VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 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 audited consolidated financial statements for the year ended December 31, 2012.
Highlights for the year ended December 31, 2012 are as follows:
- Sold 830,266 pounds of molybdenum
- Recorded $9.6 million in sales revenue
- Recorded $2.1million in EBITDA at NMC Moland Mine ("Moland Mine")
During the year ended December 31, 2012, NMC Resource mined 285,419 tonnes of ore and produced 738 tonnes (820 WMT) of molybdenum concentrates, a 7% increase from 2011 (690 tonnes-2011). The cash cost per pound of molybdenum sold for 2012 was $8.82, a 6% improvement from 2011 ($9.43-2011).
NMC Resource recorded $9.6 million in sales revenue ($11.9 million-2011) with 830,266 pounds of molybdenum sold and $2.2 million as net loss for the year ended December 31, 2012. An 19% reduction in sales revenue from 2011 is mainly due to lower molybdenum market prices. During the year ended December 31, 2012, the average molybdenum market price was US$12.74 compared to US$15.49 for the corresponding period in 2011. The adjusted EBITDA** was $1.5 million and EBITDA for the Moland Mine reached $2.1 million.
Please visit http://www.nmcresource.com for more information.
Currencies are expressed in Canadian dollars.
* Weighted average number of common shares outstanding: 26,555,640 shares
** Adjusted EBITDA: Net earnings before interest, taxes, amortization and share-based payment
Private Placement, Investor Relations Services and Resignation of Director
NMC Resource announces the cancellation of the private placement of units announced on March 4, 2013 and the expiry of its investor relations activities services agreement with Kin Communications Inc. dated September 19, 2011.
Effective April 30, 2013, NMC Resource has accepted James Currie's resignation as a director. NMC Resource would like to thank Mr. Currie for his support to date and wish him success in his future business endeavours.
About NMC Resource Corporation
NMC Resource Corporation (TSX VENTURE:NRC) is a mining company with two molybdenum assets: NMC Moland Mine ("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
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.
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.