SUMMARY OF INTERIM REPORT JANUARY - DECEMBER 2010
Summary of key events
* For the period January - December 2010 the net turnover was 129 KSEK, net result 17 097 KSEK and result per share was 0.10 SEK.
* Liquid funds was 20 424 KSEK per December 31st 2010.
* Funds spent during January - December 2010 was 17 641 KSEK.
* After completed Financial, Legal and Technical review the Company completed the acquisition of Silver Resources Oy. The acquisition was in April and was reported in the Q2-report as a “reversed take over”. The Group is reported, so that Silver Recourses Oy is the parent company.
* The Company appointed Dr. Timo Lindborg as new CEO.
* Trading of warrants began on the NGM Equity stock exchange and at Burgundy marketplace.
* At an Extraordinary General Meeting it was decided to change the corporate name to Sotkamo Silver AB (publ.) and amend § 9 and § 10 in the Articles of Association.
* The company invests further in Taivaljärvi Silver Mine’s infrastructure, with draining operation, decline- and core-drilling programmes.
* The Company has completed the above-surface core-drilling program at Taivaljärvi Silver Mine.
* Assets in Norway divested, focus on Taivaljärvi Silver Mine.
* High contents of silver, gold and zinc was found in significant widths at Taivaljärvi.
* Finnish government grants 1300 KSEK to the Taivaljärvi Silver Mine project.
* Sotkamo Silver AB conducts a directed share issue of SEK 12 million.
Summary of significant events after the balance
* The first major development work has been finished at Taivaljärvi mine site.
* Change of number of shares and votes in Sotkamo Silver AB.
* Sotkamo Silver commences an additional underground drilling-program which is planned to mid of February at Taivaljärvi Silver Mine.
* Significantly expanded mineral resources at Taivaljärvi Silver Mine - The amount of indicated resources have increased by 68% and the inferred resources with 555%, in terms of tonnage, or 40% and 500% in terms of amount of silver-equivalents.
The Group Result
The result for the Group during January-December 2010 was 17 097 (-360) KSEK before tax. The result of the group is burdened with depreciation on equipment in Silver Resources Oy by -95 (15) KSEK.
The Parent Company Result
The result for the parent company during January - December 2010 was
to -79 682 (2 623) KSEK before tax. The loss for the parent company was due to a capital loss at the divestiture of Gexco Norge A/S.
Timo Lindborg, CEO
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.
ISIN-code for Sotkamo Silver warrants is SE0003299718.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507
(For full report see attached file.)