Campbell Resources Announces Its Second Quarter Results.Business Editors MONTREAL--(BUSINESS WIRE)--Aug. 7, 2002 Strong operating performance in line with strategic plan Campbell Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBLRF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CCH CCH Colegio de Ciencias y Humanidades (Spanish) CCH Certified Clinical Hypnotherapist CCH Cook County Hospital CCH Certified in Classical Homeopathy CCH Country Club Hills (Fairfax City, VA, USA) ) announces its results for the second quarter and the six months ended June June: see month. 30, 2002. The second quarter was highlighted by the return to commercial production at the Joe Mann Mine, resulting in revenues of $3.7 million from metal sales. This is based on an average gold price of US$316/oz. compared with a market average of US$313. Fiscal 2001 being a year of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , there were no mining operations and no revenues from metal sales. The net loss for the quarter was $550,000 ($0.02 per share), an improvement from $691,000 ($0.02 per share) in the first quarter of the current fiscal year and from $931,000 ($0.06 per share) in the second quarter of 2001. For the six-month period, the net loss was $1.2 million ($0.03 per share) compared with $3.0 million ($0.19 per share) a year ago. During the second quarter, 48,931 tonnes of ore were milled for a total of 73,203 tonnes in the year to date. This was lower than planned due to transportation problems related to spring road conditions as well as underground equipment difficulties that have since been resolved. Even at this lower production level, the Company succeeded in bringing its cash operating costs operating costs npl → gastos mpl operacionales down to $84.44 per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. , from the $102 at which it operated in the 1995-2000 period. "We are extremely pleased with our achievements in just two quarters" commented Andre An·dré , John 1751-1780. British army officer hanged as a spy in the American Revolution for conspiring with Benedict Arnold. Fortier Fortier can refer to: People
A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. and lowered our operating costs due to the cost saving initiatives introduced since start-up Start-up The earliest stage of a new business venture. and higher employee productivity. We are equally encouraged by drilling results at the Joe Mann Mine which confirm our original understanding of the ore body on this property." Work at the Copper Rand Rand See Witwatersrand. rand 1 n. See Table at currency. [Afrikaans, after(Witwaters)rand. Project is also progressing. The deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound of the existing shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. has been completed and work on the decline will begin soon. The Company expects to reach the ore deposits in the first quarter of 2003 and to start commercial production near the end of 2003. At June 30, 2002, the Copper Rand Corporation Rand Corporation, research institution in Santa Monica, Calif.; founded 1948 and supported by federal, state, and local governments, as well as by foundations and corporations. Its principal fields of research are national security and public welfare. (Campbell Resources owns a 26% participation and is the operator) has spent a total of $16,491,018 on this project. During the second quarter, Campbell Resources continued the exploration program at the Joe Mann Mine initiated in November November: see month. 2001. An additional grant of $1 million, for a total of $2 million to date, was approved by the Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. Ministry of Natural Resources to ensure the continuation of this program. Over the course of the next few months, surface drilling and sampling will begin on the Chevrier Project, located 10 kilometers north of the Joe Mann Mine. Bulk samples will be processed at the nearby Campbell mill. Liquidity and Capital Resources During the second quarter, the Company raised approximately $5,900,000 through the completion of a private placement of a total of 9,897,437 units at $0.60 per unit consisting of one common share and a 1/2 share purchase warrant. Each whole share purchase warrant is exercisable for one common share at $0.80 per share, for one year from the date of closing. The Company also completed the second tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of $12,740,000 of royalty units (1,274 units) on future production at the Joe Mann Mine and Corner Bay Project. Net of expenses, the Company raised $361,196 in cash, and received promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. of $783,510 maturing on February February: see month. 1, 2003, $313,404 maturing on February 1, 2004 and $10,192,000 maturing on December December: see month. 31, 2011. To date, the Company has sold $26.9 million of royalty units and may sell an additional $20.5 million of units over the next six months. At June 30, 2002, the Company had working capital of $8.6 million, compared with $5.4 million a year earlier. It also has an operating line of $4 million from Investissement Quebec, which was unutilized at June 30, 2002, to fund exploration and development at the Joe Mann Mine. Campbell Resources is a mining company focused mainly in the Chibougamau mining camp of Quebec, where it holds interests in gold and gold-copper exploration and mining properties. These include the Joe Mann Mine, Copper Rand Mine and Corner Bay Project, which the Company aims to bring back into production by the end of 2003. To date, the Joe Mann Mine has resumed commercial production and is targeting 44,000 ounces of gold in 2002. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information contained in this release contains "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and is subject to certain risks and uncertainties, including those "Risk Factors" set forth in the Campbell's current Annual Report on Form 20-F for the year ended December 31, 2001. Such factors include, but are not limited to: differences between estimated and actual mineral reserves and resources; changes to exploration, development and mining plans due to prudent reaction of management to ongoing exploration results, engineering and financial concerns; and fluctuations in the gold price which affect the profitability and mineral reserves and resources of Campbell. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Campbell undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect unanticipated events or developments.
CAMPBELL RESOURCES INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Expressed in thousands of Canadian dollars)
------------------------------------------------------------------
------------------------------------------------------------------
June 30 December 31
2002 2001
Assets $ $
Current assets
Cash and short-term deposits 3,205 2,761
Short-term investments at
market value 10 22
Bullion settlements and other
receivables 5,570 2,435
Notes receivable 1,480 1,037
Inventories 4,513 4,664
Prepaids 514 517
------------------------------------------------------------------
15,292 11,436
Notes receivable 21,773 12,266
Investment 6,477 6,500
Restricted deposits and swap
agreement 48,765 48,629
Future income tax assets 3,375 3,375
Mining interests 26,021 25,365
Accrued benefit assets 1,707 1,707
Other assets 2,056 1,078
------------------------------------------------------------------
125,466 110,356
------------------------------------------------------------------
------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable 2,895 2,482
Accrued liabilities 3,651 3,436
Future income tax liabilities 141 141
------------------------------------------------------------------
6,687 6,059
Reclamation and site
restoration accruals 7,258 8,084
Long term debt 56,040 55,974
Future income tax liabilities 3,234 3,234
Deferred royalty 26,305 14,340
Other liabilities 65 563
------------------------------------------------------------------
99,589 88,254
------------------------------------------------------------------
Shareholders' equity
Capital stock 30,923 24,620
Foreign currency translation
adjustment 51 1,337
Deficit (5,097) (3,855)
------------------------------------------------------------------
25,877 22,102
------------------------------------------------------------------
125,466 110,356
------------------------------------------------------------------
------------------------------------------------------------------
CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2002)
(Expressed in thousands of
Canadian dollars except per
share amounts)
--------------------------------------------------------------------
--------------------------------------------------------------------
Three months ended Six months ended
June 30 June 30
2002 2001 2002 2001
$ $ $ $
Metal sales 3,716 - 3,716 -
--------------------------------------------------------------------
Expenses
Mining 3,342 - 3,342 -
General administration 581 713 1,069 1,201
Depreciation and amortization 1,449 6 1,461 12
Restauration - - 67 -
Care and maintenance - 476 124 1,807
--------------------------------------------------------------------
5,372 1,195 6,063 3,020
--------------------------------------------------------------------
Loss from operations (1,656) (1,195) (2,347) (3,020)
--------------------------------------------------------------------
Other income (expense)
Other income 1,288 151 1,446 167
Metal sales adjustment
previous year - 42 - (76)
Share in net less of entity
subject to significant
influence (23) - (23) -
Convertible debenture
interest expense (145) (73) (291) (146)
--------------------------------------------------------------------
1,120 120 1,132 (55)
--------------------------------------------------------------------
Loss before taxes (536) (1,075) (1,215) (3,075)
Income and mining tax (14) 144 (26) 113
--------------------------------------------------------------------
Net loss (550) (931) (1,241) (2,962)
--------------------------------------------------------------------
--------------------------------------------------------------------
Loss per share (0.02) (0.06) (0.03) (0.19)
--------------------------------------------------------------------
--------------------------------------------------------------------
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion