Hunt Mining Reports US $1.65 Million First Ever Net Income With Filing of 2017 Year End Financials
LIBERTY LAKE, Wash., April 17, 2018 (GLOBE NEWSWIRE) -- Hunt Mining Corp. ("Hunt" or the "Corporation") (TSXV:HMX) (OTC:HMXZF) is pleased to announce the filing of its year-end financial results (“Financials”) for the period ending December 31, 2017. The Corporation files its Financials in accordance with US Generally Accepted Accounting Principles (“GAAP”) on Form 10-K with the SEC and on SEDAR subsequently.
In its Year End 2017 Consolidated Financial Statements, Hunt Mining Corp. declared a Net Income of $1,655,914 in the Corporation’s first year producing income from its operations in Argentina. “We feel we have turned the corner. Generating income is now our principal objective, so we will continue to explore, develop and mine our significant property package with that focus”, stated Executive Chairman/CEO, Tim Hunt.
Final Results for the Year Ended 31 December 2017
Hunt Mining Corp. is a mineral exploration and processing company incorporated on January 10, 2006 under the laws of Alberta, Canada and, together with its subsidiaries, is engaged in the exploration of mineral properties in Santa Cruz Province, Argentina. The Corporation remains focused on evaluating its mining properties in Argentina, with near term prospects of mining the La Josefina gold property and the continuation of production of silver-gold concentrate from the Mina Martha property. The Corporation is also reviewing strategic opportunities, focusing primarily on development and operating properties.
The Corporation's presentation currency is the US Dollar.
Financial Highlights
- During the year ended December 31, 2017, the major source of funding was from sales of silver-gold concentrate exceeding $9.2 million.
- For the year ended December 31, 2017 the Corporation generated a net income of $1,655,914, or $0.03 per basic share, compared to a net loss of $3,109,074 or $0.05 per basic share, for the year ended December 31, 2016.
- Working capital increase from 2016 to 2017 by $2,860,011
- The total assets increased by $2,460,200 primarily due to the continued restoration of the Mina Martha plant
- The total shareholder’s equity increased from 2016 to 2017 by $1,777,057 due to the net income less adjustments for other comprehensive income, and for stock options granted during 2017.
| December 31, 2017 | December 31, 2016 | Change from prior year Favorable (Unfavorable) | |||||||
| Net income (loss) for the year | $ | 1,655,914 | $ | (3,109,074 | ) | $ | 4,764,988 | ||
| Net income (loss) per share – basic: | $ | 0.03 | $ | (0.05 | ) | $ | 0.08 | ||
| Net income (loss) per share – diluted: | $ | 0.01 | $ | (0.05 | ) | $ | (0.06 | ) | |
| Working capital | $ | (5,308,822 | ) | $ | (8,168,833 | ) | $ | 2,860,011 | |
| Total assets | $ | 8,531,328 | $ | 6,071,128 | $ | 2,460,200 | |||
| Total non-current liabilities | $ | 2,142,030 | $ | 971,695 | $ | (1,170,335 | ) | ||
| Total shareholders’ equity | $ | (1,544,661 | ) | $ | (3,321,718 | ) | $ | 1,777,057 | |
Ongoing production at the Martha Project is being undertaken without established mineral resources or reserves and the Corporation has not established the economic viability of the operations on the Martha Project. As a result, there is increased uncertainty and economic risks of failure associated with these production activities. However, a NI 43-101 compliant technical report from 2010 exists for the La Josefina project with Measured, Indicated and Inferred resources. The Ailin vein is part of this resource estimate.
Klaus Triebel, Hunt Mining's director of project development, is the qualified person under National Instrument 43-101 who has approved the technical and scientific aspects of this press release.
Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Corporation website at: www.huntmining.com.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006, entering into production of silver and gold at the Mina Martha property in January 2017. Since 2006, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina.
For more information contact:
Dean Stuart
Investor Relations
T: (403) 617-7609
E: dean@boardmarker.net
Bob Little
Chief Administration Officer
T: (509) 290-5659
E: blittle@huntmining.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.