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ISIN: US4227041062 · WKN: 854693 · Symbol: HCL
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Hecla Reports Record La Camorra Production, Positive Net Income, Increased Gross
Profit and Cash Flow in Third Quarter
COEUR D`ALENE, Idaho, Nov 5, 2002 (BUSINESS WIRE) -- Increased gold and silver
production, lower costs and higher precious metals prices boosted Hecla Mining
Company`s (NYSE:HL) net income, gross profit and cash flow from operations in
the third quarter and the first nine months of 2002, compared to the same
periods last year.
Hecla`s net income in the third quarter more than doubled, to $1.5 million, or 2
cents per share before preferred stock dividends, compared to a net loss of $2.5
million in the third quarter of 2001. Gross profit rose even more dramatically,
from $270,000 in the third quarter of 2001 to $6.4 million in the third quarter
of this year. Cash flow increased significantly to $8.1 million in the third
quarter of 2002, from $1.4 million in last year`s third quarter.
For the first nine months of 2002, Hecla`s net income was $6.8 million, or 9
cents per share before preferred stock dividends, compared to $5.5 million in
the first nine months of last year which included a $12.7 million gain from the
sale of discontinued operations. Gross profit is up significantly, to $18
million in the first nine months, compared to $3.5 million in the same period
last year. Similarly, cash flow from operating activities increased from $5.4
million during last year`s first nine months to $14.6 million in the first nine
months of 2002.
Hecla Chairman and Chief Executive Officer Arthur Brown said, "Hecla`s
operations continued to perform beautifully in the third quarter. We are
extremely pleased with all results. Improvements in net income, gross profit,
cash flow, production and costs during the first nine months of this year are
further evidence of Hecla`s turnaround and future."
HIGHLIGHTS
-- 26% increase in gold production quarter-on-quarter, 36%
increase in the first nine months, while maintaining a low
average cash cost of $130 per ounce of gold year-to-date
-- 16% increase in silver production quarter-on-quarter, 9%
increase in the first nine months
-- 41% decrease in the average total cash cost of silver
quarter-on-quarter, 36% decrease in the first nine months
-- Further increases in 2002 production estimates
-- Significant increases in gross profit, net income and cash
flow both quarter-on-quarter and year-to-date
-- Strengthened balance sheet
-- Cash and cash equivalents more than doubled from December 31,
2001
-- New V.P. on board, one director steps down
-- Successful conversion of the majority of preferred stock to
common stock
OPERATIONS
Based on outstanding performance at its operations, Hecla has increased 2002
production estimates and now anticipates producing at least 235,000 ounces of
gold at an average total cash cost of under $140 per ounce and about 8.2 million
ounces of silver at an average total cash cost per ounce of less than $2.30,
assuming by-product metals prices remain fairly constant.
In the first nine months of the year, Hecla produced a total of 187,028 ounces
of gold at an average total cash cost of $130 per ounce. The La Camorra mine in
Venezuela contributed nearly 134,000 ounces of gold during the first nine
months, and had record production in the third quarter, with 47,814 ounces
produced. The ore grade at La Camorra remains very high, at more than 1 ounce
per ton during the third quarter. Increased tonnage mined due to efficiencies in
equipment use and availability contributed to record production at La Camorra.
Phil Baker, Hecla`s president and chief operating officer, said, "La Camorra
continues to be an excellent, low-cost gold producer with six quarters of more
than 39,000 ounces of production at an average total cash cost per ounce of gold
below $140. This solid foundation makes us enthusiastic about continuing to
develop La Camorra and the surrounding concessions."
Hecla produced 6.4 million ounces of silver during the first nine months of
2002, at an average total cash cost of $2.22 per ounce. The San Sebastian mine
in Mexico, now in full production, contributed 822,757 ounces of silver and
10,112 ounces of gold during the third quarter, at an extremely low average
total cash cost of $1.11 per ounce of silver. The ore grade at San Sebastian
during the third quarter averaged more than 24 ounces of silver per ton and
nearly a third of an ounce of gold per ton. For the first nine months, San
Sebastian has produced nearly 2.5 million ounces of silver and close to 30,000
ounces of gold at an average total cash cost of $1.29 per ounce of silver. Baker
said, "San Sebastian has exceeded our expectations in every way, far
outdistancing our initial operating plans at this property. Our operating
methodology worked through any uncertainties we had at the start of this project
to make this property a world-class silver producer into 2003 and beyond."
The Greens Creek mine in Alaska, in which Hecla holds a 30% interest, produced
approximately 2.5 million ounces of silver for Hecla during the first nine
months of the year, with 827,201 of those ounces mined in the third quarter.
Greens Creek costs are significantly lower than a year ago, with a third quarter
total cash cost of $1.93 per ounce of silver, compared to $2.52 in the same
period a year ago. Greens Creek has also contributed more than 23,000 ounces of
gold for Hecla`s account this year.
The Lucky Friday mine in northern Idaho continues to be Hecla`s highest cost
mine, although it has been successful in lowering costs from a year ago. Despite
contending with lower ore grades compared to last year, the Lucky Friday managed
to produce 1.4 million ounces of silver in the first nine months of the year at
an average total cash cost per ounce of $4.65, compared to $4.95 per ounce the
year before.
EXPLORATION
Exploration expenditures rose to $1.3 million in the third quarter of this year,
as Hecla concentrates on several promising targets. Exploration costs are
expected to increase in the fourth quarter and into 2003 as the company explores
for more ore in prospective areas surrounding the San Sebastian mine, at La
Camorra and Block B in Venezuela and at the Hollister Block
exploration/development project in Nevada.
On exploration results company-wide, Baker said, "Continued encouraging results
at most of our exploration sites give us good reason for optimism that one, two
or more of these sites could turn into a new mine for Hecla or an expansion of
reserves at existing properties. This stable of exploration prospects is the
best Hecla has had access to in a long time." Hecla also distributed information
today in a separate news release concerning its exploration projects, which can
be accessed at the company`s website at www.hecla-mining.com.
FINANCIAL
Hecla`s financial condition continued to improve during the first nine months of
2002, with a healthy current ratio of 1.55:1. The company`s cash position has
increased to $17.8 million at September 30, 2002, compared to $7.6 million at
the end of 2001. Total debt, related mainly to the purchase of La Camorra and
the mill at San Sebastian, was down to $13.8 million at the end of the third
quarter, compared to $19 million at the end of 2001.
During the third quarter, Hecla successfully converted a majority of its
Preferred B stock to common stock. Reflected in Hecla`s third quarter 2002 net
income applicable to common shareholders is a noncash dividend to preferred
shareholders that accounts for the inducement to exchange preferred shares into
common shares at a higher exchange ratio of common stock to preferred stock than
provided by the stated conversion terms of the preferred stock. This is a
one-time, noncash dividend that does not affect total shareholders` equity. As a
result of the exchange, approximately 67% of the total number of preferred
shares were tendered, with approximately 750,000 shares of the Preferred B stock
remaining issued and outstanding. Future annual preferred dividends of
approximately $5.4 million were eliminated by the exchange. Also eliminated were
undeclared but accumulated dividends of approximately $10.8 million.
OTHER
In September, Hecla announced that Ronald W. Clayton joined the company as Vice
President -- U.S. Operations. Clayton has more than 22 years of operational and
management experience in the mining industry. He had previously spent 13 years
with Hecla as manager of various mining properties and was vice president of
operations when he left.
In October, Hecla accepted the resignation of one of its newest members of the
board of directors. David Christensen, a director and research analyst with
Credit Suisse First Boston, resigned his position on the board to avoid any
appearance of potential conflict of interest with his newly accepted position
with CSFB. Christensen had taken the position with CSFB subsequent to his
election to Hecla`s Board of Directors in May 2002.
During the third quarter, Hecla decided to pursue a more favorable avenue to
resolve the United States and State of Idaho governments` claims for clean-up
costs and natural resource damages related to historic mining practices in
northern Idaho`s Coeur d`Alene Basin. As a result, the company, the United
States and the State of Idaho are no longer pursuing the agreement in principle
originally drafted in August 2001.
Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines and processes
silver and gold in the United States, Venezuela and Mexico. A 111-year-old
company, Hecla has long been well known in the mining world and financial
markets as a quality silver and gold producer. Hecla`s common and preferred
shares are traded on the New York Stock Exchange under the symbols HL and
HL-PrB.
Statements made which are not historical facts, such as anticipated payments,
litigation outcome, production, sales of assets, exploration results and plans,
costs, prices or sales performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied. These risks
and uncertainties include, but are not limited to, metals price volatility,
volatility of metals production, exploration risks and results, project
development risks and ability to raise financing. Refer to the company`s Form
10-Q and 10-K reports for a more detailed discussion of factors that may impact
expected future results. The company undertakes no obligation and has no
intention of updating forward-looking statements.
Hecla Mining Company news releases can be accessed on the Internet at:
http://www.hecla-mining.com.
HECLA MINING COMPANY
(dollars in thousands, except per share, per ounce and
per pound amounts - unaudited)
Third Quarter Ended Nine Months Ended
----------------------- --------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
HIGHLIGHTS 2002 2001 2002 2001
----------------------------------------------------------------------
FINANCIAL DATA
----------------------------------------------------------------------
Sales of products $ 27,790 $ 22,501 $ 79,836 $ 63,479
Gross profit 6,414 270 18,005 3,480
Income (loss) from
operations 3,132 (2,138) 9,023 (4,671)
Net income (loss) 1,533 (2,456) 6,774 5,524
Basic and diluted
loss per common
share (1) (0.20) (0.06) (0.20) (0.01)
Cash flow provided
by operating
activities 8,068 1,424 14,647 5,432
----------------------------------------------------------------------
SALE OF PRODUCTS BY SEGMENT
----------------------------------------------------------------------
Gold operations $ 13,807 $ 10,634 $ 37,118 $ 28,741
Silver operations 13,983 11,867 42,718 34,738
----------- ----------- ----------- --------------
Total sales $ 27,790 $ 22,501 $ 79,836 $ 63,479
----------------------------------------------------------------------
GROSS PROFIT (LOSS) BY SEGMENT
----------------------------------------------------------------------
Gold operations $ 5,690 $ 3,090 $ 13,836 $ 7,819
Silver operations 724 (2,820) 4,169 (4,339)
----------- ----------- ----------- --------------
Total gross
profit $ 6,414 $ 270 $ 18,005 $ 3,480
OTHER DATA
----------------------------------------------------------------------
EBITDA BY SEGMENT (2)
----------------------------------------------------------------------
Gold operations $ 8,910 $ 5,484 $ 22,854 $ 14,828
Silver operations 3,398 (47) 12,734 3,584
----------- ----------- ----------- --------------
Total EBITDA $ 12,308 $ 5,437 $ 35,588 $ 18,412
----------------------------------------------------------------------
PRODUCTION SUMMARY -- TOTALS
----------------------------------------------------------------------
Gold - Ounces 65,301 51,841 187,028 137,993
Silver - Ounces 2,079,418 1,798,696 6,422,988 5,897,153
Lead - Tons 3,974 7,030 13,294 24,476
Zinc - Tons 6,162 6,157 19,529 17,908
Average cost per
ounce of gold
produced:
Cash operating
costs ($/oz.) 121 128 130 134
Total cash costs
($/oz.) 121 128 130 134
Total production
costs ($/oz.) 191 190 199 201
Average cost per
ounce of silver
produced (3):
Cash operating
costs ($/oz.) 2.25 3.93 2.14 3.43
Total cash costs
($/oz.) 2.34 3.95 2.22 3.45
Total production
costs ($/oz.) 3.76 5.60 3.69 4.88
----------------------------------------------------------------------
AVERAGE METAL PRICES
----------------------------------------------------------------------
Gold - Realized
($/oz.) 305 283 302 280
Gold - London Final
($/oz.) 314 274 306 269
Silver - Handy &
Harman ($/oz.) 4.70 4.28 4.65 4.41
Lead - LME Cash
(cents/pound) 19.5 21.3 20.8 21.5
Zinc - LME Cash
(cents/pound) 34.7 37.5 35.4 42.0
(1) For the quarters and nine months ended September 30, 2002 and
2001, preferred stock dividends for $18.6 million and $2.0
million, respectively, and $22.6 million and $6.0 million,
respectively, were not declared. The preferred dividends are
not included in the determination of net income; however, they
are included in determining income (loss) applicable to common
shareholders and earnings per share. The 2002 amounts include
a one-time, noncash dividend of approximately $17.6 million
incurred in July 2002 related to the completion of an exchange
offering, whereby approximately 1.55 million preferred shares
were converted into approximately 10.8 million common shares.
Including the effects of preferred stock dividends, losses
applicable to common shareholders totaled $17.0 million and
$4.5 million, respectively, for the three months ended
September 30, 2002 and 2001, and $15.8 million and $0.5
million, respectively, for the nine months ended September 30,
2002 and 2001.
(2) EBITDA represents earnings before interest, income taxes,
depreciation, depletion, amortization and items classified as
other operating expenses not occurring at the operating site.
The company believes EBITDA is helpful in understanding cash
flow generated from operations that is available for income
taxes, debt service, capital expenditures, and other nonsite
operating expenses.
(3) During the third quarter and the first nine months of 2002,
approximately $0.2 million and $0.6 million, respectively, of
costs were classified as care-and-maintenance costs and
excluded from the determination of the costs per ounce at the
Lucky Friday mine. Including the care-and-maintenance costs,
the cash operating, total cash and total production costs per
ounce total $2.34, $2.44 and $3.85, respectively, for the
third quarter and $2.23, $2.32 and $3.78, respectively, for
the nine months ended September 30, 2002.
HECLA MINING COMPANY
Consolidated Condensed Statements of Operations
(dollars and shares in thousands, except
per share amounts -- unaudited)
Third Quarter Ended Nine Months Ended
------------------- --------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
--------- --------- --------- ----------
Continuing Operations:
Sales of products $ 27,790 $ 22,501 $ 79,836 $ 63,479
--------- --------- --------- ----------
Cost of sales and other
direct
production costs 15,482 17,064 44,248 45,067
Depreciation, depletion and
amortization 5,894 5,167 17,583 14,932
--------- --------- --------- ----------
21,376 22,231 61,831 59,999
--------- --------- --------- ----------
Gross profit 6,414 270 18,005 3,480
--------- --------- --------- ----------
Other operating expenses:
General and administrative 1,493 1,654 5,137 4,976
Exploration 1,257 455 2,987 1,749
Depreciation and
amortization 22 67 90 203
Provision for closed
operations
and environmental matters 510 232 768 1,223
--------- --------- --------- ----------
3,282 2,408 8,982 8,151
--------- --------- --------- ----------
Income (loss) from operations 3,132 (2,138) 9,023 (4,671)
--------- --------- --------- ----------
Other income (expense):
Interest and other income 367 1,425 1,461 2,525
Miscellaneous, net (933) (662) (842) (1,510)
Interest expense (437) (662) (1,374) (3,279)
--------- --------- --------- ----------
(1,003) 101 (755) (2,264)
--------- --------- --------- ----------
Income (loss) from continuing
operations,
before income taxes 2,129 (2,037) 8,268 (6,935)
Income tax provision (56) - - (168) - -
--------- --------- --------- ----------
Income (loss) from continuing
operations 2,073 (2,037) 8,100 (6,935)
Discontinued operations, net
of income tax (540) (419) (1,326) 12,459
--------- --------- --------- ----------
Net income (loss) $ 1,533 $ (2,456) $ 6,774 $ 5,524
========= ========= ========= ==========
Basic and diluted loss per
common share (1) $ (0.20) $ (0.06) $ (0.20) $ (0.01)
========= ========= ========= ==========
Weighted average number of
common
shares outstanding 86,031 70,946 78,294 68,194
========= ========= ========= ==========
(1) For the quarters and nine months ended September 30, 2002 and
2001, preferred stock dividends for $18.6 million and $2.0
million, respectively, and $22.6 million and $6.0 million,
respectively, were not declared. The preferred dividends are
not included in the determination of net income; however, they
are included in determining income (loss) applicable to common
shareholders and earnings per share. The 2002 amounts include
a one-time, noncash dividend of approximately $17.6 million
incurred in July 2002 related to the completion of an exchange
offering, whereby approximately 1.55 million preferred shares
were converted into approximately 10.8 million common shares.
Including the effects of preferred stock dividends, losses
applicable to common shareholders totaled $17.0 million and
$4.5 million, respectively, for the three months ended
September 30, 2002 and 2001, and $15.8 million and $0.5
million, respectively, for the nine months ended September 30,
2002 and 2001.
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands -- unaudited)
Sept. 30, Dec. 31,
2002 2001
----------------------------------------------------------------------
ASSETS
----------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 17,795 $ 7,560
Accounts and notes receivable 10,354 6,648
Inventories 14,024 10,868
Other current assets 1,754 1,426
Net assets of discontinued operations 375 2,714
---------- ----------
Total current assets 44,302 29,216
Investments 98 69
Restricted investments 6,378 6,375
Profit and Cash Flow in Third Quarter
COEUR D`ALENE, Idaho, Nov 5, 2002 (BUSINESS WIRE) -- Increased gold and silver
production, lower costs and higher precious metals prices boosted Hecla Mining
Company`s (NYSE:HL) net income, gross profit and cash flow from operations in
the third quarter and the first nine months of 2002, compared to the same
periods last year.
Hecla`s net income in the third quarter more than doubled, to $1.5 million, or 2
cents per share before preferred stock dividends, compared to a net loss of $2.5
million in the third quarter of 2001. Gross profit rose even more dramatically,
from $270,000 in the third quarter of 2001 to $6.4 million in the third quarter
of this year. Cash flow increased significantly to $8.1 million in the third
quarter of 2002, from $1.4 million in last year`s third quarter.
For the first nine months of 2002, Hecla`s net income was $6.8 million, or 9
cents per share before preferred stock dividends, compared to $5.5 million in
the first nine months of last year which included a $12.7 million gain from the
sale of discontinued operations. Gross profit is up significantly, to $18
million in the first nine months, compared to $3.5 million in the same period
last year. Similarly, cash flow from operating activities increased from $5.4
million during last year`s first nine months to $14.6 million in the first nine
months of 2002.
Hecla Chairman and Chief Executive Officer Arthur Brown said, "Hecla`s
operations continued to perform beautifully in the third quarter. We are
extremely pleased with all results. Improvements in net income, gross profit,
cash flow, production and costs during the first nine months of this year are
further evidence of Hecla`s turnaround and future."
HIGHLIGHTS
-- 26% increase in gold production quarter-on-quarter, 36%
increase in the first nine months, while maintaining a low
average cash cost of $130 per ounce of gold year-to-date
-- 16% increase in silver production quarter-on-quarter, 9%
increase in the first nine months
-- 41% decrease in the average total cash cost of silver
quarter-on-quarter, 36% decrease in the first nine months
-- Further increases in 2002 production estimates
-- Significant increases in gross profit, net income and cash
flow both quarter-on-quarter and year-to-date
-- Strengthened balance sheet
-- Cash and cash equivalents more than doubled from December 31,
2001
-- New V.P. on board, one director steps down
-- Successful conversion of the majority of preferred stock to
common stock
OPERATIONS
Based on outstanding performance at its operations, Hecla has increased 2002
production estimates and now anticipates producing at least 235,000 ounces of
gold at an average total cash cost of under $140 per ounce and about 8.2 million
ounces of silver at an average total cash cost per ounce of less than $2.30,
assuming by-product metals prices remain fairly constant.
In the first nine months of the year, Hecla produced a total of 187,028 ounces
of gold at an average total cash cost of $130 per ounce. The La Camorra mine in
Venezuela contributed nearly 134,000 ounces of gold during the first nine
months, and had record production in the third quarter, with 47,814 ounces
produced. The ore grade at La Camorra remains very high, at more than 1 ounce
per ton during the third quarter. Increased tonnage mined due to efficiencies in
equipment use and availability contributed to record production at La Camorra.
Phil Baker, Hecla`s president and chief operating officer, said, "La Camorra
continues to be an excellent, low-cost gold producer with six quarters of more
than 39,000 ounces of production at an average total cash cost per ounce of gold
below $140. This solid foundation makes us enthusiastic about continuing to
develop La Camorra and the surrounding concessions."
Hecla produced 6.4 million ounces of silver during the first nine months of
2002, at an average total cash cost of $2.22 per ounce. The San Sebastian mine
in Mexico, now in full production, contributed 822,757 ounces of silver and
10,112 ounces of gold during the third quarter, at an extremely low average
total cash cost of $1.11 per ounce of silver. The ore grade at San Sebastian
during the third quarter averaged more than 24 ounces of silver per ton and
nearly a third of an ounce of gold per ton. For the first nine months, San
Sebastian has produced nearly 2.5 million ounces of silver and close to 30,000
ounces of gold at an average total cash cost of $1.29 per ounce of silver. Baker
said, "San Sebastian has exceeded our expectations in every way, far
outdistancing our initial operating plans at this property. Our operating
methodology worked through any uncertainties we had at the start of this project
to make this property a world-class silver producer into 2003 and beyond."
The Greens Creek mine in Alaska, in which Hecla holds a 30% interest, produced
approximately 2.5 million ounces of silver for Hecla during the first nine
months of the year, with 827,201 of those ounces mined in the third quarter.
Greens Creek costs are significantly lower than a year ago, with a third quarter
total cash cost of $1.93 per ounce of silver, compared to $2.52 in the same
period a year ago. Greens Creek has also contributed more than 23,000 ounces of
gold for Hecla`s account this year.
The Lucky Friday mine in northern Idaho continues to be Hecla`s highest cost
mine, although it has been successful in lowering costs from a year ago. Despite
contending with lower ore grades compared to last year, the Lucky Friday managed
to produce 1.4 million ounces of silver in the first nine months of the year at
an average total cash cost per ounce of $4.65, compared to $4.95 per ounce the
year before.
EXPLORATION
Exploration expenditures rose to $1.3 million in the third quarter of this year,
as Hecla concentrates on several promising targets. Exploration costs are
expected to increase in the fourth quarter and into 2003 as the company explores
for more ore in prospective areas surrounding the San Sebastian mine, at La
Camorra and Block B in Venezuela and at the Hollister Block
exploration/development project in Nevada.
On exploration results company-wide, Baker said, "Continued encouraging results
at most of our exploration sites give us good reason for optimism that one, two
or more of these sites could turn into a new mine for Hecla or an expansion of
reserves at existing properties. This stable of exploration prospects is the
best Hecla has had access to in a long time." Hecla also distributed information
today in a separate news release concerning its exploration projects, which can
be accessed at the company`s website at www.hecla-mining.com.
FINANCIAL
Hecla`s financial condition continued to improve during the first nine months of
2002, with a healthy current ratio of 1.55:1. The company`s cash position has
increased to $17.8 million at September 30, 2002, compared to $7.6 million at
the end of 2001. Total debt, related mainly to the purchase of La Camorra and
the mill at San Sebastian, was down to $13.8 million at the end of the third
quarter, compared to $19 million at the end of 2001.
During the third quarter, Hecla successfully converted a majority of its
Preferred B stock to common stock. Reflected in Hecla`s third quarter 2002 net
income applicable to common shareholders is a noncash dividend to preferred
shareholders that accounts for the inducement to exchange preferred shares into
common shares at a higher exchange ratio of common stock to preferred stock than
provided by the stated conversion terms of the preferred stock. This is a
one-time, noncash dividend that does not affect total shareholders` equity. As a
result of the exchange, approximately 67% of the total number of preferred
shares were tendered, with approximately 750,000 shares of the Preferred B stock
remaining issued and outstanding. Future annual preferred dividends of
approximately $5.4 million were eliminated by the exchange. Also eliminated were
undeclared but accumulated dividends of approximately $10.8 million.
OTHER
In September, Hecla announced that Ronald W. Clayton joined the company as Vice
President -- U.S. Operations. Clayton has more than 22 years of operational and
management experience in the mining industry. He had previously spent 13 years
with Hecla as manager of various mining properties and was vice president of
operations when he left.
In October, Hecla accepted the resignation of one of its newest members of the
board of directors. David Christensen, a director and research analyst with
Credit Suisse First Boston, resigned his position on the board to avoid any
appearance of potential conflict of interest with his newly accepted position
with CSFB. Christensen had taken the position with CSFB subsequent to his
election to Hecla`s Board of Directors in May 2002.
During the third quarter, Hecla decided to pursue a more favorable avenue to
resolve the United States and State of Idaho governments` claims for clean-up
costs and natural resource damages related to historic mining practices in
northern Idaho`s Coeur d`Alene Basin. As a result, the company, the United
States and the State of Idaho are no longer pursuing the agreement in principle
originally drafted in August 2001.
Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines and processes
silver and gold in the United States, Venezuela and Mexico. A 111-year-old
company, Hecla has long been well known in the mining world and financial
markets as a quality silver and gold producer. Hecla`s common and preferred
shares are traded on the New York Stock Exchange under the symbols HL and
HL-PrB.
Statements made which are not historical facts, such as anticipated payments,
litigation outcome, production, sales of assets, exploration results and plans,
costs, prices or sales performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied. These risks
and uncertainties include, but are not limited to, metals price volatility,
volatility of metals production, exploration risks and results, project
development risks and ability to raise financing. Refer to the company`s Form
10-Q and 10-K reports for a more detailed discussion of factors that may impact
expected future results. The company undertakes no obligation and has no
intention of updating forward-looking statements.
Hecla Mining Company news releases can be accessed on the Internet at:
http://www.hecla-mining.com.
HECLA MINING COMPANY
(dollars in thousands, except per share, per ounce and
per pound amounts - unaudited)
Third Quarter Ended Nine Months Ended
----------------------- --------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
HIGHLIGHTS 2002 2001 2002 2001
----------------------------------------------------------------------
FINANCIAL DATA
----------------------------------------------------------------------
Sales of products $ 27,790 $ 22,501 $ 79,836 $ 63,479
Gross profit 6,414 270 18,005 3,480
Income (loss) from
operations 3,132 (2,138) 9,023 (4,671)
Net income (loss) 1,533 (2,456) 6,774 5,524
Basic and diluted
loss per common
share (1) (0.20) (0.06) (0.20) (0.01)
Cash flow provided
by operating
activities 8,068 1,424 14,647 5,432
----------------------------------------------------------------------
SALE OF PRODUCTS BY SEGMENT
----------------------------------------------------------------------
Gold operations $ 13,807 $ 10,634 $ 37,118 $ 28,741
Silver operations 13,983 11,867 42,718 34,738
----------- ----------- ----------- --------------
Total sales $ 27,790 $ 22,501 $ 79,836 $ 63,479
----------------------------------------------------------------------
GROSS PROFIT (LOSS) BY SEGMENT
----------------------------------------------------------------------
Gold operations $ 5,690 $ 3,090 $ 13,836 $ 7,819
Silver operations 724 (2,820) 4,169 (4,339)
----------- ----------- ----------- --------------
Total gross
profit $ 6,414 $ 270 $ 18,005 $ 3,480
OTHER DATA
----------------------------------------------------------------------
EBITDA BY SEGMENT (2)
----------------------------------------------------------------------
Gold operations $ 8,910 $ 5,484 $ 22,854 $ 14,828
Silver operations 3,398 (47) 12,734 3,584
----------- ----------- ----------- --------------
Total EBITDA $ 12,308 $ 5,437 $ 35,588 $ 18,412
----------------------------------------------------------------------
PRODUCTION SUMMARY -- TOTALS
----------------------------------------------------------------------
Gold - Ounces 65,301 51,841 187,028 137,993
Silver - Ounces 2,079,418 1,798,696 6,422,988 5,897,153
Lead - Tons 3,974 7,030 13,294 24,476
Zinc - Tons 6,162 6,157 19,529 17,908
Average cost per
ounce of gold
produced:
Cash operating
costs ($/oz.) 121 128 130 134
Total cash costs
($/oz.) 121 128 130 134
Total production
costs ($/oz.) 191 190 199 201
Average cost per
ounce of silver
produced (3):
Cash operating
costs ($/oz.) 2.25 3.93 2.14 3.43
Total cash costs
($/oz.) 2.34 3.95 2.22 3.45
Total production
costs ($/oz.) 3.76 5.60 3.69 4.88
----------------------------------------------------------------------
AVERAGE METAL PRICES
----------------------------------------------------------------------
Gold - Realized
($/oz.) 305 283 302 280
Gold - London Final
($/oz.) 314 274 306 269
Silver - Handy &
Harman ($/oz.) 4.70 4.28 4.65 4.41
Lead - LME Cash
(cents/pound) 19.5 21.3 20.8 21.5
Zinc - LME Cash
(cents/pound) 34.7 37.5 35.4 42.0
(1) For the quarters and nine months ended September 30, 2002 and
2001, preferred stock dividends for $18.6 million and $2.0
million, respectively, and $22.6 million and $6.0 million,
respectively, were not declared. The preferred dividends are
not included in the determination of net income; however, they
are included in determining income (loss) applicable to common
shareholders and earnings per share. The 2002 amounts include
a one-time, noncash dividend of approximately $17.6 million
incurred in July 2002 related to the completion of an exchange
offering, whereby approximately 1.55 million preferred shares
were converted into approximately 10.8 million common shares.
Including the effects of preferred stock dividends, losses
applicable to common shareholders totaled $17.0 million and
$4.5 million, respectively, for the three months ended
September 30, 2002 and 2001, and $15.8 million and $0.5
million, respectively, for the nine months ended September 30,
2002 and 2001.
(2) EBITDA represents earnings before interest, income taxes,
depreciation, depletion, amortization and items classified as
other operating expenses not occurring at the operating site.
The company believes EBITDA is helpful in understanding cash
flow generated from operations that is available for income
taxes, debt service, capital expenditures, and other nonsite
operating expenses.
(3) During the third quarter and the first nine months of 2002,
approximately $0.2 million and $0.6 million, respectively, of
costs were classified as care-and-maintenance costs and
excluded from the determination of the costs per ounce at the
Lucky Friday mine. Including the care-and-maintenance costs,
the cash operating, total cash and total production costs per
ounce total $2.34, $2.44 and $3.85, respectively, for the
third quarter and $2.23, $2.32 and $3.78, respectively, for
the nine months ended September 30, 2002.
HECLA MINING COMPANY
Consolidated Condensed Statements of Operations
(dollars and shares in thousands, except
per share amounts -- unaudited)
Third Quarter Ended Nine Months Ended
------------------- --------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
--------- --------- --------- ----------
Continuing Operations:
Sales of products $ 27,790 $ 22,501 $ 79,836 $ 63,479
--------- --------- --------- ----------
Cost of sales and other
direct
production costs 15,482 17,064 44,248 45,067
Depreciation, depletion and
amortization 5,894 5,167 17,583 14,932
--------- --------- --------- ----------
21,376 22,231 61,831 59,999
--------- --------- --------- ----------
Gross profit 6,414 270 18,005 3,480
--------- --------- --------- ----------
Other operating expenses:
General and administrative 1,493 1,654 5,137 4,976
Exploration 1,257 455 2,987 1,749
Depreciation and
amortization 22 67 90 203
Provision for closed
operations
and environmental matters 510 232 768 1,223
--------- --------- --------- ----------
3,282 2,408 8,982 8,151
--------- --------- --------- ----------
Income (loss) from operations 3,132 (2,138) 9,023 (4,671)
--------- --------- --------- ----------
Other income (expense):
Interest and other income 367 1,425 1,461 2,525
Miscellaneous, net (933) (662) (842) (1,510)
Interest expense (437) (662) (1,374) (3,279)
--------- --------- --------- ----------
(1,003) 101 (755) (2,264)
--------- --------- --------- ----------
Income (loss) from continuing
operations,
before income taxes 2,129 (2,037) 8,268 (6,935)
Income tax provision (56) - - (168) - -
--------- --------- --------- ----------
Income (loss) from continuing
operations 2,073 (2,037) 8,100 (6,935)
Discontinued operations, net
of income tax (540) (419) (1,326) 12,459
--------- --------- --------- ----------
Net income (loss) $ 1,533 $ (2,456) $ 6,774 $ 5,524
========= ========= ========= ==========
Basic and diluted loss per
common share (1) $ (0.20) $ (0.06) $ (0.20) $ (0.01)
========= ========= ========= ==========
Weighted average number of
common
shares outstanding 86,031 70,946 78,294 68,194
========= ========= ========= ==========
(1) For the quarters and nine months ended September 30, 2002 and
2001, preferred stock dividends for $18.6 million and $2.0
million, respectively, and $22.6 million and $6.0 million,
respectively, were not declared. The preferred dividends are
not included in the determination of net income; however, they
are included in determining income (loss) applicable to common
shareholders and earnings per share. The 2002 amounts include
a one-time, noncash dividend of approximately $17.6 million
incurred in July 2002 related to the completion of an exchange
offering, whereby approximately 1.55 million preferred shares
were converted into approximately 10.8 million common shares.
Including the effects of preferred stock dividends, losses
applicable to common shareholders totaled $17.0 million and
$4.5 million, respectively, for the three months ended
September 30, 2002 and 2001, and $15.8 million and $0.5
million, respectively, for the nine months ended September 30,
2002 and 2001.
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands -- unaudited)
Sept. 30, Dec. 31,
2002 2001
----------------------------------------------------------------------
ASSETS
----------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 17,795 $ 7,560
Accounts and notes receivable 10,354 6,648
Inventories 14,024 10,868
Other current assets 1,754 1,426
Net assets of discontinued operations 375 2,714
---------- ----------
Total current assets 44,302 29,216
Investments 98 69
Restricted investments 6,378 6,375
1A-Minengesellschaft... wie wir ja alle wissen
... und dazu passt noch dies...
BW0108 NOV 05,2002 5:05 PACIFIC 08:05 EASTERN
( BW)(ID-HECLA-MINING-2)(HL) Hecla Reports Good Exploration Progress
in Mexico and Venezuela
Business Editors
COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Nov. 5, 2002--Encouraging
results at Hecla Mining Company`s (NYSE:HL) (NYSE:HL-PrB) Cerro
Pedernalillo silver/gold exploration project are painting a picture of
a potentially economic ore deposit. Cerro Pedernalillo is located in
central Mexico, on Hecla`s San Sebastian property.
The Don Sergio vein is a steeply dipping quartz vein contained
within a zone of silicified and hornfelsed wall rock and hydrothermal
breccias. During the third quarter, 13 drill holes were completed on
the Don Sergio vein portion of Cerro Pedernalillo, where an ore shoot
is beginning to emerge at the southern end of the known vein, just
north of where it plunges under post mineral volcanic cover. Of these
most recent 13 drill holes, five intersected gold-silver
mineralization exceeding mining cut-off grades. To date, Hecla has
drilled 31 holes in the Don Sergio vein, with 23 inside the boundaries
of the projected ore shoot and eight holes drilled outside the
boundaries. The included table shows that several of the holes drilled
within the ore shoot assayed at a gold equivalent grade of more than
15 grams per tonne (nearly 1/2 ounce of gold equivalent per ton).
Hecla`s drilling program on the Don Sergio vein will continue through
the fourth quarter.
-0-
*T
DON SERGIO VEIN
CERRO PEDERNALILLO PROJECT
DURANGO, MEXICO
----------------------------------------------------------------------
DRILL HOLE INTERCEPTS
Gold
Holes in From To Width Gold Silver Equivalent
Ore Shoot in in meters grams/ grams/ grams/
meters meters horizontal tonne tonne tonne
CP002 15.2 17 2 4.4 28 4.8
CP003 15.5 16.8 2 6.4 69 7.4
CP004 12.8 14.4 2 2.2 23 2.5
CP005 14.0 14.7 2 3 12 3.2
CP006 14.8 15.5 2 1.2 15 1.4
CP007 10.4 11.7 2 15 34 15.5
CP008 9.4 11.2 2 4.6 55 15.4
CPO15 No Significant Values
CP016 45.4 47.1 2 3.6 31 4.1
CP017 67.2 68.5 2 4.6 147 6.8
CP018 47.0 50.0 2.2 19.2 77 20.3
CP019 101.8 103.0 2 16.2 106 17.8
CP020A 122.8 127.6 2 7.2 104 8.7
CP039 241.8 245.7 2 4.9 168 7.4
CP040 No Significant Values
CP041 51.4 53.5 2 35.2 78 36.4
CP042 No Significant Values
CP054 110 112.2 2 60 424 66.3
CP055 180.6 181.7 2 42.6 343 47.7
CP056 Did Not Cut Vein - Vein Faulted Out of Section
CP057 186.4 188.3 2 10.2 123 12
CP058 99.4 101.2 2 7.2 38 7.8
CP059 No Significant Values
Holes Not in
Ore Shoot
CP001 16.5 18.5 2 3.1 26 3.5
CP021 No Significant Values
CP022 No Significant Values
CP023 No Significant Values
CP024 78.5 79.5 2.5 37 3
CP043 No Significant Values
CP050 Did Not Reach Vein - Hole Lost Before Intercept
CPO60 No Significant Values
Note: The gold and silver values are averaged over a minimum 2
meter horizontal width.
*T
On San Sebastian`s Francine vein, where mining is currently taking
place, a program to explore Francine vein extensions to the southeast
and at depth is underway. Of 24 holes drilled, five have intersected
gold-silver mineralization that averaged better than seven grams per
tonne gold equivalent over a minimum horizontal width of two meters.
Hecla`s President and Chief Operating Officer Phil Baker said:
"Hecla has a healthy stable of promising exploration targets, and we
are getting some good results from our drilling programs. There is
good potential that one or more of our targets will be able to
supplement production at current mines or become a new, major producer
on its own. Some of the assays being returned on projects in both
Mexico and Venezuela are extremely high grade. Our job now is to
expand these deposits and, if economically mineable, put them into
production as soon as possible."
VENEZUELA
Hecla`s currently most promising target at the La Camorra gold
mine in Venezuela is on the Canaima concession, where an inferred
resource of 150,000 ounces of gold has been identified for some time.
Canaima is a mineralized shear zone that hosts several high-grade
sub-parallel veins. In-fill core drilling commenced at Canaima in
October 2002, and exciting high-grade assays have since been received
for the first hole of the program (SC-56) and confirmed previous
high-grade intercepts and vein widths in nearby holes. Hole SC-56
intercepted the major footwall vein with assays averaging 54 grams of
gold per tonne (1.58 ounces of gold per ton) over a horizontal true
width of 6.5 meters. Holes drilled previously by Monarch Resources in
this area also intercepted the footwall vein with grades ranging
between 12 to 31 grams of gold per tonne (0.35 to 0.91 ounce of gold
per ton) over horizontal true widths between four and 11 meters. The
majority of the Canaima gold resources are on the major footwall vein
and veins in the immediate hanging wall. Excellent intercepts of
hangingwall veins ranged between six and 80 grams of gold per tonne
(0.18 to 2.34 ounces of gold per ton) over horizontal widths between
one and two meters. Assays reported are uncapped and visible gold was
observed in Hecla`s most recent hole as well as in those previously
drilled by Monarch. Drilling at Canaima will continue through the
fourth quarter of 2002.
Underground mid-level exploration drilling to explore La Camorra`s
Main and Betzy veins at depth continued in the third quarter.
Sufficient success has been encountered to warrant continuation of the
down-dip and deep exploration program. However, underground
exploration drilling consisting of three holes on the Betzy vein West
Flank returned sub-economic mineralization, and that program has
concluded in favor of other, more promising, targets. Underground
exploration drilling has now commenced on the West Flank target,
located on the Main vein.
NEVADA
Work continues on the Hollister Block joint venture gold project
in Nevada, where the permitting phase is underway. The project is on
schedule, with permitting expected to be completed in about eight to
10 months. The underground exploration work will begin immediately
following completion of permitting.
Baker said, "Increasing Hecla`s gold and silver resource is a high
priority and our exploration programs are an important strategy to
achieve that objective. We expect to spend approximately $6 million
this year on exploration, with even more planned for next year. In
addition, we`ll continue to look at property acquisitions or mergers
that will add value and resources."
Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines
and processes silver and gold in the United States, Venezuela and
Mexico. A 111-year-old company, Hecla has long been well known in the
mining world and financial markets as a quality silver and gold
producer. Hecla`s common and preferred shares are traded on the New
York Stock Exchange under the symbols HL and HL-PrB.
Statements made which are not historical facts, such as
anticipated payments, litigation outcome, production, sales of assets,
exploration results and plans, costs, prices or sales performance are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.
These risks and uncertainties include, but are not limited to, metals
price volatility, volatility of metals production, exploration risks
and results, project development risks and ability to raise financing.
Refer to the company`s Form 10-Q and 10-K reports for a more detailed
discussion of factors that may impact expected future results. The
company undertakes no obligation and has no intention of updating
forward-looking statements.
--30--SAM/se*
CONTACT: Hecla Mining Company, Coeur d`Alene
Investor and Public Relations:
Vicki J. Veltkamp, 208/769-4144
http://www.hecla-mining.com
http://www.businesswire.com/cnn/hl.shtml
KEYWORD: IDAHO NEVADA MEXICO VENEZUELA INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Hecla Mining Company
... und dazu passt noch dies...
BW0108 NOV 05,2002 5:05 PACIFIC 08:05 EASTERN
( BW)(ID-HECLA-MINING-2)(HL) Hecla Reports Good Exploration Progress
in Mexico and Venezuela
Business Editors
COEUR D`ALENE, Idaho--(BUSINESS WIRE)--Nov. 5, 2002--Encouraging
results at Hecla Mining Company`s (NYSE:HL) (NYSE:HL-PrB) Cerro
Pedernalillo silver/gold exploration project are painting a picture of
a potentially economic ore deposit. Cerro Pedernalillo is located in
central Mexico, on Hecla`s San Sebastian property.
The Don Sergio vein is a steeply dipping quartz vein contained
within a zone of silicified and hornfelsed wall rock and hydrothermal
breccias. During the third quarter, 13 drill holes were completed on
the Don Sergio vein portion of Cerro Pedernalillo, where an ore shoot
is beginning to emerge at the southern end of the known vein, just
north of where it plunges under post mineral volcanic cover. Of these
most recent 13 drill holes, five intersected gold-silver
mineralization exceeding mining cut-off grades. To date, Hecla has
drilled 31 holes in the Don Sergio vein, with 23 inside the boundaries
of the projected ore shoot and eight holes drilled outside the
boundaries. The included table shows that several of the holes drilled
within the ore shoot assayed at a gold equivalent grade of more than
15 grams per tonne (nearly 1/2 ounce of gold equivalent per ton).
Hecla`s drilling program on the Don Sergio vein will continue through
the fourth quarter.
-0-
*T
DON SERGIO VEIN
CERRO PEDERNALILLO PROJECT
DURANGO, MEXICO
----------------------------------------------------------------------
DRILL HOLE INTERCEPTS
Gold
Holes in From To Width Gold Silver Equivalent
Ore Shoot in in meters grams/ grams/ grams/
meters meters horizontal tonne tonne tonne
CP002 15.2 17 2 4.4 28 4.8
CP003 15.5 16.8 2 6.4 69 7.4
CP004 12.8 14.4 2 2.2 23 2.5
CP005 14.0 14.7 2 3 12 3.2
CP006 14.8 15.5 2 1.2 15 1.4
CP007 10.4 11.7 2 15 34 15.5
CP008 9.4 11.2 2 4.6 55 15.4
CPO15 No Significant Values
CP016 45.4 47.1 2 3.6 31 4.1
CP017 67.2 68.5 2 4.6 147 6.8
CP018 47.0 50.0 2.2 19.2 77 20.3
CP019 101.8 103.0 2 16.2 106 17.8
CP020A 122.8 127.6 2 7.2 104 8.7
CP039 241.8 245.7 2 4.9 168 7.4
CP040 No Significant Values
CP041 51.4 53.5 2 35.2 78 36.4
CP042 No Significant Values
CP054 110 112.2 2 60 424 66.3
CP055 180.6 181.7 2 42.6 343 47.7
CP056 Did Not Cut Vein - Vein Faulted Out of Section
CP057 186.4 188.3 2 10.2 123 12
CP058 99.4 101.2 2 7.2 38 7.8
CP059 No Significant Values
Holes Not in
Ore Shoot
CP001 16.5 18.5 2 3.1 26 3.5
CP021 No Significant Values
CP022 No Significant Values
CP023 No Significant Values
CP024 78.5 79.5 2.5 37 3
CP043 No Significant Values
CP050 Did Not Reach Vein - Hole Lost Before Intercept
CPO60 No Significant Values
Note: The gold and silver values are averaged over a minimum 2
meter horizontal width.
*T
On San Sebastian`s Francine vein, where mining is currently taking
place, a program to explore Francine vein extensions to the southeast
and at depth is underway. Of 24 holes drilled, five have intersected
gold-silver mineralization that averaged better than seven grams per
tonne gold equivalent over a minimum horizontal width of two meters.
Hecla`s President and Chief Operating Officer Phil Baker said:
"Hecla has a healthy stable of promising exploration targets, and we
are getting some good results from our drilling programs. There is
good potential that one or more of our targets will be able to
supplement production at current mines or become a new, major producer
on its own. Some of the assays being returned on projects in both
Mexico and Venezuela are extremely high grade. Our job now is to
expand these deposits and, if economically mineable, put them into
production as soon as possible."
VENEZUELA
Hecla`s currently most promising target at the La Camorra gold
mine in Venezuela is on the Canaima concession, where an inferred
resource of 150,000 ounces of gold has been identified for some time.
Canaima is a mineralized shear zone that hosts several high-grade
sub-parallel veins. In-fill core drilling commenced at Canaima in
October 2002, and exciting high-grade assays have since been received
for the first hole of the program (SC-56) and confirmed previous
high-grade intercepts and vein widths in nearby holes. Hole SC-56
intercepted the major footwall vein with assays averaging 54 grams of
gold per tonne (1.58 ounces of gold per ton) over a horizontal true
width of 6.5 meters. Holes drilled previously by Monarch Resources in
this area also intercepted the footwall vein with grades ranging
between 12 to 31 grams of gold per tonne (0.35 to 0.91 ounce of gold
per ton) over horizontal true widths between four and 11 meters. The
majority of the Canaima gold resources are on the major footwall vein
and veins in the immediate hanging wall. Excellent intercepts of
hangingwall veins ranged between six and 80 grams of gold per tonne
(0.18 to 2.34 ounces of gold per ton) over horizontal widths between
one and two meters. Assays reported are uncapped and visible gold was
observed in Hecla`s most recent hole as well as in those previously
drilled by Monarch. Drilling at Canaima will continue through the
fourth quarter of 2002.
Underground mid-level exploration drilling to explore La Camorra`s
Main and Betzy veins at depth continued in the third quarter.
Sufficient success has been encountered to warrant continuation of the
down-dip and deep exploration program. However, underground
exploration drilling consisting of three holes on the Betzy vein West
Flank returned sub-economic mineralization, and that program has
concluded in favor of other, more promising, targets. Underground
exploration drilling has now commenced on the West Flank target,
located on the Main vein.
NEVADA
Work continues on the Hollister Block joint venture gold project
in Nevada, where the permitting phase is underway. The project is on
schedule, with permitting expected to be completed in about eight to
10 months. The underground exploration work will begin immediately
following completion of permitting.
Baker said, "Increasing Hecla`s gold and silver resource is a high
priority and our exploration programs are an important strategy to
achieve that objective. We expect to spend approximately $6 million
this year on exploration, with even more planned for next year. In
addition, we`ll continue to look at property acquisitions or mergers
that will add value and resources."
Hecla Mining Company, headquartered in Coeur d`Alene, Idaho, mines
and processes silver and gold in the United States, Venezuela and
Mexico. A 111-year-old company, Hecla has long been well known in the
mining world and financial markets as a quality silver and gold
producer. Hecla`s common and preferred shares are traded on the New
York Stock Exchange under the symbols HL and HL-PrB.
Statements made which are not historical facts, such as
anticipated payments, litigation outcome, production, sales of assets,
exploration results and plans, costs, prices or sales performance are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated, expected or implied.
These risks and uncertainties include, but are not limited to, metals
price volatility, volatility of metals production, exploration risks
and results, project development risks and ability to raise financing.
Refer to the company`s Form 10-Q and 10-K reports for a more detailed
discussion of factors that may impact expected future results. The
company undertakes no obligation and has no intention of updating
forward-looking statements.
--30--SAM/se*
CONTACT: Hecla Mining Company, Coeur d`Alene
Investor and Public Relations:
Vicki J. Veltkamp, 208/769-4144
http://www.hecla-mining.com
http://www.businesswire.com/cnn/hl.shtml
KEYWORD: IDAHO NEVADA MEXICO VENEZUELA INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Hecla Mining Company
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