United States Antimony Corporation (“USAC”, NYSE MKT “UAMY”) reported a corporate record for a second quarter revenue of $3,498,301. Despite large Mexican start up expenses, USAC made a profit of $3,771 during Q2 2012. USAC’s common shares became listed on the NYSE MKT on May 16, 2012 which has provided greater liquidity for the Company’s shares. Barney Guarnera, the Chairman of Behre Dolbear Group, Inc., joined the Board of Directors on May 15, 2012. On June 29, 2012, the Company completed a successful offering that netted USAC $2,205,000 to increase Mexican production and plant capacities.
At the Los Juarez property, drilling and blasting is underway to establish benches in the mineralized jasperoid zones that contain antimony, silver, and gold. Truckload samples have assayed approximately 2% antimony, 8 ounces of silver and 0.015 ounces of gold per ton. More definitive grades will be reported when milling begins this month.
To prepare for the milling of the Los Juarez open-pit mine production, USAC installed a large jaw crusher and feeder, a larger cone crusher, more equipment to increase recovery as well as a recycle water system, and other equipment to enhance compliance and safety. Presently, the Company has more than 7,000 tons of mill feed from Los Juarez and three other mines that are selling to USAC. The Company is considering increasing the capacity of the mill.
At its Mexican smelter, all four operating furnaces have been retro-fitted to increase production. Smelter feed is being supplied from seven Mexican antimony mines, and four new furnaces are being permitted. The Company has signed a contract to construct a natural gas pipeline which will reduce energy costs by 78% at the present time. The cost is estimated at slightly more than $1,000,000, and the line could be completed in 8 months. Besides raw materials, fuel is the largest cost at the smelter.