Silvermet Reports 2017 Q1 Results
TORONTO, May26, 2017(GLOBE NEWSWIRE) -- Silvermet Inc. ("Silvermet" or the "Company") (TSXV:SYI) is pleased to announce financial and operating results for Q1, 2017.
HIGHLIGHTS
- The Iskenderun plant's capacity utilization was 100% in Q1, 2017 compared to 38% in Q1, 2016.
- Higher plant utilization and zinc prices resulted in an increase in Silvermet's equity income to $2,621,687 in Q1, 2017 from $209,908 in Q1, 2016, and net income in Q1, 2017 of $2,672,806 ($0.019/share) compared to $81,862 ($0.001/share) in Q1, 2016.
- In 2017 Silvermet received $3.7 million from the BST joint venture in the form of dividends. Silvermet's current cash balance is $3.5 million.
- As outlined in the news release dated April 24, 2017, work on the proposed combination with Global Atomic Fuels Corporation ("Global Atomic") continues:
- Silvermet's board has given management the mandate to proceed with due diligence related to the proposed merger of Silvermet with Global Atomic and take any steps regarding such activities necessary under stock exchange and/or securities rules and regulations.
- Global Atomic has retained the services of independent mining industry consultants to update its NI 43-101 mineral resource estimate. The technical report is now completed.
- Management expects to announce the proposed deal structure and exchange ratio in late June.
- Silvermet will hold its special meeting of shareholders in September 2017 to consider the proposed combination. As a result, the annual general meeting of shareholders has been postponed to coincide with the special meeting.
About Silvermet:
Silvermet's major investment is a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") joint venture, which operates a Waelz kiln facility located in Iskenderun, Turkey through its wholly-owned subsidiary, Befesa Silvermet Iskenderun Celik Tozu Geri Donusumu A.S. ("BSI"). BSI acquires electric arc furnace dust ("EAFD") from steel mills and recycles the EAFD through its Waelz kiln to produce a high-grade zinc oxide concentrate which is sold to zinc smelters throughout the world.
Shares Outstanding: 142,104,716
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Additional Information: Stephen G. Roman Chairman, President & CEO sroman@silvermet.ca Ian D. Atacan Chief Financial Officer iatacan@silvermet.ca www.silvermet.ca