Noventa reports third quarter financial results

TORONTO, Nov. 3, 2011 /CNW/ - Noventa Limited (AIM:NVTA) (TSX:NTA) (PLUS:NV) ("Noventa" or the "Company"), a supplier of the strategic metal tantalum, today reported its financial results for the three-nine and nine-month periods ended September 30, 2011.

  3 months ended
30 September
9 months ended
30 September
  2011 2010 2011 2010
  Unaudited Unaudited
  US$000 US$000
         
Revenue        
  Ta2O5 concentrate 175 489 1,052 489
  Morganite - 111 - 1,111
  175 600 1,052 1,600
Cost of sales (690) (1,991) (6,115) (3,236)
Gross loss (515) (1,391) (5,063) (1,636)
         
Administrative expenses (3,593) (1,819) (8,018) (4,652)
Impairment of intangible fixed assets (13) - (365) -
Loss on disposal of tangible fixed assets (7) - (7) -
Operating loss (4,128) (3,210) (13,453) (6,288)
         
Net finance income/(expense) (5,990) (837) (3,548) (838)
Loss before taxation (10,118) (4,047) (17,001) (7,126)
         
Taxation (5) 24 (15) 24
Loss for the period (10,123) (4,023) (17,016) (7,102)
         
Other comprehensive income / (loss)        
Foreign currency translation gain / (loss) on foreign operations 41 49 53 47
Total comprehensive loss for the period (10,082) (3,974) (16,963) (7,055)
  US cents US cents
Basic and diluted loss per share (18.1) (29.6) (47.3) (57.4)
Weighted average number of shares outstanding 56,058,534 13,598,013 36,016,092 12,376,704

Noventa's full financial statements and MD&A are available via SEDAR and through the Company's website, www.noventa.net.

About Noventa
Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare specialty metal widely used in the consumer electronics industry.  There is currently a shortage of tantalum supply and stock levels in the industry are being run down. With operating mines in Mozambique, Noventa is in a unique position to expand production to meet the industries needs.  More information can be found at www.noventa.net

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.

Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated July 19, 2011, which is available on SEDAR at www.sedar.com.

Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

 

SOURCE Noventa Limited

For further information:

Luca Bechis      
Interim Non-executive Chairman    
Noventa Limited     
luca@lb-international.net
            Joe Racanelli
TMX Equicom
416 815 0700 ext. 243
jracanelli@equicomgroup.com

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Noventa Limited

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