SUMMARY OF INTERIM REPORT JANUARY - JUNE 2011
- For the period January - September 2011 the Group sale was 86 KSEK,
- net income - 5 178 KSEK and an earnings per share was - 0,02 SEK.
- Liquid funds was 20 452 KSEK at September 30th 2011.
- Funds spent during January - September 2011 was 16 247 KSEK.
- The first major development stage was carried out at Taivaljärvi mine site.
- Mineral resources expanded significantly at Taivaljärvi Silver Mine.
- Next step in the feasibility study ordered – where a financial and efficient benefit process will be decided.
- TEKES grants a 514 000 EUR loan to Sotkamo Silver.
- Finnvera grants a 1 000 000 EUR loan to Sotkamo Silver
- 99 per cent of the warrants were exercised for subscription of shares.
- Mining concession was granted for Taivaljärvi mine.
- High silver and gold contents with significant widths found in underground drilling- program.
- The application for environmental permit submitted for Taivaljärvi Silver Mine.
- Sotkamo Silver appointed Mr. lkka Tuokko as new managing director for its Finnish subsidiary from August 1st.
- Test mining of ore for the pilot-plant test successfully completed.
- •The Taivaljärvi Silver deposit continues to deliver high grades of silver and gold.
- Sotkamo Silver has commissioned their main consultant-companies to carry out a feasibility study.
Summary of significant events after the balance
- Sotkamo Silver has acquired 427 ha land at Taivaljärvi Silver Mine
- The latest drilling results support the start-up plans of the Taivaljärvi Silver Mine.
The Group Result
The Group result during January- September 2011 was - 5 178 (19 521) KSEK before tax.
The Group result is burdened with depreciation with 201 (6) KSEK.
The Parent Company Result
The result of the parent company during January - September 2011 was - 141 (- 77 660) KSEK before tax.
The number of shares and votes in Sotkamo Silver AB are 259,481,934 and share capital is SEK 103,792,774.
Stockholm, 20th September 2011
Timo Lindborg, CEO
2012 Reporting Dates
- Interim report for 2011 January – December wil be published 16th February 2012.
- Annual report for 2011 will be published on 29th Marsh 2012.
- Interim report for January - March, will be published on 25th May 2012.
- Interim report for January-June, will be published on 24th August 2012.
- Interim report for January-September will be published on 18th October 2012.
Nomination Committee
Sotkamo Silver AB's Nomination Committee consists of Kimmo Viertola (representing Finnish Industry Investment Ltd), Helsinki, Ilkka Lukkariniemi (representing Teknoventure Oy), Oulu and Johan Lindwall, Stockholm. Kimmo Viertola is appointed as chairman of the committee.
Shareholders who wish to contact the committee may contact the Nomination Committee by e-mail: kimmo.viertola @ teollisuusijoitus.fi or via the company's post address, Sotkamo Silver AB, Hovslagargatan 5B, SE-111 48 Stockholm. Proposals to the Committee should be sent to the Nominating Committee not later than 31 January.
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.sotkamosilver.com or www.silver.fi
(For full interim report in Swedish, see attached file)
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507