Rio Verde Minerals Announces Third Quarter 2012 Results and Provides
TORONTO, ONTARIO -- (Marketwire) -- 11/12/12 -- Rio Verde Minerals
Development Corp. (TSX:RVD) ("Rio Verde" or the "Company") announced
today the financial results and related management's discussion and
analysis for the three and nine months ended September 30, 2012.
Review of Q3 2012 Financial Statements
During the three months ended September 30, 2012, Rio Verde invested
C$1,652,587 in exploration costs at its three active exploration
projects. The Company incurred a net loss and comprehensive loss of
C$889,887 (C$0.01 per share) in the period, comprised of
compensation, professional fees, and office and administration
As at September 30, 2012, Rio Verde had working capital of
C$11,247,350, and total assets of C$51,693,963, including
C$39,440,199 in exploration and evaluation assets.
Bonito Phosphate Project
During the quarter, the Company changed the name of its primary
phosphate project, previously known as the Fosfatar Phosphate
Project, to the Bonito Phosphate Project ("Bonito"). The name was
changed in recognition of the nearby municipality of Bonito, in the
state of Para.
In Q3 2012, Rio Verde started four new agronomic tests on
Thermophosphate produced at the Sapucaia Target at the Bonito
Phosphate Project. Two additional agronomic tests are planned for Q4
2012. The information obtained from these tests will be used to start
the process of product registration at the Brazilian Agriculture
Ministry. Product marketing, and negotiation of letters of intent
(LOIs) with potential off-takers, is also well underway.
The Company expects to receive the final mine design for the Bonito
Phosphate Project from Promon Engenharia Ltda. in Q4 2012.
Conditional upon a positive result from this final design and
approval from the Company's board of directors, the Company will seek
to secure debt in Q4 2012, with production currently expected to
commence in Q1 2013.
Sergipe Potash Project
In Q4 2012, the Company will continue the 3D seismic programs at the
Sergi Project and Capela Project at the Sergipe Potash Projects.
These seismic programs will allow for preliminary evaluation of each
project's potential and will improve the Company's understanding of
the local geology. Conditional upon positive results from the seismic
campaign, a drill program is planned for Q1 2013.
In Q4 2012, the Company will be conducting first-pass drilling
programs at the Mandacaru, Santa Quiteria and Caninde Phosphate
Projects, for a total of approximately 1,500m of drilling. Follow-up
drilling programs have conditionally been planned for each of the
projects, and will be evaluated upon completion of the initial
drilling. The goal of this exploration is the delineation of at least
one NI 43-101 Inferred resource.
Rio Verde on Business Television
Rio Verde's President & CEO, Stephen Keith, was recently profiled by
Business Television ("BTV") as part of its CEO (Company Execs Online)
Clips series. The video has been posted on Thomson Reuters Insider
Network, BNN.ca Finance page, Rogers: Capital Magazine,
Stocktwits.tv, German Financial Portal: Investor.sms, Thomson Reuters
Insider Network, MSN Money, Stockhouse and YouTube.
The video can be viewed at:
Rio Verde's financial statements and accompanying management's
discussion and analysis for the period ending September 30, 2012,
will be available at www.sedar.com and www.rvminerals.com. Due to the
summary nature of this release, it should be read in conjunction with
the Company's audited financial statements and management's
discussion and analysis.
About Rio Verde
Rio Verde Minerals Development Corp. (TSX:RVD) is a publicly traded
company focused on the exploration and development of fertilizer
projects in Brazil. The Company's goal is to become the leading
Brazilian fertilizer mining and development company by selecting
prime assets that are near infrastructure, with known mineralization,
in regions without significant social or environmental issues. The
Company plans to fast-track the best projects to development to
create stakeholder value.
Rio Verde holds one potash project and a portfolio of phosphate
projects in Brazil. Potash and phosphate fertilizers have favourable
supply and demand dynamics, and Rio Verde has a significant cost
advantage by being based in Brazil, a country that imports about 90%
of its potash and 50% of its phosphate needs. Rio Verde's near-term
primary objective is to focus its potash exploration on establishing
a Canadian National Instrument 43-101 resource.
This press release contains forward-looking statements. All
statements, other than of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding the estimation of mineral resources,
exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements.
Forward-looking statements are often identifiable by the use of words
such as "anticipate", "believe", "plan", may", "could", "would",
"might" or "will", "estimates", "expect", "intend", "budget",
"scheduled", "forecasts" and similar expressions or variations
(including negative variations) of such words and phrases.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which differ materially from those discussed
in the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, failure to establish
estimated mineral resources, the possibility that future exploration
results will not be consistent with the Company's expectations, the
price of potash and phosphate, changes to regulations affecting the
Company's activities, including tax and trade laws and policies;
delays in obtaining or failures to obtain required regulatory permits
and approvals from government authorities; delays in commencing the
Company's proposed drilling program, exploration costs varying
significantly from estimates; uncertainties relating to the
availability and costs of financing needed to complete exploration
activities and demonstrate the feasibility of the Company's projects;
the success of future exploration and development initiatives; and
other risks involved in the mineral exploration and development
industry. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement.
Rio Verde Minerals Development Corp.
President & CEO
+1 (416) 368-8288
Rio Verde Minerals Development Corp.
VP Corporate Development
+1 (416) 368-1573
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