TSX: LBE <\/p>\n
TORONTO , May 9, 2013 \/CNW\/ - Liberty Mines Inc. (LBE.TO) (\"Liberty\" or the \"Company\") today reported its financial results for the 3-month period ended March 31, 2013 . All amounts are in Canadian currency. <\/p>\n
During Q1 the Company focused its efforts on reducing its ongoing cash requirements to maintain the business in a care and maintenance mode. Given the current suppressed nickel price, the Company expects the Timmins operations will remain shut down for at least the balance of 2013 if not longer. The Company has elected to allow the McWatters Mine to flood but pumping continues at the Redstone Mine. As part of the cost savings initiatives, a further reduction in personnel has been made across the organization including some members from the executive team. <\/p>\n
Further to the Company's press releases dated January 23, 2013 and March 27, 2013 the Company continues its internal review of the identification of chrysotile at the McWatters Mine. The Company has been working with the Ministry of Labour to address all applicable health and safety issues with respect to the Timmins site and is in communication with all applicable regulatory authorities. It has been determined that the Company's Mill will need to be decontaminated before any activities can be resumed. <\/p>\n
Selected financial highlights <\/p>\n
Review of Q1 Financial Performance Revenue for Q1 2013 was $29,372 up from $19,240 for Q1 2012. The increase was a result of revenue received for PGM credits from the concentrate Xstrata processed during operations in 2012. <\/p>\n
Net loss for Q1 2013 was $6.1 million or $0.03 per basic and fully diluted share. The loss included amortization expenses of $2.1 million , interest on long-term debt of $2.5 million and dividends on preferred shares of $0.3 million . In the same period of 2012, Liberty recorded a net loss of $7.9 million or $0.04 per basic and fully diluted share. Liberty's mining and milling operations were partially functional in Q1 of 2012. <\/p>\n
At March 31, 2013 , Liberty had cash and cash equivalents of $404,740 . This compares to $0.54 million at year end 2012. <\/p>\n
Liberty's financial statements for the period ended March 31, 2013 are available at http:\/\/www.libertymines.com<\/a> and http:\/\/www.sedar.com<\/a>. The financial statements should be read in conjunction with the accompanying notes and management's discussion and analysis. <\/p>\n About Liberty Mines Inc. Liberty Mines Inc. is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada . It owns the only nickel concentrator in the Shaw Dome area, a prospective nickel belt region near Timmins, Ontario. Liberty is looking to expand its business through growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects. <\/p>\n <\/p>\n See the rest here:<\/p>\n Liberty Mines Reports Financial Results for First Quarter 2013<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" TSX: LBE TORONTO , May 9, 2013 \/CNW\/ - Liberty Mines Inc. (LBE.TO) (\"Liberty\" or the \"Company\") today reported its financial results for the 3-month period ended March 31, 2013 . Continue reading