United States Antimony Corporation (USAC), OTCBB “uamy.ob”, reported a pretax profit of $69,789 on sales of $2,838,039 during the first quarter of 2011 compared to a loss of $84,117 on sales of $1,414,826 during the same quarter in 2010. The sales revenues for Q1 2011 have set a new corporate record. During Q1 2011 the sale of antimony products was $2,445,533 compared to $1,003,080 during the same period in 2010, an increase of 144%. The gross profit on antimony for Q1 2011 was $348,899 compared to $102,002 during the same period in 2010, an increase of 242%. Silver and gold production is included in the antimony revenue as a byproduct. During Q1 2011 the silver and gold production was $332,657 compared to $40,017 during the same quarter in 2010, an increase of 731%. Zeolite sales during Q1 2011 were $392,607 compared to $411,746 during the same period in 2010, a decrease of 4.6%, which was primarily due to a hard winter. The Company lost $2,379 on zeolite sales during Q1 2011 compared to a profit of $16,421 during the same period of 2010. Cash equivalents at the end of Q1 for 2011 were $1,543,176 compared to $448,861 at the same time in 2010. Mexican exploration, funding costs, and administrative expenses associated with the Mexican startup adversely impacted the profitability during Q1 2011.
Construction of the antimony-silver-gold flotation mill is well underway at Guanajuato, Mexico. The mill will have a rated capacity of 150 metric tons per 24 hours with room for expansion. Testing of the mill should begin by the end of June.
USAC antimony remains in a sold out condition and is expediting the mill completion to process raw material from the Company’s Los Juarez property as well as others.
Forward Looking Statements:This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.