Today's Top SOA Links
From the Wires
Royal Nickel Announces Third Quarter 2012 Results
By: PR Newswire
Nov. 9, 2012 02:26 PM
(All amounts expressed in Canadian dollars unless otherwise indicated)
TORONTO, Nov. 9, 2012 /CNW/ - Royal Nickel Corporation ("RNC") (TSX: RNX) is pleased to report its review of activities and financial results for the quarter ended September 30, 2012. Third quarter results are based on the unaudited financial statements for the three months ended September 30, 2012.
"The third quarter was another period of substantial progress for RNC as important community, financial and project milestones were achieved," said Tyler Mitchelson, President and CEO. "Our near term focus for the Dumont project is to conclude the previously announced partner process by early 2013, file the Environmental and Social Impact Assessment by the end of 2012 and deliver the feasibility study by mid-2013. I continue to believe RNC is well positioned to unlock the value potential of the US$1.4 billion NPV8%1 Dumont project. Dumont is one of only a few large scale, low cost nickel development projects at a sufficiently advanced stage to provide new production by mid-decade."
THIRD QUARTER and recent Highlights
For the three months ended September 30, 2012, RNC incurred a net loss of $2.9 million ($0.03 per share) compared to $1.2 million ($0.01 per share) in the same period last year. The net loss increase of $1.7 million is due primarily to an increase in the deferred income tax expense for the three months ended September 30, 2012 of $1.1 million. This is due primarily to the amount of deferred income tax liability associated with Quebec mining duties recorded in the period as compared to the prior period. The increase is specifically attributed to the amount and type of expenditures incurred in the current period as compared to the prior period.
Targeted Key Near-Term Milestones
Highlights of RNC's financial position are as follows (in millions of dollars):
1 Includes Cash and Cash equivalents.
About Royal Nickel Corporation
Royal Nickel Corporation is a mineral resource company focused primarily on the exploration, evaluation, development and acquisition of base metal and platinum group metal properties. RNC's principal asset is the Dumont Nickel Project strategically located in the established Abitibi mining camp, 25 kilometres northwest of Amos, Quebec. RNC has a strong management team and Board with over 100 years of mining experience in the nickel business at Inco and Falconbridge. RNC's common shares and warrants trade on the TSX under the symbols RNX and RNX.WT.
Unless otherwise indicated, RNC has prepared the technical information in this news release ("Technical Information") based on information contained in the pre-feasibility study dated June 22, 2012, relating to the Company's Dumont Nickel Project and news releases (collectively the "Disclosure Documents") available under RNC's company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person (a "Qualified Person") as defined in National Instrument 43-101 of the Canadian Securities Administrators. Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents.
Cautionary Statement Concerning Forward-Looking Statements
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The pre-feasibility study results are estimates only, are preliminary in nature and are based on a number of assumptions, any of which, if incorrect, could materially change the projected outcome. Until a positive feasibility study has been completed, and even with the completion of a positive feasibility study, there are no assurances that Dumont will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to achieve the milestones or complete development; general business, economic, competitive, political and social uncertainties; future prices of metals; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
1Based on US$9.00 per pound long term nickel price and CDN$1.00 = US$0.90 exchange rate. NPV calculated from assumed start of construction, January 2014 and based on October 2011 real costs. See Technical Report dated June 22, 2012 available under RNC's profile on www.sedar.com.
SOURCE Royal Nickel Corporation
Web 2.0 Latest News
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week