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SUMMARY OF INTERIM REPORT JANUARY - JUNE 2012

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(For press release in Finnish, see attached file)

THE INTERIM PERIOD (6 months, January - June)

  • Net profit was KSEK -3,137 (-2,655) and earnings per share to SEK -0.01 (0.01).
  • The Group sale was KSEK 1,083 (71).
  • Cash and cash equivalents was KSEK 53,553 (15 077) at June 31st 2012.
  • Investments were during period KSEK 12,317 (7157).
  • Taivaljärvi Silver deposit likely 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.

 

 

THE CURRENT PERIOD (3 months, April - June)

  • Net profit was KSEK -997 (-1,279) and earnings per share to SEK -0.00 (0.01).
  • The Group sale was of KSEK 250 (6).
  • Investments during period April – June were KSEK 1,811 (4,633).
    • Updated ore reserves and financial forecast for Taivaljärvi Silver Mine.
    • Sotkamo Silver sign an agreement for the construction of Taivaljärvi Silver Mine´s power transmission-line.
    • Finnish Government and Centre for economic development, transport and environment in Kainuu grants 2.5 m euro to the Taivaljärvi Silver Mine project.
    • Extraordinary shareholders’ meeting approves preferential rights issue of shares, non-preferential issue of shares, issue of warrants and reverse-split of shares.
    • Sotkamo Silver AB completed preferential and directed share issue of SEK 49.1 million. After registration of the shares, the number of shares in Sotkamo Silver AB is 14 152 631 and the share capital SEK 141,526,311.

 

Group Result

Group result during January- June 2012 was KSEK -3,137 (-2 655) before tax.

Group result was charged with depreciation with KSEK -116 (-135).

 

Parent Result

The result of the parent during January - June 2012 was KSEK – 83 (-184)  before tax.

Number of shares and votes in Sotkamo Silver AB are 14,152,631 and share capital is SEK 141,526,311. The quota value is SEK 10

The number of outstanding warrants is 942,756, each of which entitles the holder to subscribe for one share of SEK 17.50 per share latest by 30 November 2013.

 

Stockholm, 24th August 2012

 

Timo Lindborg, CEO

 

(For full report in swedish, see attached file)

 

About Sotkamo Silver AB:

Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards 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 ticker symbol is SOSI in NGM and SOSI1 in NASDAQ OMX Helsinki.

ISIN-code for Sotkamo Silver shares is SE0001057910 and for warrants SE0004635290.

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

 

The official Stock Exchange Release is given in Swedish and there may be slight differences in the translated versions.

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