Atna Resources Reports First Quarter Results
GOLDEN, Colo., May 23, 2011 /PRNewswire/ -- Atna Resources Ltd. ('Atna' or the 'Company') (TSX:ATN / OTCBB: ATNAF) today reported unaudited interim financial results for the Company's first quarter ended March 31, 2011. Unless otherwise designated, all amounts are in U.S. dollars. Additional details may be found in the first quarter MD&A and Financials filed on SEDAR and EDGAR or it may be found on the Company's website at http://www.atna.com/.
Highlights for First Quarter 2011:
-- Atna's Briggs Gold Mine produced $2.4 million in positive operating
cash flow and $1.7 million of net operating profit;
-- New drilling at Briggs expanded the Deep Briggs Zone, which may
increase mineral reserves upon further study;
-- Estimated recoverable in-process gold inventory at Briggs increased
during the first quarter due to limitations in leach system capacity,
to approximately 14,100 ounces with a potential quarter end market
value of $20.3 million based on a gold price of $1,439;
-- Completed work in May to double the capacity of the gold absorption
and leach recovery system to reduce future in-process gold inventory;
-- Expansion of the leach pad is expected to be complete in June 2011;
-- $2.1 million of notes payable were converted to equity or repaid
during the quarter significantly reducing outstanding debt;
-- Water well and wildlife exclusion fencing has been completed at
Reward; and
-- First quarter interim financial statements were prepared in accordance
with IFRS.
First Quarter Financial Results:
For the three months ended March 31, 2011, Atna recorded a net loss of $0.1 million, or basic loss per share of less than $0.01, on revenues of $9.2 million. This compares to a net loss of $1.6 million, or a basic loss per share of $0.02, on revenues of $6.1 million for the three months ended March 31, 2010. For the first quarter ended March 31, 2011, cash and cash equivalents were $6.2 million, a decrease of $3.4 million from December 31, 2010. Please see the following summarized table of financial data for more information on the financial balances and results.
Conference Call:
Management will host a conference call on Tuesday, May 24th, 2011, at 2:00p.m. Eastern time, to discuss these results and general corporate and project activities. Participants in the U.S. and Canada dial (877) 559-1977; International callers dial (660) 422-4979. Please reference conference ID # 69741859
A replay of the first quarter call will be available through midnight Eastern on Thursday, May 26, 2011, by dialing (800) 642-1687 or (706) 645-9291, reference conference ID # 69741859
For additional information on Atna, its mining, development and exploration projects, please visit our website at http://www.atna.com/.
This press release contains certain 'forward-looking statements,' as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical fact. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the Company might encounter problems such as the significant depreciation of metals prices; accidents and other risks associated with mining exploration and development operations; the risk that the Company will encounter unanticipated geological factors; the Company's need for and ability to obtain additional financing; the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration programs; and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (http://www.sedar.com/) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's 2010 Form 20-F dated March 23, 2011.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303) 278-8464Valerie Kimball, Investor Relations - toll free (877) 692-8182http://www.atna.com/
ATNA RESOURCES LTD. AND SUBSIDIARIES
SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION
(US dollars, IFRS basis)
(Unaudited)
March 31, December 31,
BALANCE SHEETS 2011 2010
-------------- ---- ----
ASSETS
Current assets $20,499,300 $22,433,600
Non-current assets 63,059,900 60,772,500
---------- ----------
Total assets 83,559,200 83,206,100
========== ==========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities 12,719,300 12,261,300
Notes payable - long term 2,218,300 2,406,600
Gold bonds, net of discount 5,979,100 6,781,000
Other non-current liabilities 4,563,800 4,620,600
Shareholders' equity 58,078,700 57,136,600
---------- ----------
Total liabilities and
shareholders' equity $83,559,200 $83,206,100
=========== ===========
Three Months Ended
March 31,
---------
STATEMENTS OF OPERATIONS 2011 2010
------------------------ ---- ----
Revenues $9,209,700 $6,086,700
Cost of sales 7,436,900 5,853,700
Operating gross profit 1,772,800 233,000
General and administrative 982,000 1,037,900
Exploration 71,800 342,900
Other expense, net 867,200 441,700
------- -------
Net loss (148,200) (1,589,500)
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Comprehensive loss (105,400) (1,807,000)
======== ==========
Basic loss per share $(0.00) $(0.02)
====== ======
Basic weighted-average shares
outstanding 99,469,135 83,307,478
========== ==========
STATEMENTS OF CASH FLOWS
------------------------
Cash and cash equivalents,
beginning of the period $9,593,200 $13,060,300
Net cash provided by (used in)
operating activities 636,600 (2,079,200)
Net cash used in investing
activities (1,716,900) (814,800)
Net cash used in financing
activities (2,299,800) (1,333,800)
Effect of exchange rate changes on
cash 3,200 15,000
----- ------
Cash and cash equivalents, end of
the period $6,216,300 $8,847,500
========== ==========
Atna Resources Ltd.
Web Site: http://http//www.atna.com