United States Antimony Corporation (OTCBB:UAMY) said Monday that the sale of antimony products increased 54% to $780,917 during Q3 2006 compared to the same period in 2005.
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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.
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