| Asunto: | [LEA-Venezuela] (En ingles) Crystallex y el oro venezolano | | Fecha: | Jueves, 29 de Noviembre, 2001 16:23:25 (-0400) | | Autor: | Interfaz Amazonica <interfaz @.....net>
|
Title: Crystallex Reports Third Quarter And Nine Months Results; Two New
Mines in Venezuela to be Developed in First Quarter 2002
Summary: VANCOUVER, British Columbia, Nov 29, 2001 (Canada NewsWire via
COMTEX) -- Crystallex International Corporation (Amex: KRY; Toronto) today
reported C$13,632,900 in revenue and C$11,045 in net income in the third
quarter ending September 30, 2001. This compares with third quarter 2000
revenue of C$14,511,703 and C$1,069,800 in net income. Third quarter 2001
earnings per fully diluted share were NIL, compared to C$0.02 in the third
quarter 2000.
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Source: Canada Newswire
Date: 11/29/2001 09:20
Price: Free
Document Size: Medium (3 to 7 pages)
Document ID: FB20011129650000177
Subject(s): Cnw; Acquisition; Construction; Consulting; Debt; Deficit;
Diamond; Earnings; Equity; Executive; Expansion; Exploration; Financial
Results; Foreign Exchange; Gold; Government; Investment; Louisiana; Mining;
Nevada; Plant; President; Property; Revenue; Securities; Security; South
America; Track; Uruguay; Venezuela; Web
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Crystallex Reports Third Quarter And Nine Months Results; Two New Mines in
Venezuela to be Developed in First Quarter 2002
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Story Filed: Thursday, November 29, 2001 9:20 AM EST
VANCOUVER, British Columbia, Nov 29, 2001 (Canada NewsWire via COMTEX) --
Crystallex International Corporation (Amex: KRY; Toronto) today reported
C$13,632,900 in revenue and C$11,045 in net income in the third quarter
ending September 30, 2001. This compares with third quarter 2000 revenue of
C$14,511,703 and C$1,069,800 in net income. Third quarter 2001 earnings per
fully diluted share were NIL, compared to C$0.02 in the third quarter 2000.
Third quarter 2001 gold production was 28,077 ounces, in line with the third
quarter of 2000. For the first nine months of 2001, gold production
increased 25 percent to 81,240 ounces, compared to 65,264 ounces in the
first nine months of 2000. The direct costs of production for the quarter
were US$218 per ounce and for both the quarter and first nine months of 2001
were higher than in the comparable 2000 periods due to the initiation of a
number of projects designed to increase the Company's production profile and
further improve cash flow.
"These projects are very important to the Company's growth strategy," said
Marc J. Oppenheimer, President and Chief Executive Officer of Crystallex.
"The expenses that we are incurring now will enable us to start developing
two new underground mining operations in Venezuela. We will now have three
mines operating in Venezuela in 2002.
"And equally significant," Mr. Oppenheimer added, "This will give us
operating interests in all three of Venezuela's major gold producing
regions, as a source of ore for our strategically located Revemin mill. With
the mill upgrades commencing in the fourth quarter of this year, the Revemin
mill will be adapted to process ore from all of these mines."
The Company also reported the first blast at the new Santa Teresa mine in
Uruguay in this most recent quarter. This mine contributed to Minera San
Gregorio production late in September 2001. "Our aggressive drilling
programs are expected to add to the reserves at our existing operations in
both Venezuela and Uruguay," said Mr. Oppenheimer.
Third Quarter 2001 Highlights
- Revenue C$13,632,900
- Net income C$11,045 or C$NIL per fully diluted
share
- Operating Cash Flow C$1,618,118 or C$0.03 per share
- Gold production 28,077 ounces
- Direct cost to produce US$218 per ounce
- Average price per ounce realized US$313 per ounce
- Feasibility studies completed for Albino 1 and Charlie Richards mines
with development of the two Venezuelan mines commencing in first
quarter
2002
- 10,000 metre diamond drill exploration program commenced to convert
additional La Victoria resources to reserves
- Next Revemin mill expansion scheduled to begin in 4th quarter 2001 and
be completed in 1st half of 2002
- The Company was encouraged further by recent actions of Venezuelan
authorities regarding Cristinas
Cash flow from operating activities in the third quarter 2001 was C$1.6
million (C$0.03 per share) compared to C$4.8 million (C$0.09 per share) in
2000. Total assets increased in the 2001 third quarter to more than C$190
million compared with nearly C$166 million in the third quarter of 2000, and
shareholder's equity rose to C$134.5million, versus nearly C$107 million in
the comparable year-earlier period.
For the first nine months ended September 30, 2001, operating revenue was
C$42,231,265 compared to C$31,366,024 in the year-earlier period. Net income
for the first nine months of 2001 was C$900,824 or C$0.02 per share (fully
diluted), compared to C$2,906,595 or C$0.05 per share (fully diluted) for
the first nine months of 2000.
Uruguay: During the quarter, the San Gregorio mill processed 265,563 tonnes
of ore grading 2.03 grams per tonne, yielding 15,634 ounces of gold at a 90
percent gold recovery rate and a direct cash operating cost of US$233 per
ounce.
In July and August the Company initiated pre-stripping operations on the new
Santa Teresa ore body, about one-mile west of the San Gregorio ore body. The
ore from Santa Teresa yields similar metallurgical results as the San
Gregorio ore body. Also in the third quarter, drilling near the Santa Teresa
deposit, on a new zone designated Santa Claudia, indicated mineralization
that could increase the Company's Uruguayan reserves.
Additionally, a plan to extend the sag mill pebble crushing circuit was
taken to the design stage and was being readied for construction during the
fourth quarter. This circuit is designed to boost mill throughput during
2002 by including additional resources available on the property.
Venezuela: The Revemin mill processed 93,083 tonnes of ore at a grade of
3.46 grams per tonne, recovering 12,443 ounces of gold at a 90 percent
recovery rate and a direct operating cost of US$200 per ounce. Of this
amount, 4,808 ounces came from the Tomi mine and 7,635 ounces came from La
Victoria at the Lo Increible project. During the quarter, a 10,000-metre
diamond drill program was commenced to convert more of Lo Increible's 24.1
million tonne resource averaging 3.3 g/t Au into reserves.
The Company also retained Mine Development Associates (MDA) of Reno, Nevada,
to conduct a bankable feasibility study on the Albino 1 and the Charlie
Richards underground deposits in Venezuela. The results of this study were
reported in November, 2001. According to MDA, the combined mineable reserves
of the portions of the two deposits included in the study are 435,700 tonnes
grading at 12.67 g/t Au. This includes 341,630 tonnes of underground
reserves with a diluted grade of 14.62 g/t Au. Development of these two
underground mining operations will begin in the first quarter of 2002 with
ore for processing coming first from Tomi's Charlie Richards mine in the
third quarter 2002 and then from Albino 1 in the fourth quarter 2002.
Revemin Mill: Ore from the Company's Venezuelan mines will be processed at
the Revemin mill, which the Company plans to expand from its current
capacity of 1500 tpd to 3000 tpd in two phases. The first phase of this
expansion, which will take place during 2002, will involve an upgrade of the
leach train and tailings pumping systems. This is planned to raise
production to 1800 tpd by July, 2002. The second phase, which will be based
upon the results of the Victoria diamond-drilling program, and which will
consist of an additional crushing line, an additional milling line, and
additional leach tanks. The expansion project will double production of the
current mill from 60,000 ounces per year to an estimated 120,000 ounces per
year.
"In the third quarter we continued on track to meet our production goals,"
Mr. Oppenheimer said. "By increasing our Venezuelan production some 12
percent, we were able to offset lower production from our San Gregorio mine
as we prepared that site for continued mining activities. We anticipate that
the annualized production rate from our combined Venezuelan and Uruguayan
operations will have increased significantly by the end of 2002. With
increasing amounts of the ore processed at our Revemin mill coming from
higher grade deposits such as Albino 1 and Charlie Richards, we expect that
our costs of production should return to our previous lows."
Las Cristinas: "We have been very encouraged by recent decisions of the
Venezuelan authorities to cancel MINCA's mining rights to Las Cristinas and
to give possession of the concessions back to the Venezuelan government,"
Mr. Oppenheimer said. "These decisions should bring the issue much nearer to
a final resolution."
About Crystallex:
Crystallex International Corporation is a gold mining and exploration
company. The Company's strategy for growth is to develop its portfolio of
properties in South America as well as to diversify geographically by
investing in producing or near-production projects and by exploring
properties of merit in other areas of the world.
Financial results for the three and nine months periods are reported in the
following table.
Note:
This news release may contain certain "forward-looking statements" within
the meaning of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact, included
in this release, including, without limitation, statements regarding
potential mineralization and reserves, exploration results, and future plans
and objectives of Crystallex, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed under the heading "Risk Factors" and
elsewhere in documents filed from time to time with The Toronto Stock
Exchange, the United States Securities and Exchange Commission and other
regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not accept
responsibility for the adequacy or accuracy of this news release.
CRYSTALLEX INTERNATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Expressed in Canadian dollars)
(Unaudited - Prepared by Management)
Sept. 30, Sept. 30, Dec. 31,
2001 2000 2000
ASSETS
Current
Cash and cash equivalents $4,935,368 $4,265,299 $4,418,442
Accounts receivable 3,625,434 3,355,913 2,409,709
Production inventories 11,713,694 11,889,357 10,994,368
Supplies inventory and
prepaid expenses 1,632,163 1,026,405 2,957,347
Marketable securities 227,901 2,871,239 227,901
Due from related parties 74,927 35,638 35,618
22,209,487 23,443,851 21,043,385
Security deposits 225,562 198,320 255,131
Note Receivable 2,311,020 --- ---
Long-term investment
securities 2,643,338 --- 2,643,338
Property, plant and
equipment 161,076,334 137,219,189 135,444,453
Deferred financing fees 909,614 411,967 101,453
Deferred acquisition cost --- 4,467,317 4,598,639
Deferred charges 681,528 429,512 ---
$190,056,883 $166,170,156 $164,086,399
CRYSTALLEX INTERNATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Expressed in Canadian dollars)
(Unaudited - Prepared by Management)
Sept. 30, Sept. 30, Dec. 31,
2001 2000 2000
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued
liabilities $14,532,386 $17,182,173 $16,611,935
Due to related parties 163,127 109,952 292,184
Current portion of
long-term debt 2,289,986 6,071,410 487,338
Loan payable 300,000 700,000
Promissory note --- 3,683,500 ---
17,285,499 27,047,035 18,091,457
Reclamation provision 1,822,492 1,395,509 1,485,301
Long-term debt 27,551,400 30,757,482 32,656,570
Deferred Charges --- --- 797,127
46,659,391 59,200,026 53,030,455
Minority Interest 8,870,215 142,895 142,886
Shareholders' equity
Capital stock
Authorized
Unlimited Common Shares,
without par value
Unlimited Class "A"
preference shares,
par value $50
Unlimited Class "B"
preference shares,
par value $250
Issued
December 31, 2000 -
59,154,221 common shares
September 30, 2000 -
56,822,593 common shares
September 30, 2001 -
72,187,521 common shares 152,891,965 126,957,097 130,732,129
Capital stock subscribed
December 31, 2000 -
1,025,000 common shares
September 30, 2000 -
1,025,000 common shares
September 30, 2001 -
Nil common shares --- 1,955,644 1,955,644
Cumulative translation adjustment 2,164,690 (257,343) (344,513)
Deficit (20,529,378) (21,828,163) (21,430,202)
134,527,277 106,827,235 110,913,058
$190,056,883 $166,170,156 $164,086,399
CRYSTALLEX INTERNATIONAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Expressed in Canadian dollars)
(Unaudited - Prepared by Management)
Nine Month Three Month
Period Ended Period Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2001 2000 2001 2000
OPERATING REVENUE $42,231,265 $31,366,024 $13,632,900 $14,511,703
OPERATING EXPENSES
Operations 29,449,969 20,034,035 10,366,077 8,197,185
Amortization and
depletion 6,486,082 4,191,301 2,029,715 2,189,047
Income from
Operations 6,295,214 7,140,688 1,237,108 4,125,471
EXPENSES
Amortization 60,967 75,835 21,748 24,199
Amortization
of financing fees --- 15,603 --- 15,603
Consulting 93,175 196,163 5,343 83,343
Interest on
long-term debt 1,612,205 879,692 233,712 355,295
Investor relations 684,511 464,942 200,746 120,146
Office and
administration 3,039,524 3,460,211 1,141,692 1,274,176
Professional fees 422,294 253,559 15,023 97,803
5,912,676 5,346,005 1,618,264 1,970,565
Income (loss) before
other items 382,538 1,794,683 (381,156) 2,154,906
OTHER ITEMS
Interest and
other Income 326,682 1,763,689 148,250 (318,543)
Foreign exchange
(loss)/gain 103,542 (754,633) 155,889 (766,563)
Gain on sale of
marketable securities --- 102,856 --- ---
Minority interest 88,062 --- 88,062 ---
518,286 1,111,912 392,201 (1,085,106)
Income for the period $900,824 $2,906,595 $11,045 $1,069,800
Basic earnings per share $0.02 $0.06 $--- $0.02
Fully diluted earnings
per share $0.02 $0.05 $--- $0.02
/Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/114620.html/
/Web site:
http://www.crystallex.com /
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=53688
CONTACT: For further information: A Richard Marshall, VP,
+1-201-541-6650, or
Andrea Boltz, +1-604-683-0672, both of Crystallex
News release via Canada NewsWire, Toronto 416-863-9350
Copyright (C) 2001 CNW, All rights reserved
KEYWORD: VANCOUVER, British Columbia
INDUSTRY KEYWORD: MNG
SUBJECT CODE: ERN
Copyright © 2001, Canada Newswire, all rights reserved.
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