(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.
