White Tiger Announces the Filing of its Second Quarter 2013 Financial Results
TORONTO, Aug. 14, 2013 /CNW/ - White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) announced the filing of its interim financial statements ("Financial Statements") and management's discussion and analysis ("MD&A") for the three month period ended June 30, 2013. All figures are quoted in Canadian dollars unless otherwise indicated. Commenting on the interim financial results, Sergey Yanchukov, CEO of White Tiger, said, "The Company is disappointed with the operating results for the second quarter of fiscal 2013. The Company is continuing its discussions with VTB Capital plc ("VTB") to obtain a waiver or amend the terms of the VTB Facility. To date, the Company has not received any notice from VTB regarding any intent to realize its security under the VTB Facility."
Highlights for Q2 2013 include:
- Net loss for the period from continuing operations of $7.9 million compared to a net loss from continuing operations of $8.6 million for the corresponding period in the previous year;
- Revenue of $3.9 million for the second quarter of fiscal 2013 compared to revenue of $3.4 million in the second quarter of the previous year;
- Gross profit of $0.5 million compared to a gross profit of $0.8 million for the corresponding period in the previous year;
- Gold poured of 3,813 ounces compared to 3,169 ounces for the second quarter last year; and
- Cash cost per ounce sold for the second quarter of $891 compared to $510 for the second quarter last year.
Financial Results for the Quarter ended June 30, 2013
The Company reported an operating loss from continuing operations of $1,958,000 for the three months ended June 30, 2013 compared with an operating loss from continuing operations of $3,326,000 for the three months ended June 30, 2012. Gross profit for the three months ended June 30, 2013 decreased to $474,000 from $814,000 for the three months ended June 30, 2012. Administrative costs for the three months ended June 30, 2013 decreased to $1,757,000 from $3,354,000 for the corresponding period ended June 30, 2012. Net loss from continuing operations after tax and finance costs was $7,869,000 for the three month period ended June 30, 2013, while the Company's net loss from continuing operations after tax and finance costs for the three month period ended June 30, 2012 was $8,636,000.
The decrease in net loss after tax and finance costs from continuing operations for the three months ended June 30, 2013 compared with the corresponding period of 2012, resulted from reduced administrative expenses and reduced foreign exchange loss, offset by a lower gross profit and higher finance costs. During the three months ended June 30, 2013, the Company incurred financial expenses of $2,894,000 (2012 - $1,634,000) on its loans and borrowings, the most significant increase being interest charges with respect to the VTB Facility and the Unique loans.
For the three months ended June 30, 2013, the Company reported a net loss from discontinued operations of nil, resulting from the deconsolidation of Century. The loss from discontinued operations in the comparable period of 2012 was $168,140,000.
The Financial Statements and MD&A are available on White Tiger's website at www.whitetigergold.com and have been filed on SEDAR at www.sedar.com.
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Bridge Loan (including the timing of advances thereunder and the terms thereof), the Company's financial position, financial alternatives and the Company's ability to continue operations and the VTB Facility (including the occurrence of an event of default thereunder and its potential effect on the Company)). Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: the Company's inability to obtain additional financing on acceptable terms or at all; the Company's inability to obtain TSX approval of the Bridge Loan in a timely manner or at all; the Company's ability to negotiate a waiver or agreement with VTB Capital in respect of the event of default under the VTB Facility; changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Contact:
White Tiger Gold Ltd.
Sergey Yanchukov, Cief Executive Officer
White Tiger Gold Ltd.
info@whitetigergold.com