SOURCE: International Minerals Corporation
SCOTTSDALE, AZ--(Marketwire - Nov 7, 2012) - International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company" or "IMZ") expects to release its financial results for the first fiscal quarter ended September 30, 2012 (the "Current Quarter") after the close of markets on Wednesday, November 14, 2012.
During the quarter ended June 30, 2012 (IMZ's fourth fiscal quarter of the 2012 fiscal year), the Company reported a net loss of $27.7 million, which was due primarily to the net write down of $23.2 million from discontinued operations (which includes $53.2 million for the Company's Ecuador resource properties). For the Current Quarter, the Company will not incur any write downs relating to discontinued operations. Current Quarter earnings are expected to be consistent with average quarterly earnings reported before write downs for the 2012 fiscal year, which were approximately $7.0 million after tax.
During the fiscal quarter ended September 30, 2011 (the "Prior Year's Quarter"), the Company reported net income of $15.2 million. However, during the Prior Year's Quarter, the silver and gold price averaged $38.79 and $1,700 per ounce respectively compared to $29.91 and $1,655 per ounce respectively for the Current Quarter. As such, the Company anticipates that net income for the Current Quarter will be between 30% and 40% lower than the income reported in the Prior Year's Quarter.
All dollar amounts in this news release are reported in US Dollars, unless otherwise noted.
Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding production expectations, and the timing related to completing a sale of Rio Blanco and Gaby. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risk of commodity price fluctuations; the uncertainty in estimating and then obtaining the fair market value of the Rio Blanco and Gaby properties, political and regulatory risks; risks related to the new mining law in Ecuador, and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2012, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.