SYI

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to
announce the release of its results for the third quarter of 2010.


Highlights



--  Revenues increased by 199% from $1.6 million in 2009 Q3 to $4.8 million
    in 2010 Q3. 
--  EBITDA increased by 403% from a loss of $0.6 million in 2009 Q3 to $1.2
    million in
    2010 Q3 
--  Year-to-date revenue increased by 362% while EBITDA for the first three
    quarters increased by 236% 
--  Zinc production increased by 69% from 713 DMT (Dry Metric Tonnes) zinc
    concentrate per month in the first half of 2010 to an average 1,205 DMT
    per month in 2010 Q3 - production in Q3 2009 averaged 617 DMT per month 
--  At an average zinc grade of 69% in the concentrate, Q3 production
    approximates 5.5 million pounds contained zinc 
--  As announced previously, in Q3 the Company formed a joint venture with
    Befesa Medio Ambiente, S.A. ("Befesa"). In connection with joint
    venture, Befesa acquired a 10% interest in Silvermet and the joint
    venture began operations with $6 million cash. 
--  12,718,000 warrants (83% of outstanding number) were exercised in
    September and November for proceeds of C $1,271,800 

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                   For the three months ended     For the nine months ended 
                                September 30,                 September 30, 
                           2010          2009           2010           2009 
----------------------------------------------------------------------------
Revenue            $  4,753,062  $  1,589,329   $ 11,207,766   $  2,426,330 
----------------------------------------------------------------------------
Income (loss)                                                               
 from operations      1,704,380      (113,994)     1,831,771       (436,962)
----------------------------------------------------------------------------
EBITDA(1)             1,242,475      (611,670)       677,098     (1,866,796)
----------------------------------------------------------------------------
                                                                            
Comprehensive                                                               
 income (loss)          200,675       908,670       (274,889)      (692,819)
----------------------------------------------------------------------------
Basic and diluted                                                           
 income (loss)                                                              
 per share         $      0.002  $      0.008        ($0.002)       ($0.006)
----------------------------------------------------------------------------
Weighted average                                                            
 number of shares                                                           
 outstanding,                                                               
 basic and                                                                  
 diluted            126,389,716   121,039,651    125,642,115    107,729,462 
----------------------------------------------------------------------------
                                                                            
(1) EBITDA is a non-GAAP measure, does not have a standardized meaning      
prescribed by GAAP and may not be comparable to similar terms and measures  
presented by other issuers. EBITDA comprises net income (loss) before income
taxes, interest and financing expense (including accretion of liabilities), 
amortization expense, gain on dilution, non-controlling interest and stock  
option expense. The Company believes it is appropriate to exclude stock     
option expense, gain on dilution and non-controlling interest from EBITDA as
a measure of operating performance that excludes non-recurring items.       



"Silvermet's strong performance in the 3rd quarter reflects the results of the
continual improvements to operations, personnel and the zinc market," said
Stephen G. Roman, Silvermet's Chairman, President and CEO. "In addition, with
the formation of a joint venture with the world's best EAFD processor, Befesa,
in the 4th quarter, Silvermet is positioned to build significant shareholder
value in the future."


About Silvermet:

Silvermet's Waelz kiln facility in Iskenderun, Turkey has been operating since
mid-2009 as an important Electric Arc Furnace Dust ("EAFD") recycling business
for the Turkish steel industry and producing zinc oxide concentrate that is sold
to smelters throughout the world.


Caution concerning forward-looking statements: The information in this release
may contain forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from those
implied by the forward-looking information. Factors that may cause actual
results to vary include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or technical
difficulties, changes in laws or regulations, the risks of obtaining necessary
licenses and permits, changes in general economic conditions or conditions in
the financial markets and the inability to raised additional financing. Readers
are cautioned not to place undue reliance on this forward-looking information.
The Company does not assume the obligation to revise or update this
forward-looking information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated events except as
may be required under applicable securities laws. The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.

Grafico Azioni Silvermet Inc. (TSXV:SYI)
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Da Mag 2024 a Giu 2024

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