NMC Resource Corporation
TSX VENTURE : NRC

NMC Resource Corporation

November 08, 2013 09:00 ET

NMC Resource (TSX VENTURE:NRC) Announces Financial Results for the Nine Months Ended September 30, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 8, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES

NMC Resource Corporation (TSX VENTURE:NRC) ("NMC Resource") released its unaudited condensed consolidated financial statements for the nine months ended September 30, 2013.

  • Sold 695,776 pounds of molybdenum

  • Recorded $6.8 million in sales revenue

  • Recorded $1,482,816 in EBITDA at NMC Moland Mine ("Moland")

  • To receive R&D fund from the Korea Institute of Energy Technology Evaluation & Planning ("KETEP")

For the nine months ended September 30, 2013, NMC Resource produced 601 tonnes (667 wet tonnes) of molybdenum concentrates at 0.29% MoS2 mill head grade and at 92% recovery. Production increased by 7% compared to the corresponding period of 2012. On the other hand, sales revenue reduced by 7% to $6.8 million from last year due to 25% lower molybdenum average market price (US$10.54-2013; US$14-2012). NMC Resource reached $1.3 million in adjusted EBITDA. NMC Resource continues to focus on improving production profile and reducing operating costs.

NMC Resource has also been working on developing lubricant grade molybdenum concentrates and was awarded a shared research grant in the amount of KRW1,350,000,000 (approximately $1,313,550) to be allocated over the coming three years. This grant was given to the Company and the Korea Institute of Geoscience from the KETEP to develop lubricant grade molybdenum concentrates at Moland.

Please visit http://www.nmcresource.com for more information.

Currencies are expressed in Canadian dollars.

* Adjusted EBITDA: Net earnings before interest, taxes, amortization and share-based payment

About NMC Resource Corporation

NMC Resource Corporation (TSX VENTURE:NRC) is a mining company with two molybdenum assets: Moland in South Korea and Boss Mountain Mine ("Boss Mountain") in British Columbia, Canada. Moland started commercial production in April 2010 and a new technical report was filed in December 2011 with an updated resource. An active resource expansion drill program continues at Moland. A resource expansion drilling program requiring deep drill holes has been sponsored by KORES (Korea Resources Corporation, a state-owned mining company). Boss Mountain is a past molybdenum producer. NMC Resource is currently assessing historical data from 247 drill holes completed by the last mine operator Noranda Mines Ltd.

On behalf of the board of

NMC RESOURCE CORPORATION

Do Hyung Kim; President, Chief Executive Officer and Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward-Looking Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.

Contact Information

  • NMC Resource Corporation
    Do Hyung Kim
    President, Chief Executive Officer and Director
    (604) 643-1730
    1 888 723-7261 (FAX)
    www.nmcresource.com