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Primary Metals Reports Year End Results
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Metals News - Primary Metals Inc. ("Primary" or the "Company"), which operates the
Panasqueira tungsten mine in Portugal, today announced audited
financial results, in Euros, for the year ended March 31, 2007.
Earnings for the year before non-cash income taxes were ?1.50 million
(C$2.19 million or C$0.18 per share -- C$0.16 per share diluted).
Earnings after non-cash income taxes of ?442,000 were ?1.04 million
(C$1.52 million or C$0.12 per share -- C$0.11 per share diluted).
Highlights for the 2007 financial year include:
. Tungsten production of 99,095 MTUs (2006 -- 96,835 MTUs)
. Sales of ?14,787,000 or C$21,605,000 (2005 - ?14,599,000)
. Net earnings of ?1,502,000 or C$2,194,000 before non-cash income tax
(2006 - ?4,585,000)
. Net earnings of ?1,043,000 or C$1,524,000 after non-cash income tax
of ?442,000 (2006 - ?7,340,000 after non-cash tax recovery)
. Earnings per share of ?0.12 or C$0.18 before non-cash income tax
(2006 - ?0.42 per share)
. Earnings per share of ?0.08 or C$0.12 after non-cash income tax (2006
- ?0.68 per share after non-cash tax recovery)
. Continued strength in tungsten prices
. Continued capital improvements to the tungsten mine and processing
plant at Panasqueira
. Additions to the fleet of efficient low profile mining equipment
. Completion of a new underground ramp to allow access to new mine
areas
. Completion of new NI 43-101 estimates confirming January 2007
reserves and resources
. Increased Proven and Probable reserves of 2,430,000 tonnes at a grade
of 0.243 % WO3 (containing 590,000 MTU tungsten trioxide)
. Additional Indicated resources of 2,700,000 tonnes at a grade of
0.277% WO3 (containing a further 748,000 MTU tungsten trioxide)
"Our Panasqueira mine continues to perform well and we are pleased with
the progress and capital improvements that have been made," said Lewis
Black, Chairman of the Company. "We have faced the need for extensive
ongoing mine development while at the same time maintaining profitable
operations. Tungsten prices have remained relatively strong and we look
forward to a long and successful future for Panasqueira."
The current improvement in the price of tungsten has enabled profitable
mining of material previously considered uneconomic at times of low
metal prices, while at the same time generating funds to permit
necessary mine development and replacement of equipment.
The Panasqueira mine has a long history of production of high quality
wolframite concentrates and is the dominant producer of high quality
tungsten concentrates outside China. Complete audited financial results
for the year together with the Management Discussion and Analysis of
Results and other information are available at www.sedar.com and at the
Company's website at www.primarymetals.ca
On Behalf of the Board of Directors,
"James Robertson"
______________________
James Robertson, P. Eng., Director
For further information contact:
Vancouver Office:
James Robertson
Phone: 604.669.8988
Email: info@primarymetals.ca
Website: www.primarymetals.ca
Investor Relations:
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.628.5800 extension 236
Toll free: 1.866.684.4209
Email: jamie@ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
James Robertson, P. Eng., is a Qualified Person for Primary and has
reviewed and approved the information contained in this News Release.
See News Release dated March 29, 2007 for information about the
independent reserve and resource estimates for the Panasqueira mine.
(One MTU = 1 metric tonne unit or 10 kilograms of WO3 - tungsten
trioxide. The mean quoted European price for tungsten is currently
around US$240 per MTU of WO3)
The Panasqueira mine is in full production regularly shipping
concentrates of tungsten trioxide to its customers. Specific Quality
Control/Quality Assurance ("QC/QA") procedures suc
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