Hunt Mining Reports US $1.65 Million First Ever Net Income With Filing of 2017 Year End Financials
April 17 2018 - 6:01AM
Hunt Mining Corp. ("Hunt" or the "Corporation") (TSXV:HMX)
(OTC:HMXZF) is pleased to announce the filing of its year-end
financial results (“Financials”) for the period ending December 31,
2017. The Corporation files its Financials in accordance with US
Generally Accepted Accounting Principles (“GAAP”) on Form 10-K with
the SEC and on SEDAR subsequently.
In its Year End 2017 Consolidated Financial
Statements, Hunt Mining Corp. declared a Net Income of $1,655,914
in the Corporation’s first year producing income from its
operations in Argentina. “We feel we have turned the corner.
Generating income is now our principal objective, so we will
continue to explore, develop and mine our significant property
package with that focus”, stated Executive Chairman/CEO, Tim
Hunt.
Final Results for the Year Ended 31 December 2017
Hunt Mining Corp. is a mineral exploration and
processing company incorporated on January 10, 2006 under the laws
of Alberta, Canada and, together with its subsidiaries, is engaged
in the exploration of mineral properties in Santa Cruz Province,
Argentina. The Corporation remains focused on evaluating its
mining properties in Argentina, with near term prospects of mining
the La Josefina gold property and the continuation of production of
silver-gold concentrate from the Mina Martha property. The
Corporation is also reviewing strategic opportunities, focusing
primarily on development and operating properties.
The Corporation's presentation currency is the US Dollar.
Financial Highlights
- During the year ended December 31, 2017, the major source of
funding was from sales of silver-gold concentrate exceeding $9.2
million.
- For the year ended December 31, 2017 the Corporation generated
a net income of $1,655,914, or $0.03 per basic share, compared to a
net loss of $3,109,074 or $0.05 per basic share, for the year ended
December 31, 2016.
- Working capital increase from 2016 to 2017 by $2,860,011
- The total assets increased by $2,460,200 primarily due to the
continued restoration of the Mina Martha plant
- The total shareholder’s equity increased from 2016 to 2017 by
$1,777,057 due to the net income less adjustments for other
comprehensive income, and for stock options granted during
2017.
|
December 31, 2017 |
|
December 31, 2016 |
|
Change from prior yearFavorable (Unfavorable) |
|
Net
income (loss) for the year |
$ |
1,655,914 |
|
$ |
(3,109,074 |
) |
$ |
4,764,988 |
|
Net
income (loss) per share – basic: |
$ |
0.03 |
|
$ |
(0.05 |
) |
$ |
0.08 |
|
Net
income (loss) per share – diluted: |
$ |
0.01 |
|
$ |
(0.05 |
) |
$ |
(0.06 |
) |
Working capital |
$ |
(5,308,822 |
) |
$ |
(8,168,833 |
) |
$ |
2,860,011 |
|
Total
assets |
$ |
8,531,328 |
|
$ |
6,071,128 |
|
$ |
2,460,200 |
|
Total
non-current liabilities |
$ |
2,142,030 |
|
$ |
971,695 |
|
$ |
(1,170,335 |
) |
Total
shareholders’ equity |
$ |
(1,544,661 |
) |
$ |
(3,321,718 |
) |
$ |
1,777,057 |
|
Ongoing production at the Martha Project is
being undertaken without established mineral resources or reserves
and the Corporation has not established the economic viability of
the operations on the Martha Project. As a result,
there is increased uncertainty and economic risks of failure
associated with these production activities. However, a NI
43-101 compliant technical report from 2010 exists for the La
Josefina project with Measured, Indicated and Inferred resources.
The Ailin vein is part of this resource estimate.
Klaus Triebel, Hunt Mining's director of project
development, is the qualified person under National Instrument
43-101 who has approved the technical and scientific aspects of
this press release.
Additional information on the Martha Project and
other Santa Cruz, Argentina projects can be viewed on the
Corporation website at: www.huntmining.com.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an
active and aggressive explorer in Santa Cruz since 2006, entering
into production of silver and gold at the Mina Martha property in
January 2017. Since 2006, Hunt's wholly owned subsidiary, Cerro
Cazador S.A., has completed exploration activity including 62,000
meters of HQ core drilling, 416 line kilometers of Induced
Polarization geophysical surveys and more than 20,000 surface soil,
sediment, channel, chip, and trench samples, beyond the historical
work previous to the same properties. Hunt also owns a 100%
interest in the Martha property, which includes the Martha Project,
also located in the Santa Cruz Province of Argentina.
For more information contact:
Dean Stuart Investor RelationsT: (403)
617-7609E: dean@boardmarker.net
Bob Little Chief Administration OfficerT: (509)
290-5659E: blittle@huntmining.com
Neither the TSX Venture nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture) accepts responsibility for the adequacy or accuracy of
this release.
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