce sold (2) $7.39- Revenues reported - IFRS (3) $70.5 million- Mine operating earnings $46.3 million- Net earnings $30.5 million ($0.33 per share)- Cash, cash equivalents and short term investments $48.1 million (at Dec. 31, 2012)- Working capital $55.2 million (at Dec. 31, 2012)- Bought deal financing proceeds $34.5 million- Retirement of the Hedging Facility $23.3 million (Completely un-hedged producer)
J. Scott Drever, President stated; "We are extremely pleased with the financial performance achieved in 2012. It is rewarding to deliver strong financial results that mirror Santa Elena's production performance. Our management group in Vancouver and operating team in Mexico continue to do an excellent job and should be congratulated for achieving cash flow of $0.44 per share and earnings of $0.33 per share. We look forward to another strong financial year in 2013, with an expected increase in silver production to 625,000 ounces, consistent gold production at 33,000 ounces and cash costs remaining steady at or below $8.50 per silver equivalent ounce."
FINANCIAL AND OPERATING HIGHLIGHTS: ------------------------------------------------------- Q4 2012 Q4 2011 2012 2011----------------------------------------------------------------------------Cash flow from operations (1) $ 10,591,964 $ 6,822,618 $ 40,080,605 $ 14,652,374Cash flow from operations (1) per share $ 0.11 $ 0.08 $ 0.44 $ 0.19Cash operating cost per silver equivalent ounce sold (2) $ 8.05 $ 5.65 $ 7.39 $ 6.07Revenues (3) Silver revenue $ 5,496,056 $ 3,812,535 $ 18,595,436 $ 12,086,871 Gold revenue - cash basis $ 12,113,893 $ 8,189,781 $ 44,861,498 $ 19,752,954---------------------------------------------------------------------------- $ 17,609,949 $12,002,316 $ 63,456,934 $ 31,839,825 Gold revenue - non cash - adjustment to market spot price (4) $ - $ 5,527,824 $ 4,448,553 $ 13,081,984 - amortization of deferred revenue $ 633,783 $ 728,209 $ 2,614,598 $ 1,804,352---------------------------------------------------------------------------- $ 18,243,732 $18,258,349 $ 70,520,085 $ 46,726,161 Capitalized to Santa Elena Mine - - - $ (4,856,037)----------------------------------------------------------------------------Revenues reported $ 18,243,732 $18,258,349 $ 70,520,085 $ 41,870,124Cost of sales $ (5,156,489) $(3,764,200) $(18,307,681) $ (9,526,888)Depletion, depreciation and accretion $ (1,484,549) $(1,528,869) $ (5,931,042) $ (3,386,674)----------------------------------------------------------------------------Mine operating earnings $ 11,602,694 $12,965,279 $ 46,281,362 $ 28,956,562Gain (loss) on derivative instruments $ 1,569,370 $ 908,683 $ (3,839,146) $(11,497,957)Other net income (expenses) $ (2,269,036) $(2,661,503) $ (6,549,472) $ (6,653,186)Tax recovery (expense) $ 2,713,000 $(1,349,000) $ (5,417,000) $ (1,349,000)----------------------------------------------------------------------------Net earnings $ 13,616,028 $ 9,863,459 $ 30,475,744 $ 9,456,419Exchange (loss) gain on translation to US Dollars $ (300,900) $ 520,196 $ 561,523 $ (1,022,390)----------------------------------------------------------------------------Comprehensive earnings $ 13,315,128 $10,383,655 $ 31,037,267 $ 8,434,029Weighted average number of common shares outstanding 100,441,504 86,663,595 91,959,307 78,909,624Earnings per share - basic $ 0.14 $ 0.11 $ 0.33 $ 0.12Earnings per share - diluted $ 0.13 $ 0.11 $ 0.32 $ 0.11----------------------------------------------------------------------------Silver ounces sold 171,714 120,199 588,312 344,724Gold ounces sold 8,444 9,702 34,834 23,962Silver equivalent ounces sold (2) 640,856 666,303 2,477,623 1,570,106Ag : Au Ratio (2) 55.6:1 56.3:1 54.3:1 50.4:1----------------------------------------------------------------------------(1) Cash flow from operations before changes in working capital items.(2) This is a Non-IFRS performance measure. Silver equivalence is a weightedvolume average based on market spot prices per ounce of gold and silver atthe quarter end dates. The 2011 number excludes the costs and ounces sold inthe first quarter of 2011, as prior to commercial production date of April1, 2011 operating revenues and expenses were capitalized to the Santa ElenaMine.(3) IFRS 18 - Revenue should be recorded at its fair value, which for goldand silver is the market spot price on the date revenue is recognized.(4) With the Hedging Facility fully repaid in November, 2012, this non-cashadjustment will be eliminated in future reporting periods.
