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Kimber Announces First Quarter Financial Results

November 15, 2011

VANCOUVER, Nov. 15, 2011 /PRNewswire/ – Kimber Resources Inc. (NYSE Amex:KBX,
TSX:KBR) (“Kimber” or “the Company”) has announced its financial
results for the three months ended September 30, 2011. All amounts in
this news release are in Canadian dollars.  The operating results were
prepared in accordance with International Financial Reporting Standards
(“IFRS”). Kimber’s condensed consolidated interim financial statements
and management’s discussion & analysis for the three months ended
September 30, 2011 are now available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.com.

Kimber had working capital of $11.0 million, including $11.4 million in
cash and cash equivalents, as of September 30, 2011, a significant
increase over the $7.7 million of working capital as of June 30, 2011. 
Kimber’s net loss for the three months ended September 30, 2011 was
$758,187 or $0.01 per common share compared with a net loss of $647,006
or $0.01 loss per share for the three months ended September 30, 2010.

Kimber’s equity increased by $7.0 million at September 30, 2011 compared
to June 30, 2011, due primarily to a private placement completed in
July 2011.

“During the three months ended September 30, 2011 Kimber strengthened
its cash position and continued to release a number of excellent high
grade gold-silver drill results from the Carmen drill program at
Monterde,” said Gordon Cummings, President & CEO of Kimber. “Kimber is
currently drilling the Carmen and Veta Minitas deposits at Monterde and
work has commenced to complete an updated mineral resource estimate for
the Carmen deposit which will include 2011 drill results.”

Selected information

The following information is for the three months ended September 30,
2011 and 2010:

     _____________________________________________________________________
    |                                     | |       For Three months ended|
    |_____________________________________|_|_____________________________|
    |                                     | |September 30,| |September 30,|
    |                                     | |         2011| |         2010|
    |_____________________________________|_|_____________|_|_____________|
    |Results of operations                | |             | |             |
    |_____________________________________|_|_____________|_|_____________|
    |Net loss                             |$|    (758,187)|$|    (647,006)|
    |_____________________________________|_|_____________|_|_____________|
    |Net loss per share - basic and       |$|       (0.01)|$|       (0.01)|
    |diluted                              | |             | |             |
    |_____________________________________|_|_____________|_|_____________|
    |                                     | |             | |             |
    |_____________________________________|_|_____________|_|_____________|
    |Net cash used in operations          |$|    (685,126)|$|    (562,390)|
    |_____________________________________|_|_____________|_|_____________|
    |Net cash used in investing activities|$|  (3,918,122)|$|    (859,778)|
    |_____________________________________|_|_____________|_|_____________|
    |Net cash provided by financing       |$|    7,563,954|$|      (1,489)|
    |activities                           | |             | |             |
    |_____________________________________|_|_____________|_|_____________|

The following information is as at September 30, 2011 with comparable
information at June 30, 2011.

     _____________________________________________________
    |                         | |September30,| |   June30,|
    |                         | |        2011| |      2011|
    |_________________________|_|____________|_|__________|
    |Financial position       | |            | |          |
    |_________________________|_|____________|_|__________|
    |Cash and cash equivalents|$|  11,362,135|$| 8,401,429|
    |_________________________|_|____________|_|__________|
    |Current assets           | |  12,893,629| | 9,607,731|
    |_________________________|_|____________|_|__________|
    |Mineral interests        | |  52,428,455| |48,839,128|
    |_________________________|_|____________|_|__________|
    |Total assets             | |  65,910,782| |58,995,943|
    |_________________________|_|____________|_|__________|
    |Current liabilities      | |   1,873,891| | 1,915,016|
    |_________________________|_|____________|_|__________|
    |Total liabilities        | |   1,873,891| | 1,915,016|
    |_________________________|_|____________|_|__________|
    |Equity                   | |  64,036,891| |57,080,927|
    |_________________________|_|____________|_|__________|
    |                         | |            | |          |
    |_________________________|_|____________|_|__________|
    |Working capital          |$|  11,019,738|$| 7,692,715|
    |_________________________|_|____________|_|__________|

The net losses for Kimber for the three months ended September 30, 2011
and 2010 include non-cash charges for share-based compensation of
$149,717 in 2011 and $115,757 in 2010.

About Kimber

Kimber owns mineral concessions covering in excess of 39,000 hectares in
the prospective Sierra Madre gold-silver belt, including the Monterde
property, where three gold-silver mineral resources have already been
defined. The most advanced of these, the Carmen deposit, has been
extensively drilled and has undergone detailed geologic modeling. The
completion of the preliminary economic  assessment for Monterde
represented a significant step forward for Kimber and is expected to
lead to further development and more advanced economic studies at the
Monterde deposits.  The subsequent discovery of high grade gold-silver
mineralization below the mineral resources used in the the preliminary
economic assessment adds a potentially significant new dimension to the
opportunities at Monterde.

Forward looking statements

Statements in this release may be viewed as forward-looking statements,
including statements regarding estimates of mineral resources at
Monterde, the preliminary assessment of the Monterde project, the
conversion of inferred resources to measured and indicated resources,
the conversion of mineral resources to mineral reserves, life of mine
estimates, the potential for gold and silver mineral resources in the
Carmen deposit and other targets within the Monterde project, the
further development, expected results and future economic assessments
of the Monterde project . When used in this press release, the words
“expect”, “intend”, “hopes”, “believe”, “may”, “will”, “if”,
“anticipates” and similar expressions are intended to identify
forward-looking statements. Such statements involve risks and
uncertainties that could cause actual results to differ materially from
those projected. Such risks and uncertainties include, among others,
uncertainty of mineral reserve and mineral resource estimates, risks
relating to fluctuations in the price of gold and silver, the
inherently hazardous nature of mining-related activities, potential
effects on Kimber’s operations of environmental regulations in the
countries in which it operates, risks due to legal proceedings, risks
relating to political and economic instability in certain countries in
which it operates, risks related to the use of inferred resources in
the preliminary assessment, and uncertainty of being able to raise
capital on favourable terms or at all, as well as those risk factors
discussed under the headings “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in Kimber’s latest Annual Report on Form
20-F as filed on September 27, 2011.  There are no assurances the
Company can fulfil such forward-looking statements and the Company
undertakes no obligation to update such statements, except as required
by law. Such forward-looking statements are only predictions; actual
events or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company’s control.

The technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in National
Instrument 43-101 and reviewed by Mr. Petrus (Marius) Mar© P.Geo.,
Vice-President Exploration of the Company.  The exploration activities
at the Monterde and Pericones project sites are carried out under the
supervision of Mr. Mar©, who is the designated Qualified Person under
National Instrument 43-101 for the Monterde and Pericones projects.

Cautionary Note to U.S. Investors – The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce.  Kimber Resources uses
certain terms on its website (and certain press releases), such as
“measured,” “indicated,” and “inferred,” “resources,” which the SEC
guidelines strictly prohibit U.S. companies from including in their
filings with the SEC.  U.S. Investors are urged to consider closely the
disclosure under the heading “Cautionary Note to U.S. Investors
Regarding Mineral Reserve and Resource Estimates” in our latest annual
report on Form 20-F which may be secured from us, or from the SEC’s
website at
http://www.sec.gov/edgar.shtml.  

 

 

SOURCE Kimber Resources Inc.


Source: PR Newswire