2012-11-14 14:06:56 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Tahoe Resources Inc. (TSX:THO)(NYSE:TAHO) announced today financial results for the quarter ending September 28, 2012. The Company concluded 3Q 2012 with a cash balance of $225.2 million, compared to $271.1 million at the end of 2Q 2012.
Tahoe President and CEO, Kevin McArthur, stated, "We continue on-budget and on-schedule for mill commissioning in the second half of 2013, building towards commercial production in early 2014. We have budgeted a full six-months for trouble-shooting milling operations, which should provide shareholders with comfort that we have been very conservative in our execution plan."
Complete financials and Management's Discussion & Analysis (MD&A) will post later today on SEDAR at www.sedar.com : www.sedar.com and on Tahoe's website at www.tahoeresourcesinc.com.
Results for 3Q 2012 include:
-- For the nine months ending September 30, 2012, the Company reported a
loss of $68.5 million or $0.47 per share
-- Ended the quarter with $225.2 million in cash and cash equivalents
-- Escobal capital expenditures and project expenses totaled $44.9 million
for the quarter and $123.3 million for the nine months ending September
-- Escobal project-to-date spending amounts to $194.0 million of the $326.6
million capital budget
-- Mill and facilities EPCM is approximately 60% complete and underground
development is 55% complete as of September 30, 2012
-- Exploitation license is expected in the 4th quarter of 2012. All other
permits have been received.
Photographs of construction progress are available on Tahoe's website.
About Tahoe Resources Inc.
Tahoe's strategy is to develop the Escobal Project into a profitable mining operation and to position itself as a leading silver producer with high quality, low cost assets in the Americas. Tahoe is a member of the S&P/TSX Composite and TSX Global Mining indices and the Russell 3000 on the NYSE. The Company is listed on the TSX as THO and on the NYSE as TAHO. Tahoe's website is www.tahoeresourcesinc.com.
All figures in U.S. Dollars
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Wherever possible, words such as "plans," "expects," or "does not expect," "budget," "scheduled," "estimates," "forecasts," "anticipate" or "does not anticipate," "believe," "intend," and similar expressions or statements that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In particular, this news release describes future events and conditions related to Tahoe's strategy to develop the Escobal project and for positioning the company as a whole. Forward-looking information is based on management's reasonable assumptions, estimates, expectations, analyses and opinions on the date of this news release. These are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, Tahoe's ability to carry on exploration and development activities, the timely receipt of required approvals, the price of silver and other metals, Tahoe's ability to operate in a safe, efficient and effective manner and Tahoe's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Tahoe's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, many of which are beyond the Company's control.
These factors include, but are not necessarily limited to, results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles, receipt of licenses to conduct mining activities, country risks, project cost overruns or unanticipated costs and expenses, the availability of funds, fluctuations in metal prices, currency fluctuations, and general market and industry conditions. There is no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on this information. Tahoe does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws. For more information about the risks and challenges of Tahoe's business, investors should review Tahoe's current AIF available at www.sedar.com.
Tahoe Resources Inc.
Ira M. Gostin
Vice President Investor Relations