INTERIM REPORT JANUARY - MARCH 2012

SUMMARY OF INTERIM REPORT JANUARY - MARCH 2012

  • For the period January – March 2012 the Group sale was 833 KSEK, net income – 2 158 KSEK and an earnings per share was - 0,01 SEK.
  • Cash and cash equivalents was 8 621 KSEK at March 31st 2012.
  • Funds spent during January - March 2012 was 6 415 KSEK.
  • Taivaljärvi Silver deposit continues to at least to the depth of 1 000 meters with least triple length compared to earlier known.
  • Bankable Feasibility Study completed for Taivaljärvi Silver Mine.
  • Annual General Meeting was held on March 29th, 2012.

 

Summary of significant events after the balance

  • Updated Mineral Reserves for Taivaljärvi Silver Mine.
  • Sotkamo Silver found an error in the Bankable Feasibility Study and updated the financial forecast for Taivaljärvi Silver Mine.
  • The extraordinary shareholders’ meeting approved preferential rights issue, non-preferential issue, issue of warrants and reverse-split.

 

Group Result

Group result during January- March 2012 was -2 158 (-1 376) KSEK before tax.

Group result was charged with depreciation with -58 (-63) KSEK.

 

Parent Result

The result of the parent during January - March 2012 was – 212 (-281) KSEK before tax.

Number of shares and votes in Sotkamo Silver AB are 259 481 934 and share capital is SEK 103 792 774.

 

Stockholm, 24th March 2012

Timo Lindborg

CEO

 

The information provided in this press release is such that the company is required to disclose pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. This press release contains forward-looking statements, forecasts and estimates. Indications of, and guidance on future earnings and financial position and performance are also forward-looking statements. The statements and estimations are subject to risk factors associated with the mining industry. These forward-looking statements, opinions and estimates are not guarantees of future performance.

 

About Sotkamo Silver AB:

Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regard to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Taivaljärvi Silver Mine.

Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code.

The company applies International Financial Reporting Standards (IFRS) as approved by the European Union. The shares are traded at the Burgundy market place and NGM Equity in Stockholm.

The ticker symbol is SOSI. ISIN-code for Sotkamo Silver shares is SE0001057910.

Read more about Sotkamo Silver on www.silver.fi

 

(For full report in Swedish, see attached file)

 

For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507