Message #15 From:
NewsBot Date: November 20, 2006 05:00:00 AM
UAMY News U.S. Antimony Announces Third Quarter 2006 Results
THOMPSON FALLS, Mont.--(BUSINESS WIRE)--United States Antimony Corporation (OTCBB:UAMY) announced that the sale
of antimony products increased 54% to $780,917 during Q3 2006 compared
to the same period in 2005. The gross profit on these sales was $230,256
and was due to higher sales prices and the processing of a legacy slag
pile. The sale of zeolite products increased 50% to $384,527 during Q3
2006 compared to the same period in 2005. The zeolite sales resulted in
a loss of $20,142 due to the high cost of fuel for electric generators
and the lack of a grinding circuit to make fine-grained products. A new
grinding circuit capable of producing 20 tons per hour of fine-grained
products and line electricity are currently being installed and should
be on stream by Q1 2007. Average zeolite sales prices were increased
from $89.34 per ton during Q3 2005 to $148.35 per ton during the same
period in 2006.
The liquidity of the Company was improved by the conversion of a
Convertible Debenture and interest worth $281,251 to USAC Common stock.
The Debenture had been secured by 100% of the Bear River Zeolite Co.,
Inc. stock. The liquidity and profitability of the company was improved
by the sale of certain marketing rights for the zeolite for $500,000
cash during Q4 2006. Additionally, the company anticipates the sale of
certain idle mining claims for up to $300,000 during Q4 2006.
The Mexican antimony and silver operation is expected to be on stream by
Q2 2007. The value of the antimony is estimated to be equal to the
silver. The smelter has been completed, and the flotation mill is being
prefabricated in Montana for shipment to Mexico. Permitting will begin
for the startup of the mine and installation of the mill. The
exploration, organizational expenses, and much of the minor capital
expenditures for the Mexican project have been expensed, and this has
adversely impacted the profitability of the Company.
The Bear River Zeolite and Mexican projects are expected to
significantly increase sales of the Corporation by 2007.
Forward Looking Statements:
This Press Release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that are based upon current
expectations or beliefs, as well as a number of assumptions about future
events, including matters related to the Company's operations,
pending contracts and future revenues. Although the Company believes
that the expectations reflected in the forward-looking statements and
the assumptions upon which they are based are reasonable, it can give no
assurance that such expectations and assumptions will prove to have been
correct. The reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to numerous
factors and uncertainties. In addition, other factors that could cause
actual results to differ materially are discussed in the Company's most
recent filings, including Form 10-KSB with the Securities and Exchange
Commission.
