Campbell Resources Reports First Quarter Results, Production of 90,000 Ounces Forecast for 2000.Business Editors TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--May 11 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 (NYSE NYSE See: New York Stock Exchange :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) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CCH.) reported a loss of $1.8 million or $0.01 per share during the first quarter of 2000 compared to a loss of $3.0 million or $0.02 per share for the same period of 1999. Working capital at March 31, 2000 was $23.5 million and includes $20.2 million in cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. deposits. This compares to working capital of $31.4 million and cash and short-term deposits plus money market instruments Money market instruments See: Cash investments of $26.2 million at December December: see month. 31, 1999. There was negative cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses before changes in operating working capital of $1.6 million in the quarter compared to negative cash flow of $2.4 million in the first quarter of 1999. Gold production resumed at the Joe Mann Mine in April, 2000, initially with the milling of development ore; with near normal mill operating levels expected to be achieved in May. Early experience in the new active mine stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. is confirming that mining at widths of five feet or less is achievable with cut-and-fill mining methods. The hydraulic back fill plant has been successfully commissioned with mine ground conditions being as expected, with no resulting problems encountered to date. At the Santa Gertrudis Santa Gertrudis Heaviest breed of beef cattle, developed in the 20th century by the King Ranch in Texas by crossing Brahman bulls with shorthorn cows. It is usually solid red with occasional small white markings on the forehead or the flanks. Mine, ongoing exploration has resulted in the forecast production for the mine increasing to approximately 30,000 ounces of gold at a cash cost of US$220 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Campbell's gold production for the first quarter of 2000, all of which was derived from the Santa Gertrudis Mine, was 3,100 ounces at a cash cost of US$325 per ounce. This compares to 15,900 ounces at a cash cost of US$301 per ounce in the same period of 1999, of which 15,300 ounces was produced from the Joe Mann Mine and the balance was produced at Santa Gertrudis. Campbell now forecasts gold production of 90,000 ounces at an average cash cost of US$230 per ounce in 2000. Campbell Resources is a growth-oriented gold mining company with operations in 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. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Sonora Sonora (sōnō`rä), state (1990 pop. 1,823,606), 70,484 sq mi (182,554 sq km), NW Mexico, on the Gulf of California, S of Arizona. Hermosillo is the capital. , Mexico. The Company is currently exploring on its mine properties in Quebec and Mexico and is actively seeking additional acquisitions.
Campbell Resources Inc.
(Incorporated under the laws of Canada)
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of Canadian dollars)
Unaudited
March 31 December 31
2000 1999
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ASSETS
CURRENT ASSETS
Cash and short-term deposits $20,176 $18,219
Money market instruments - 7,958
Receivables 2,751 1,999
Inventories 5,223 4,891
Prepaids 498 460
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Total current assets 28,648 33,527
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OTHER ASSETS 186 194
FUTURE INCOME TAX ASSET 2,147 -
MINING INTERESTS 183,740 178,538
less accumulated depreciation
and amortization (125,524) (125,125)
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58,216 53,413
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Total assets $89,197 $87,134
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $2,380 $1,104
Accrued liabilities 1,349 1,003
Future income tax liability 1,377 -
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Total current liabilities 5,106 2,107
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ACCRUED RECLAMATION 2,185 2,169
CONVERTIBLE DEBENTURES 3,744 3,718
FUTURE INCOME AND MINING
TAX LIABILITY 1,802 1,716
OTHER LIABILITIES 1,672 1,751
SHAREHOLDERS' EQUITY
Capital stock 125,358 125,339
Foreign currency
translation adjustment 701 593
Deficit (51,371) (50,259)
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Total shareholders' equity 74,688 75,673
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Total liabilities and
shareholders' equity $89,197 $87,134
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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of Canadian dollars except per share amounts)
Three months ended
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March 31
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2000 1999
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METAL SALES $1,256 $6,601
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EXPENSES
Mining 1,472 7,808
General administration 709 769
Depreciation and amortization 289 1,389
Exploration 694 336
Care and maintenance 137 238
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3,301 10,540
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Loss from operations (2,045) (3,939)
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Other income (expense)
Other income 358 772
Convertible debenture
interest expense (77) (107)
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281 665
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Loss before taxes (1,764) (3,274)
Income and mining tax
recovery (expense) (32) 226
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NET LOSS ($1,796) ($3,048)
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LOSS PER SHARE ($0.01) ($0.02)
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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 Company's current Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999. Such factors include, but are not limited to: differences between estimated and actual ore reserves; 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 ore reserves of the Company. 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" . The Company 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 |
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