Amerigo Resources Ltd. (TSX:ARG) ("Amerigo" or the "Company") is
pleased to announce production results for the fourth quarter of
2012 from Minera Valle Central ("MVC"), the Company's operations
located near Rancagua, Chile. MVC produced 13.56 million pounds of
copper and 290,705 pounds of molybdenum during the three months
ended December 31, 2012, for a total of 51.7 million pounds of
copper and 1,057,717 pounds of molybdenum for the full year.
Dr. Klaus Zeitler, Amerigo's President and CEO, stated, "We are
pleased to report that since start-up twenty years ago, annual
copper and molybdenum production from MVC has steadily increased
and is now at record levels. Total copper production of 51.7
million pounds in 2012 was 11% higher than the previous record of
46.6 million pounds set in 2010. Molybdenum production of 1,057,717
pounds was 35% higher than the previous record of 785,068 pounds
set in 2011. Both copper and molybdenum production surpassed our
guidance for Q4-2012 and 2012. I am now looking forward to improved
financial results in 2013 due to significantly lower power costs
and lower capital outlays."
Key operating and sales metrics are shown below.
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Production Metrics: Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011
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Copper Production
(million lbs) 13.56 12.70 11.57 13.88 12.09
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Molybdenum Production
(lbs) 290,705 321,788 228,932 216,292 195,729
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Ore milled (Tonnes
000's) 14,727 14,139 13,631 13,617 15,449
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Copper Grade (%) 0.155 0.149 0.156 0.168 0.154
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Copper Recovery (%) 27.0 27.3 24.7 27.5 23.0
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Molybdenum Grade in
copper concentrates (%) 0.73 0.88 0.76 0.68 0.69
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Molybdenum Recovery (%) 85.9 83.8 75.5 68.8 68.4
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Sales Metrics: Q4-2012 Q3-2012 Q2-2012 Q1-2012 Q4-2011
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Copper sales(1) (Million
lbs) 13.71 13.02 10.76 14.08 12.42
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Copper price at end of
period ($US/lb) 3.59 3.75 3.37 3.85 3.43
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Prior period copper
sales subject to final
pricing during period
(Million lbs) N/A N/A N/A 4.42 0.87
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Average final settlement
price for prior period
copper sales ($US/lb) N/A N/A N/A 3.6485 3.3328
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Company's Recorded
Copper Price ($US/lb)(2) 3.49 3.52 3.74 3.55 3.40
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Molybdenum sales (lbs) 286,075 337,818 243,263 303,547 164,059
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Molybdenum price at end
of period ($US/lb) 11.35 11.513 13.10 14.570 13.413
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Power Costs (per kwh) $0.1824 $0.1659 $0.1947 $0.2151 $0.1813
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(1) Copper sales per the Company's records, which may differ from copper
sales per the smelter. All differences between Company and smelter
records for a quarter will be recorded as settlement adjustments in
subsequent quarters until settled.
(2) Copper price recorded for the Company's financial statements for the
quarter before smelter and refinery charges and settlement adjustments
to prior periods' sales. The Company calculates this number by dividing
quarterly dollar sales as recorded in its financial statements
(calculated based on copper deliveries per the smelter) over quarterly
copper sales per the Company's own records.
The Company will announce 2013 production guidance on Thursday
January 24, 2013 and will release 2012 annual financial results at
market open on Wednesday February 27, 2013. An investor conference
call to discuss the results will be held on Thursday February 28,
2013 at 11:00 am Pacific Standard Time/2:00 pm Eastern Standard
Time.
To participate in the call, please dial the following
number:
1-866-226-1792 (Toll-Free North America)
Please let the operator know you wish to participate in the
Amerigo Resources conference call.
Media are invited to attend on a listen-only basis.
Following management's discussion of the quarterly results, the
analyst and investment community will be invited to ask
questions.
Amerigo Resources Ltd. produces copper and molybdenum under a
long term partnership with the world's largest copper producer,
Codelco, by means of processing fresh and old tailings from the
world's largest underground copper mine, El Teniente near Santiago,
Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web:
www.amerigoresources.com; Listing: ARG:TSX
Certain of the information and statements contained herein that
are not historical facts, constitute "forward-looking information"
within the meaning of the Securities Act (British Columbia),
Securities Act (Ontario) and the Securities Act (Alberta)
("Forward-Looking Information"). Forward-Looking Information is
often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "expect" and
"intend"; statements that an event or result is "due" on or "may",
"will", "should", "could", or might" occur or be achieved; and,
other similar expressions. More specifically, Forward-Looking
Information contained herein includes, without limitation,
information concerning future tailings production volumes and the
Company's copper and molybdenum production, all of which involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such Forward-Looking Information; including, without limitation,
material factors and assumptions relating to, and risks and
uncertainties associated with, the supply of tailings from El
Teniente and extraction of tailings from the Colihues tailings
impoundment, the achievement and maintenance of planned production
rates, the evolving legal and political policies of Chile, the
volatility in the Chilean economy, military unrest or terrorist
actions, metal price fluctuations, favourable governmental
relations, the availability of financing for activities when
required and on acceptable terms, the estimation of mineral
resources and reserves, current and future environmental and
regulatory requirements, the availability and timely receipt of
permits, approvals and licenses, industrial or environmental
accidents, equipment breakdowns, availability of and competition
for future mineral acquisition opportunities, availability and cost
of insurance, labour disputes, land claims, the inherent
uncertainty of production and cost estimates, currency
fluctuations, expectations and beliefs of management and other
risks and uncertainties, including those described under Risk
Factors in the Company's Annual Information Form and in
Management's Discussion and Analysis in the Company's financial
statements.
Such Forward-Looking Information is based upon the Company's
assumptions regarding global and Chilean economic, political and
market conditions and the price of metals, including copper and
molybdenum, and future tailings production volumes and the
Company's copper and molybdenum production. Among the factors that
have a direct bearing on the Company's future results of operations
and financial conditions are changes in project parameters as plans
continue to be refined, interruptions in the supply of fresh
tailings from El Teniente, further delays in the extraction of
tailings from the Colihues tailings impoundment, a change in
government policies, competition, currency fluctuations and
restrictions and technological changes, among other things. Should
one or more of any of the aforementioned risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from any conclusions, forecasts
or projections described in the Forward-Looking Information.
Accordingly, readers are advised not to place undue reliance on
Forward-Looking Information. Except as required under applicable
securities legislation, the Company undertakes no obligation to
publicly update or revise Forward-Looking Information, whether as a
result of new information, future events or otherwise.
Contacts: Amerigo Resources Ltd. Dr. Klaus Zeitler President
(604) 218-7013 Amerigo Resources Ltd. (604) 697-6201
www.amerigoresources.com
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