Apex reports Q1 net loss

Denver-based Apex Silver Mines (Amex: SIL) has reported a net loss of US$4.2mn for the first quarter compared to a net loss of US$1.7mn from the same year-ago period, the company announced. The higher net loss was attributed to US$1.5mn paid for financial advisory and consulting services. The company reported interest and other income at US$361,000 in 1Q04 compared to US$113,000 in 1Q03, while US$803,000 went on exploration, up from US$536,000. The company received April 1 the remaining US$35.3mn of net cash proceeds from the issuing of 2.875% senior subordinated notes due 2024. This increased cash position to some US$321mn, allowing the company to advance the financing and development of its wholly-owned San Cristóbal project in Bolivia. San Cristóbal, in the southwestern department of Potosí department, 120km from Uyuni, reports 450Moz silver, 8,000Mlb zinc and 3,000Mlb lead in 210Mt of proven and probable reserves using an open pit model, BNamericas previously reported.